Whilst there is not such thing as guaranteed loans, Payday Bad Credit can help you maximise your chances of getting a loan that is guaranteed, even if you have a bad credit history. We offer loans of up to £1,100 repaid over 2,3 or 4 months for poor credit histories – so even if you have been turned down elsewhere, we can help you.
Our loan application is completed online and takes less than 5 minutes to get an instant decision on the screen. If successful, customers will receive funds within 1 hour of approval or on the same day of applying.
A guaranteed loan is where you are always accepted when you apply and will have money sent to your bank account. Whilst we hope that our loan will be successful, payday lenders today cannot always guarantee that the loan will be approved and paid out every time.
Since Payday Bad Credit is an FCA regulated company, we have to make sure that customers can afford to repay their loans without falling into financial difficulty, and this could involve a quick credit check and affordability check to match how much you have requested to borrow with what you can afford to repay.
With hundreds of different guaranteed lenders in the UK, there are providers out there to help everyone, whether you have good credit, poor credit or a CCJ. So if you do you research, you will find that there are guaranteed loans out there for everyone, it just might mean that you need to demonstrate a regular income or have some form of security or valuable asset to be approved.
How Do You Get Guaranteed Loans in the UK?
Have fair to good credit: Your credit score is an indication of your success of paying off other credit transactions in the past such as credit cards, loans, phone bills, utility bills and more. Your credit score is always subject to change based on how well you are keeping up with repayments and if you can maintain a good or fair credit rating, you will always be in a prime position to get a guaranteed loan.
If a lender can see that you have a strong credit history and good track record of repaying other loans on time, this will help you get guaranteed loans when applying. See how you can improve your credit score here.
Have a regular income: In addition to a strong credit record, you should have a regular income, usually through work, because this shows that you have means and money coming in every month to pay off your loan. If you are looking for guaranteed loans for unemployed people, this may be a little trickier and you may have to show some kind of income. Some lenders may request proof of income through a recent payslip or copy of your bank statement. The amount you earn through your work and income will also reflect how much you can borrow from your loan.
No recent defaults: When checking your credit score, lenders will see if you have defaulted on any recent loan products and any multiple missed payments over a long period of time will raise warning signs and question whether you will be able to pay this next loan on time. The last thing the lender wants to do is put you in a more difficult financial position which could lead to a spiral of debt.
Good debt-to-loan ratio: Whilst having a good credit rating and stable income is key, this has to be balanced against a good debt-to-loan ratio. What this means is that if you have numerous personal and payday loans open, this could make you look financially stretched or taking on more than you can handle – in which it will raise concerns from the lender.
Can You Apply For Guaranteed Loans With Bad Credit?
Yes, at Payday Bad Credit, we offer bad credit loans so you can still apply for guaranteed loans with bad credit or poor credit histories. Of course, your eligibility will be based on your affordability and intention to repay your loan on time.
Our customers must meet the following criteria when they apply:
Is It Possible To Get a Guaranteed Loan If You Are Unemployed?
Yes, there are guaranteed loans available for people who are unemployed, but to get access to a payday loan or personal loan with Payday Bad Credit will require a stable income and passing a credit check.
If you are looking for guaranteed loans for unemployed people, you may need to look at guarantor loans where an extra person co-signs your loan agreement as financial security. Alternatively, you can look at applying for benefits, provided that you meet the criteria.
Are There Guaranteed Loans With No Guarantor Required?
Yes, there are guaranteed loans without a guarantor needed, so you can apply just on your own without an extra person to co-sign your loan agreement and get involved in the application. To access to a guaranteed loan with no guarantor, you will usually need to have a regular monthly income, employment and have a good to fair credit history.
Payday Bad Credit Helps You Apply For a Guaranteed Loan with a Direct Lender
At Payday Bad Credit, we are a direct lender so you can apply directly with us without any other parties, guarantors or companies involved. We will process your application from start to finish, including carrying out some quick checks to give you an instant decision and the chance to receive funds into your bank account within 1 hour.
If you are not eligible for a loan, we may suggest one of our trusted partners, so that you can maximise your chance of approval and get one step closer to have your loan guaranteed. To get started today, simply click on apply now.