A guaranteed payday loan is one that guarantees the acceptance of you application on the required information has been submitted to the lender. Also referred to as high acceptance rate loans, guaranteed loans indicate a lender is more likely to approve an application than other product offerings with a similar purpose.
By applying for a guaranteed payday loan online, a borrower can request up to £1,500 from the payday loan direct lender. In order to apply, specific information must be provided through the online application process. Most commonly, information regarding your residence, current employment status, and details regarding the bank account that will be receiving the deposit are necessary to complete the process. Once the application has been processed, funds will be deposited directly into the bank account you selected.
Guaranteed payday loans are most often used by individuals who need funds in order to manage an emergency and cannot afford to be declined. Emergencies that may constitute the use of a guaranteed payday loan can include utility payments to avoid service disconnection, emergency vehicle repairs, or other unexpected expenses that cannot be put off easily.
Funds from guaranteed payday loans are often expected to be repaid with the borrower’s next salary payment. The precise repayment date will be noted when the loan is funded and is most often expected to be repaid in a single lump sum. Loans over a certain threshold may qualify to be repaid in instalments depending on the terms offered by the lender. Repayment will include funds directed toward the principle, as well as any applicable interest owed.
When comparing lenders to determine which option may best suit a borrower’s needs, one of the most important considerations is the APR as this reflects the amount of interest that will be accrued during the time the funds are borrowed. Currently, new FCA regulations price cap payday loans daily interest rates at 0.8%. This serves as a simple way to compare payday loan lenders in order to determine which option may be more cost effective based on the borrower’s specific situation. Additional information regarding Lenders List approved lenders can be found on the individual page for each lender included on this website.