Do you find yourself with bad credit, looking for an online loan; and have been rejected one too many times? In cases like these, people may start to do online searches looking for “guaranteed payday loans no matter what” out of desperation. But what do these online loan products entail if they are being advertised as guaranteed approval loans?
When it comes to understanding what a guaranteed approval loan is, things may not be entirely clear by those as to what they entail. For example, are credit checks done by online lenders who advertise these online loan products? Simply put: it depends on the lender. It is commonplace for online loan professionals that specialize in servicing guaranteed approval loan requests to not perform any credit checks — like many of the online loan professionals that are a part of the Friendly Lender online loan network. Instead, these types of lenders rely on information from an applicant’s current payment stream to evaluate loan applications. So there is a possibility that those with bad credit could “fly under the radar” should they apply for an online loan advertised as “guaranteed.” Secondly, you need to be aware of the amounts that such loans are meant to be issued for. Expected amounts can be from $100 to $5,000; generally speaking, they are relatively small. The primary purpose of these online loan products is to cover as a payday loan solution that can be repaid relatively easily. Again, though, these amounts will vary by lender. But, what is general practice across most in the online loan profession leads to our third point: guaranteed loan products tend to associate themselves with e-transfer practices; allowing online loan professionals the ability to deposit any loaned money directly into a customer’s bank account; cutting out possible “red tape” associated with more conventional loan products. Now, all these features seem enticing; but is this online loan option too good to be true?
At the “end of the day”, guaranteed approval loans are a “unicorn”: online loan professionals, whether they advertise, “guaranteed payday loans no matter what”, or not, probably do no not want to take on too much risk in lending money to anyone regardless of their credit history. For that reason online loan professionals will resort to some sort of evaluation method to screen online loan applicants. As we mentioned above: some of the online loan professionals that form our online loan network do not do any credit checks and rely on the information from an online loan applicant’s paystubs instead to judge whether they want to loan an applicant money in the range of $100 to $5,000. So be aware: there tends to be some form of evaluation. If a lender promises otherwise, be skeptical: in order to protect their interests there may be unadvertised conditions attached to the “guaranteed” product that would make it less enticing once they became known.
When applying for a payday loan solution through Friendly Lender there are two important things that we require all applicants to provide us during the application process. First, we will need information relating to your current source of regular income. Why? This is because some of the lenders we work with perform no credit check. These payday loan problem solvers will use an applicant’s payday information instead of their credit history in order to evaluate a loan application; which potentially provides those with bad credit a better opportunity to secure a short-term loan because their credit history is not a factor, here. Second, we will need your banking information; and this is because Friendly Lender’s entire loan network issues their payday loan solutions strictly via e-transfer: all loaned money is deposited directly into the customer’s bank account; potentially eliminating delays associated with conventional loan products; and this can happen in as soon as 1 day after loan acceptance. Then, after one of our payday loan problem solvers disburses that money, the customer is then free to do with it as they like: neither they nor we discriminate how loaned money is used. This is what you can expect from the Friendly Lender experience.