Payday Loans Guaranteed are loans that allow individuals the chance to borrow funds to cover their bills/expenditures until their next payday.
This would give people the ability to allocate money for other expenses and help them to plan better.
These types of loans are short term and require little to no verification or credit checks. Apart from that, the customer can be charged miscellaneous fees.
Signing Up For The Loan
The loan application can be filled out electronically as well as on plain paper. The applicant may be subject to different financial screenings. Sometimes, this process is disregarded all together.
In the event of the consumer missing payments, they have to automatically pay late fees.
The lending rate varies from country to country and the restrictions are also stricter as well.
Achieving this type of loan i.e. getting to borrow is usually not that expensive in comparison to not having a loan at all. This form of financing can allow consumers to breathe a big sigh of relief.
The Scrutiny Behind Payday Loans
Payday Loans Guaranteed usually targets people that represent the younger and poorer part of a country’s demography and has received a lot of flack for their advertising tactics (Wikipedia).
Whatever the case, these are some of the easiest loans that anyone can get.
The applicant also has many rights. The consumer should learn the regulations on lending.
Disadvantages of Payday Loans
Payday loans charge higher interest rates and borrowing fees. This form of financing is said to discourage saving per say. The individual has to always operate from paycheck to paycheck. Very rarely do they have the chance to put aside money for a rainy day.
Advantages of Payday Loans
These loans are very accessible regardless of one’s credit. Also, one can accomplish certain goals for themselves.
Payday Loans Guaranteed has its pros and cons. However, it is an effective way to help pay your bills when you are completely broke.