What every bank out there tends to do before they lend out a single penny is thoroughly check whether the prospective borrower is likely to pay back the money. This may be either through credit ratings or other payment history. However, it is not always possible that the borrower has such luxury of time or even has a credit history as spotless as the banks or other lending institutions want them to be.
With guaranteed payday loans, that problem is eliminated. This means that once you apply, as long as you meet very basic criteria such as nationality, possession of bank account and sometimes a minimal level of earning, you will get the money without a doubt. Most, if not all, online pay loan services grant their consumers this privilege. Lenders will usually have an approval rate of almost 100%, which provides a significant advantage over traditional loans that will go through a tedious process of checking your creditworthiness. They also provide a broad range of money that can be lent out; hence even if you need a very small amount within a short time, it’s perfectly possible; unlike formal loans, where small credit is either not possible or the request is flat-out denied. The borrower does not have to have a very high level of income or assets to qualify for these loans. In fact, many online services that guarantee the loan will not even ask for proof of income. Even if they do check for proof to fully ensure approval, the process consists of quickly checking through recent pay stubs or a simple proof of employment. Be it a crisis or a sudden onslaught of unexpected expenses, pretty much anyone can rest assured they can take out an emergency loan against their next paycheck given the large number of lenders that would lend out the money without even a question. They can be in the formal or non-formal job sector, they may work part-time or full-time–once full guarantee is promised, you are not exempt despite how hapless you may seem.
It could be an attractive option for anyone in financial trouble to check online next time for the “100% Accepted” tagline–it could be your saving grace. Even traditional loan shops allow this convenience to a lot of their customers, if you may think you may be too conventional for an over-the-internet process. Too many requests for credit at banks and formal lenders have been denied. Who likes the feeling of being rejected, anyway?