Sometimes you are well prepared to apply for a loan and everything seems comfortable. Suddenly, you realize that your credit score is not good enough to approach the mainstream lenders. In the end, what you get is loan rejection. During the time when you need a cash injection, lenders throw the rejection to your loan application. What would you do? Will you not look for the lending option? Well, you have to look at the lending option because no other option seems useful.
Why not approach the direct lenders? Yes, this market seems more effective nowadays especially in terms of getting assured approval. It has the options like guaranteed payday loans for bad credit people, which was almost impossibility a few years back. Such options also reduce the chances of loan rejection that occurred mainly because of poor credit record. Borrowers like you can now easily secure funds irrespective of their less creditworthiness.
How loans have erased bad credit as an obstacle?
There might be some reasons why you have such adverse record of making various payments on time. You might be careless or circumstances were as such that you could not rectify the due payments. Whatever be the reason, the reality is that bad credit score is just a temporary problem that can be solved with a proper financial source.
Not any other option can be better than payday loans especially for the people with less-than-perfect credit score. Here are the reasons:
- Repayments are easy because the borrower just has to repay on his next salary day. Lenders may also give auto-disbursal option so that the borrowers do not miss any repayment schedule.
- These loans are available online and makes easier for the applicants to follow the procedure. Entire steps will be completed in a single business day and the amount will be online transferred after a few hours of submitting application.
- Most of the lenders, who provide these cash advances of guaranteed approval, follow the policy of no credit check. It means neither hard credit check nor soft perusal will be done to approve the loan application.
- Providing the guarantor is also not the issue at all. Since these are only the small funding options, lender does not seem too much bother of not getting the repayments. They believe any borrower can make payments on the next payday.
- In similar way, pledging assets like property or vehicle is also not compulsory. Guaranteed approval is assured on the basis of borrowers’ income status. As long as they convince lender about the repayments, no problem will persist during the process.
The ‘X’ Factor
After seeing the above reasons, you will be pleased to know that equal lending options are available for both the good and bad credit people. But how it becomes possible? What is the ‘X’ factor in it? It is the ‘FinTech’ concept. Yes, indeed. The FinTech market in the UK has really many things in favour of the people and now they can effortlessly get bad credit loans online on instant decision from the concerned lenders.
Based on the formula of Financial + Technology, it has opened up many lending doors for borrowers with any credit scores. Nothing can be pending for them and everything seems in practical for the individuals. Whether you are a tenant or a homeowner, you are well eligible to avail the loan benefits.
In the Nutshell
There is hardly any doubt that guaranteed payday loans is not mere the advertisement tool of the lending companies. In fact, it is well within their financial products. The interest rates will be on higher end in comparison to the other standard loans but a good choice of lender will solve this problem of yours too.