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A Quick Guide To Guaranteed Payday Loans Searching

For when you need emergency funds!

Emergencies can be devastating, especially when they occur in the middle or during the end of the month. So when you’re in a real emergency, you might be looking for Guaranteed Payday Loans.

Even if you plan for a sudden financial imbalance, you cannot control it and, at some point in your life, will end up with a lack of money. But, you can’t take a proper collateral-based loan for these situations. Firstly, you probably won’t need a very high amount. Secondly, the paperwork may take time, which is not an option here.

That’s where Nifty could lend a hand. While we can not guarantee approval until we have done a quick assessment, we may still meet your needs. This post will give you all the relevant information you seek in regard to guaranteed payday loans.

guaranteed payday loans

What Exactly Is A Payday Loan?

Payday loans, otherwise known as salary loans, cash advance loans, payroll loans, small-dollar loans, and payday advance is a type of short term loan. It’s a type of unsecured loan that uses your employment history and job status as the collateral for a small loan. Usually, the amount here ranges from $50 to $1000, which is enough to meet immediate money requirement or at least buy you time to arrange a more substantial personal loan.

However, the amount may vary from location to location and lender to lender. If you talk of Australia specifically, here payday loan often means loans that come under Small Amount Credit Contracts (SACC). Most company’s offering guaranteed payday loans will usually have a maximum loan amount of $2,000 for this type. The payback duration can last from 16 days to 1 year, but the fees will increase with every passing month.  

Common names for Payday LoansOther names for Payday Loans
Cash Advance LoansPayroll Loans
Small Amount LoansSmall-dollar Loans
Payday Advance LoansSalary Loans

How Is A Payday Loan Different From A General Bank Loan?

A payday loan is different from a personal loan from a bank in multiple ways, including the following.

  • Usually, you have to repay the payday over your next couple of paydays, but a personal loan can last for years.
  • The amount you get with a payday loan is usually between one or two thousand dollars, while the amount of a personal loan can be a lot higher, spending on your credit score.
  • Payday loans sometimes don’t have anything to do with your credit score as not all SACC lenders do credit checks.
  • A personal loan is often a bank-based service, while you can avail payday loans from multiple other small loans and cash checking businesses.

The most considerable difference is that for a personal loan, you often will need to have a good credit score and some collateral. On the other hand, payday doesn’t check your credit score. Therefore, payday is much faster, fast enough to meet your emergency requirements.

Who is Eligible to apply?

The procedure for a payday loan is often less, but there are still some requirements that you have to meet before availing it. The terms may differ depending on your location, but here’s the list of general requirements for a payday loan.

  1. The person needing the loan needs to be at least 18 years old.
  2. You need to have a regular income source or a full-time job, so you need to have proof of income. 
  3. The loan is not available for a new account. It needs to be an active current account with a history of at least a few months.
  4. The borrower should have an active phone number.
  5. You should have proper and government-approved identification proof.
  6. In some counties, you will also need to provide proof of age for the loan.

Are There Any Limitations To Payday Loans?

Like everything, payday loans also have some minor drawbacks. They still have benefits, but you should still know the limitations. These include the following.

1. Interest Rates

The interest rates or fees for payday loans are often higher than general personal loans.

2. Short Amount And Duration

Payday loans don’t have collateral, so they are usually limited in amount and duration. So, in case of a financial crisis, you can expect them to cover the time between the initial situation and final loan availing, but cannot depend on it entirely. But then, you are getting a job-based loan, so things can’t be that bad.

What Is The Application Process And Charges For A Payday Loan?

Proper application is the key if your searching for guaranteed payday loans, no matter what responsible lending company you visit. The following are the steps you need to follow for this part.

  • Search for your nearest payday providers and compare their rates.
  • Check the online portal of your decided provider or visit their branch for payday form.
  • Fill the form with all required details and gather all the proofs for it.
  • Submit the form and wait for its approval. It usually takes 15-20 minutes, but again, it depends on your firm and location.
  • Once approved, the lender will ask you about the documentation, including income proof, identity proof, age proof, and more. Submit them all and then wait for verification.

