Guaranteed payday loans are small loans taken for a short duration, say 2-4 weeks and paid back on your next paycheck day. Guaranteed payday loans are usually taken at the end of the month, when you may fall short of cash, if a sudden emergency arises. This could be due to a medical expense, car break down, or house repairs, or even if you are in the mood to treat your self to that beautiful antique you saw at the exhibition recently.
What Are Guaranteed Payday Loans
Guaranteed payday loans are short term unsecured loans. No collateral is required to obtain these loans. However, the lender has to do verification, based on which he gives you the loan. He will check whether you are of adult age, whether you are an American citizen, if you are working in the same job for at least 3 months, if you have a monthly income of at least $1000, and if you have an active checking account. If you fulfill these criteria, there is no reason why the lender should not give you a payday loan. This he does to ensure that there are no chances of fraud.
The Amount You Can Borrow
Therefore, if you satisfy the above conditions, you can be given a loan till payday. The amount you can borrow is usually the amount of your salary or less than that, but sometimes, at the discretion the lender; you may also be able to get more. However, the best part is that, your credit is not checked while giving you the loan, so even if you have a bad credit history, you will still get the payday loan.
Fully Automated Procedures
The entire process of application, approval, getting the loan amount in your bank account, and repayment of the loan is fully automated, which is why a guaranteed payday loan is fast and convenient.
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