Although back in the old days it used to be difficult to qualify for a loan, regardless of whether you had an emergency or just wanted to go on a trip to the Bahamas with your family, guaranteed payday loans are much more accessible today.


For people with bad credit who are unable to obtain any other good offers from legitimate lenders, a guaranteed bad credit payday loan can be the optimal solution for borrowing a couple of thousand dollars, or even less, in order to cover various short term expenses.


Evaluating Different Solutions


Loan products of all varieties, including guaranteed payday loans, are best chosen with care. You have to know exactly what you need them for, and even though they are 100% guaranteed to be provided without delay, additional trade-offs may make you think twice before being too sure about whether or not you want them.


The problem with other options, however, is that you can never be completely sure you are eligible for obtaining them. In some cases, the application process can drag on across several days or even weeks, and if you need the money fast, those delays would not be very practical at all.


Still, you’d be surprised to see how many banks and lenders have different solutions for emergency borrowing that you may want to consider. For instance, consolidation loans are often available for individuals with bad credit, and they are very much like guaranteed payday loans. The interest is much lower, however, but so is the approval percentage, and you may have to correct your credit to a certain extent before being able to qualify for some of them.


As for guaranteed loans, they also vary quite widely from offer to offer. Some lenders will require up to a day or two to approve the loan, but they have approval ratings of more than 80-90%. Others will provide you with the money within the hour, and you just have to fill in an online form to get your loan sent straight to your bank account.


On the other hand, you also need to pay close attention to any late charges or penalties that some lenders might include. For instance, some of them will roll over your loan for an additional two or three weeks if you haven’t paid it back within the previously established time frame. This would increase your interest quite considerably, so that if you only pay it back in a month, you may need to provide a payment that’s twice as big as the initial value of the loan.


When Are Guaranteed Payday Loans an Option?


Normally, depending on your financial capabilities, as well as the specific amount of the loan you want to borrow, there are a few important considerations you need to think of before starting to look for a guaranteed payday loan:


  • First of all, will you be able to repay the loan in the allocated time frame? Failure to pay back the loan can lead to a rapid rise in repayment amounts, until you might find it difficult to pay off even a small percentage of the required sum.
  • Is it an emergency, or can you wait before obtaining the amount? If the you want to find guaranteed payday loans for a surgery or another type of emergency, your search would be justified. However, that wouldn’t be the case, if you just want to find a family trip. In that case, it may be best to repair your credit score, and get a more affordable long term loan that won’t be as risky as a high interest payday loan for bad credit.
  • Are you thinking of a secured or unsecured loan? Secured guaranteed payday loans can be somewhat risky, but as long as you tie in a possession that would be worth losing, for instance, if you need the money to save a family member’s life through an urgent operation, then the risk is definitely worth it.


There are many more details you may need to check before considering a payday loan; however, the principle is basically the same: don’t borrow more than you can handle, and make sure you have a safe strategy for getting out of debt. As long as you are able to stick to these principles, guaranteed payday loans can really help you out in a variety of situations.