There are many banks which will not participate in guaranteed payday loans or cash paycheck advances. These small, short-term loans are intended for upcoming expenses between paydays. They are normally between $100 and $500 and are due at the time of the next paycheck. To avoid getting scammed by an illegitimate business, one should follow steps to get a bank-issued payday loan.
An important step in procuring a loan is to check the interest rates prior to making the decision to borrow. These loans can have extremely high rates, maxing out at about 400% APR. These rates are usually only in effect for two weeks, and as a result, companies can get away with an average of $15 in fees for every $100 borrowed.
After checking the details, the borrower can apply for the payday loan online. By ensuring that the borrower's checking account has been open for over three months, the job and paychecks are secure and consistent, and there are no outstanding balances, a person can get approved for these loans in as little as an hour. There are no credit or background checks to be done in this process.
Borrows must be able to prove that they are at least eighteen years of age. Aside from this, no co-signer or collateral is necessary. Furthermore, the lender does not monitor how the money is spent. While this means that the borrower can spend the money as he or she sees fit, this also means that he or she is responsible for making sure not to borrow more money than is affordable.
The fact that it is easy for anyone with an income to procure guaranteed payday loans means the opportunity is available for anyone who needs it. However, there are very little checks on financial background, so the borrower of the loan must be sensible. The loans must be paid back by the specified date, or they could end up being extremely expensive and counterproductive.
An important step in procuring a loan is to check the interest rates prior to making the decision to borrow. These loans can have extremely high rates, maxing out at about 400% APR. These rates are usually only in effect for two weeks, and as a result, companies can get away with an average of $15 in fees for every $100 borrowed.
After checking the details, the borrower can apply for the payday loan online. By ensuring that the borrower's checking account has been open for over three months, the job and paychecks are secure and consistent, and there are no outstanding balances, a person can get approved for these loans in as little as an hour. There are no credit or background checks to be done in this process.
Borrows must be able to prove that they are at least eighteen years of age. Aside from this, no co-signer or collateral is necessary. Furthermore, the lender does not monitor how the money is spent. While this means that the borrower can spend the money as he or she sees fit, this also means that he or she is responsible for making sure not to borrow more money than is affordable.
The fact that it is easy for anyone with an income to procure guaranteed payday loans means the opportunity is available for anyone who needs it. However, there are very little checks on financial background, so the borrower of the loan must be sensible. The loans must be paid back by the specified date, or they could end up being extremely expensive and counterproductive.
If you are looking for guaranteed payday loans, there are some facts that you should be aware. Check out PayDayGuarantee.com for more information about guaranteed payday loans that can put your mind at ease.
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