With the verification of your documentation, you will be good to go. The lender will transfer the funds, and you can start using them.

What Are You Waiting For?

The loan can be a real lifesaver that can help you in many situations. Here’s a list of advantages that it can serve you.

  • Its processing is quick, which makes it perfect for emergencies.
  • It often doesn’t depend on your credit score, so even the ones with a poor credit score can apply
  • There is absolutely no need for any collateral or guarantor in this case.
  • Since the loan depends on salary, you can apply it even if you have a pending bank loan to pay.
  • The whole lending process is simple and hassle-free. With proper documentation, you can avail it within 24 hours.
  • This loan doesn’t consider the type of usage, so you can use it for anything ranging from an electricity bill to grocery shopping.

These benefits establish it as a very beneficial facility. Therefore, if you are running short on cash and need some help with it, consider a payday loan.

It should always be kept in mind though before applying or taking out any sort of credit, you should always consult a professional financial advisor or counsellor.

Why are payday loans not guaranteed?

Here at Nifty, we always adhere to responsible guidelines. One of these guidelines means we cannot offer guaranteed approval for a loan application before we have done an assessment. To ensure we are responsibly offering our loan services, we will conduct a full assessment to determine an individual’s financial situation and ensure the loan is suitable and affordable for the customer. 

In order to conduct a full assessment, there are several enquiries made to determine a customer’s financial situation. This includes but not limited to:

  • We will obtain a minimum of 90 days of bank statements, which we are required to do by law. By assessing these read-only copies of statements, we can determine not only a person’s current financial situation but also use it as a form of identification. 
  • Making enquiries into a person’s current income, expenses and employment status, as well as the reason they require the loan and the time frame required to make the repayments. 
  • Perform a credit check to gain further insight into a person’s financial history. 

For us to offer a loan amount, we will calculate all general and living expenses as well as any other commitments such as other loan and credit card repayments. This is to ensure there is enough disposable income to comfortably fit in our repayments into the customers budget. 

We use the latest in cutting edge technology and automate many of our processes which allows us to complete the assessment as quickly as possible all while acting as a responsible lender. This also ensures we do not offer a loan to a customer they cannot pay back and potentially put them in financial stress.

 

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Andy Andy

AUTHORITATIVE SOURCE

Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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Loan Costs

Large Loans

Large Loans

Large Loan Example

$5,000

Loan amount:
$5,000
Terms:
9 - 24 months
Establishment fee:
Variable
Monthly Fee:
$0
APR:
21.24%
Comparison Rate:
48%**
View Example
Loan amounts:
$5,000
Terms:
18 months, (78 weekly repayments)
EEstablishment fee and Total Interest:
$1,897.54
Total payable:
$6,897.54
Weekly installments:
$88.43
View Loan Details
Medium Loans

Medium Loans

Medium Loan Example

$2,001 - $4,600

Loan amounts:
$2,001 - $4,600
Terms:
9 - 24 months
Establishment fee:
$400
Monthly Fee:
$0
APR:
47.8%
Comparison Rate:
65.86%**
View Example
Loan amounts:
$2,500
Terms:
24 Months, (104 weekly repayments)
EEstablishment fee:
$400
Total other fees:
$1,609.44 (reducing interest)
Total payable:
$4,509.44
Weekly installments:
$43.36
View Loan Details
Small Loans

Small Loans

Small Loan Example

$300 - $2,000

Loan amounts:
$300 - $2,000
Terms:
6 - 9 months
Establishment fee:
20%
Monthly Fee:
4%
APR:
N / A *
Comparison Rate:
138.37%**
View Example
Loan amount:
$1,000
Terms:
6 Months, (24 weekly repayments
EEstablishment fee:
$200
Total other fees:
$240
Total payable:
$1,440
Weekly installments:
$60
View Loan Details

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.