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Guaranteed Approval Payday Loan

The term guaranteed approval payday loan is a very misleading one because there is no such thing as a guaranteed approval payday loan.

What a lender really means they offer guaranteed payday loans is that they will loan person an amount of money based on their income. To get a payday loan a person will have to have a regular source of income such as a job or a government benefit payment. The lender expects the person to pay the loan back on their next payday hence the term payday loan.

Many people will find themselves turned down for a guaranteed approval payday loan because they don’t have the income to qualify. Others will find the amount of money they can borrow limited because their income is limited.

Guaranteed Approval Payday Loans Limitations 

Most lenders will limit the amount of money a person can borrow in a guaranteed payday loan to a percentage of their income. For example a person who has a regular salary of $1000 a week might be able to borrow up to $800.

The terms on guaranteed approval payday loans are also very strict. Most lenders will require full repayment of the loan within two weeks to a month. Some lenders will require repayment on the borrowers’ next payday.

Many lenders will require the borrower to sign an agreement that allows them to take the loan repayment directly out of the borrowers’ bank account. The lender will take the money right out after the borrower’s payday.

Guaranteed Approval Payday Loan Online 

Many online lenders make claims of guaranteed approval as a way to attract borrowers. As with other lenders these claims are not entirely true.

Most online lenders will not loan money to those who can’t prove they have the income to pay the loan off. Like lenders that operate from storefront online lenders may require verification of income.

How a Guaranteed Approval Payday Loan Works

The way a guaranteed approval payday loan works is very simple: the lender verifies the borrower’s income and loans an amount of money based on the income.

This means that persons will have to prove they have the income in order to get a payday loan. Most lenders will require verification of income in the form of documents such as pay stubs or bank accounts. Some lenders may also contact the borrower’s employer to verify employment.

Most lenders will not make a guaranteed approval payday loan without income verification. Some online lenders will hold up a loan application until verification of income is complete.