Yes, it is possible. Your bad credit history need not deter you from borrowing money to meet your urgent requirements. If you satisfy some minimal criteria you can get a guaranteed payday loan to get you out of your financial crunch.
Criteria To Get A Guaranteed Payday Loan
•The borrower must be a US citizen who is 18 years of age or more
•Must be having regular employment and earning not less than $1000 a month
•Must have a regular checking bank account
•He must not have any payday loans that are outstanding
•Must have an ID proof like a driver’s licence, passport etc.
The lender pays out the loan based on the following criteria. He just verifies the information furnished by the borrower. Once he is satisfied, the loan is credited directly into the borrowers account.
Bad Credit History Is Not A Hassle
Usually every lender before giving a loan ensures that the borrower has the source and capacity to pay off the loan he is taking. He conducts a thorough survey of the credit history of the borrower before giving the loan. The borrower has to submit few documents to prove his credit worthiness. Only if the lender is satisfied that the borrower will not default on repayment that he gives the loan. And these loans are usually secured loans given against some collateral. But this is not the case with guaranteed payday loans. The borrower has to meet only the above mentioned criteria to avail this loan. Credit worthiness of the borrower is not an issue. This is because a guaranteed payday loan, even though unsecured, is given against the assurance of the next paycheque. It is a loan till payday. The loan is a short term one and has to be paid back with the next pay.
Loan Till Payday – Boon For Borrowers With Bad Credit History
•The guaranteed payday loan is a boon for the people with adverse credit history. They can get an instant cash advance without the usual hassles of a credit check. Further, the interest rate of the payday loan is the same for all the borrowers, be it borrowers with a good or bad credit history. But in other loans the borrower with adverse credit history is charged exorbitant interest to counter the risk of default.
•The borrower can use this loan to pay off his previous debts thereby improving his credit worthiness.
•He can also reapply for the loan once he is cleared his previous dues.
