Guaranteed Payday Loans for Bad Credit – Key Facts

Those of you looking for payday loans with bad credit and guaranteed approval are definitely going to have a lot of questions as you start to work through the qualification process. Let me give you the best answers I can when it comes to getting the cash you need in your bank account as fast as possible. Some common questions I’ve seen are:

1. How long will the application process take?

You can usually complete most payday loan applications in just a few minutes, with some lenders bragging that their application will only take about 60 seconds. That should be a relief to those of you who need the money as soon as possible.

2. What information are they going to need from me in order to qualify me for the loan I need?

Before you can land your payday loan for people with bad credit, you’ll have to tell them:

• your first and last name
• your address
• whether you are renting or buying your home
• phone number and email address
• your driver’s license number
• your date of birth
• your social security number (not so they can check your credit, just so they can verify your identity and the other information you’ve provided)
• how often you get paid
• your take home income (ie, what you earn after taxes)
• whether you’re a member of the armed forces (you could get special treatment if you’re a member of the military!)
• banking information (so they can deposit money in your account and make future withdrawals for your payments)
• the name and contact information of someone trustworthy you can use as a reference

This may seem like some very personal information, but you have to remember you’re asking for fast cash to be put into your account. The least you can do is provide them with the information that will help them know how much they can safely lend you, and how they’ll expect to be repaid. Not too much to ask, right?

3. Are instant payday loans for bad credit intended to be long term or short term loans?

These loans are absolutely intended to repaid quickly – usually within a matter of days or at the longest a matter of weeks. With the fees and interest rates you’ll be charged, you won’t want to keep these loans for more than a week or two. Frankly, renewing your loan after the initially scheduled repayment period would be financially disastrous for you.

The bottom line with any kind of quick cash loan is you don’t want to treat them lightly. They’re like a sharp sword that can save you or kill you (financially speaking). So be careful when you use them. Pay them back quickly and do everything in your power to never use them again.