People who have found themselves in a financial bind may find that they need quick access to cash. Instead of going to a traditional bank, where loan approval could take days to process, you may want to go to an alternate source. Getting a quick answer within minutes appeals to people who need a guaranteed approval for an emergency loan immediately.
What is a guaranteed loan approval?Guaranteed approval loans are usually short-term loans that have bare minimum requirements for applicants. Applicants submit their applications and can be confident that they will be approved if they meet basic income, residency, and age requirements. People with bad credit are approved often for these types of loans.
How does guaranteed loan approval work?You submit an application and if you are approved, you get the requested loan amount. You have to sign a promissory note just like any other loan. The agreement will outline the repayment terms. Some lenders now make these loans available completely online. Once you sign the forms electronically, you will have cash deposited to your bank account. The deposit is usually made within one business day after you’ve been approved. You first payment is scheduled on your very next payday.
How do you qualify for a loan?You must meet certain requirements to be approved for this type of unsecured loan. You can apply for the loan online. You must be at least 18 years of age to qualify for this type of loan. You also have to be able to demonstrate a steady source of income, so they can be assured that you can repay the loan. The lender will typically submit your paystubs to the company. A bank account is also a requirement for most lenders. They will draft the payments directly from the account. You are only allowed to borrow what the lender feels you can pay back, comfortably.
Things to considerThese short-term loans to have high interest rates, so factoring in the total loan amount, including interest, is imperative when budgeting for payments. You may even be responsible for fees. Your repayment schedule should be reviewed because most lenders have an initial repayment term that’s less than a month. Although you may be approved for more, you may want to consider borrowing less to ensure that you don’t get further into debt. Guaranteed loan approval services give you the cash you need when you need it when a cash emergency arises. You usually have the funds disbursed within one business day of being approved. You don’t have to worry about meeting stringent credit qualifications because you will qualify with bad credit if you have reliable income and are of age.