Are there guaranteed loans for bad credit borrowers in the UK? Although some sites promote “guaranteed” approval, there are still some different criteria for applicants who want to apply for a payday loan. What’s required, and what’s the best way to ensure you are approved? These are some of the factors lenders will look at when you apply.
What’s Required as a Borrower?
You have to be 18 years of age to apply for a payday loan with most lenders. Additionally, you’ll have to show proof of address in the UK, and borrowers are going to require you to show proof of income as well. A pay stub is often enough as proof of income to apply for guaranteed loans or payday loans.
Why Apply with These Lenders?
One of the primary reasons people turn to payday or same day lenders is they’ve been rejected by a bank or traditional financial institution for a loan. People who have poor credit scores, or have defaulted on a loan in the past, have a hard time being approved for a loan. Or, if you owe a high amount in other debts and loans, most lenders aren’t willing to extend a loan offer your way. Payday and same day lenders are more flexible.
Who Should Apply?
Again, there’s no specific classification of a borrower that fits the guaranteed loans or payday loan applicant mold. But, there are some individuals who are more likely to apply for and be approved for these loans. The borrower who has less than average credit is the most likely applicant to choose these loans and lenders. Since most banks and financial institutions won’t extend a loan, this is an alternative to consider. Those who need cash urgently for bills, or need “instant approval” will also utilize these loans. If you have an emergency expense or need instant funds to pay a last-minute or unexpected bill, this loan is also beneficial to you.
If you aren’t sure which lender is most likely to approve you for a loan, we can help. We cut out the broker, so you don’t have to pay a traditional broker fee to use our site. Instead, you can visit our site badcreditsite.co.uk and we’ll compare local lenders for you. Interest rates, repayment terms, and other important criteria are compared to help you find the right lender, and best terms, when you are ready to apply for a loan.