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Apply Instant Payday Loans Online with Guaranteed Approval at Money Zap

Frank Glemstone
Frank Glemstone

Frank Glemstone is MoneyZap's authority on personal loans. He has been a writer and editor at the MoneyZap content team since 2021. Graduated from Texas A&M University with the Master's program in Economics Sciences. Throughout his career, Frank has achieved the Springeropen award nominee for Financial Innovation and won a SABEW award for outstanding knowledge in finance. Frank now lives with his beloved wife and son in Jackson, Mississippi.

Traditional bank loans are difficult to get. Not only do they take a long time to process, but they determine approval on your credit score. So, if your credit score is low, you'll probably face challenges applying through a bank. Instead, opt for instant payday loans to get the cash you need ahead of your next paycheck.

Instant Payday Loans

Most people facing a financial emergency often wonder about the possibility of getting an instant payday loan online with guaranteed approval. The good news is that you stand a very good chance of getting a payday loan online, even if you do not have a good credit score.

The lending criteria for online payday loans are quite friendly. In most cases, you’ll be able to get a loan as long as you have a stable source of income. Online payday loan providers only need you to prove that you can repay the loan to approve your loan request.

Do Bad Credit Payday Loans Have Guaranteed Approval from Direct Lenders?

While there are no absolute guarantees that you will get a loan from a direct payday lender, the approval percentage for this type of loan is quite high. Most people who submit a loan request end up getting the money they need. As long as you meet the basic requirements, you should be able to get a loan.

Online payday loans are guaranteed no matter what your credit score is. For a traditional bank loan, your chances of getting a loan depend on you having a high credit score. This is not the case with payday loans - many payday lenders do not even check your credit score. Once they verify that you have a valid source of income, your application will most likely be approved.

Eligibility Criteria for Bad Credit Loans Guaranteed Approval

Payday loans are short-term loans meant to be repaid on your next payday. They are best used to settle emergency expenses, such as medical bills, utility bills, rent, pay for groceries, and home or car repairs.

The eligibility criteria for poor credit payday loans often depend on the direct lender you’re borrowing from and the state you live in. For instance, some states allow you to take out multiple loans, while others only restrict one payday loan at a time.

Some of the basic requirements to get a payday loan anywhere include:

  • You must be 18 years or older
  • You must have a valid government-issued means of identification
  • You must have a stable/consistent source of income
  • You must be resident in the state where you’re applying for the loan

Most payday lenders will request a few personal details to verify your identity and confirm your source of income. Note that your probability of getting a loan may depend on the accuracy of the information you provide since this will be verified before your loan is approved. However, they will not check your credit history with credit bureaus.

How to Improve Your Odds of Getting Bad Credit Payday Loans Online?

Even though online payday loans are not guaranteed, there are various ways you can increase your chances of getting one from a direct lender. You can get guaranteed loan approval by following these tips:

Apply Online

Online payday loans are particularly easier to get and save you the stress of searching for a lender. By applying online through MoneyZap, you can find trusted loan providers that are likely to approve your loan once you meet the basic lending criteria. The application process can be completed within a few minutes, and approval takes just a few hours.

Submit Accurate Information

To improve your chances of getting an online loan, you should ensure that all the information you present is as accurate as possible. If you lie about your personal details, you may be disqualified for providing misleading information.

Apply Through a Broker

An online platform like MoneyZap gives you access to hundreds of direct lenders that offer same day loans near you. This increases your chances of approval. Our system will automatically match you with a lender near you based on the information you submit in your loan request.

Apply on Weekdays

As a general rule, applying on weekdays increases your chances of getting a faster loan approval. Most loan providers will approve your loan within one business day. If you apply over the weekend, you may have to wait till the next business day before the cash is sent to your bank account.

Benefits of Direct Payday Loans

If you’re in a financial emergency, a payday loan may be what you need to save you from trouble. The following are some of the benefits of requesting an instant payday loan:

Easy to Get

Payday loans are relatively hassle-free. Their fast approval time and high approval rate are among the major reasons why this type of loan is so popular. Unlike personal loans from a traditional bank, payday loans don’t take a long time to get approved. The lending company will review the information you submit and approve your loan almost immediately.

No Credit Checks

Payday loans are perfect for those worried about their bad credit score impacting their chances of securing a loan. Lenders don’t need to do a hard credit check on your account. Your eligibility criteria depend mainly on your earning capacity, making this kind of loan perfect for those experiencing credit difficulties.

No Collateral

Payday loans are unsecured loans. This means you do not have to use any of your assets as collateral to get the funds you need.

No Restrictions on Use

You are free to use your payday loan any way you deem fit. The loan provider does not require you to explain how you intend to use the cash. Once it is sent to your active checking account, you can use the cash for anything.

However, it is recommended that you only get a payday loan to settle an urgent financial need rather than luxury spending.

Downsides of Guaranteed Payday Loans

Payday loans for bad credit are great for settling financial emergencies because they have a high approval rate. So, your chances of getting a loan are quite high. However, there are a few downsides you might have to consider before you apply for a bad credit loan. Some of the cons of guaranteed approval loans include:

High Interest Rates

Online payday loans are a costly way to get quick cash. Payday lenders charge a higher interest rate compared to personal loans from a bank. With payday loans, the average APR is 400%. To protect borrowers, most states have laws that set a maximum annual percentage rate. Still, the interest rate for this type of loan is quite high.

Easy to Get Stuck in a Cycle

The fact that payday loans make it easy to get fast cash is often considered an advantage, but it could also be a disadvantage. It’s easy to fall into an endless circle of bad credit loans and repayments. Some people end up with a lot of debt due to the ease of getting this type of loan.

Bad Credit Loans Won’t Help You Build Credit

Payday lending companies don’t report to credit reporting bureaus. Thus, getting this type of loan and paying on time does not help you build or improve your credit score.

How to Apply for Payday Loans Online With Guaranteed Approval

The application process for online payday loans is designed to be as straightforward as possible. You can apply in minutes through MoneyZap and get connected to a payday lender immediately. The application process can be completed online from anywhere and at any time of the day. The loan request process is highlighted below:

Fill a Loan Request Form

The first step is to provide a few pieces of personal information, such as your name, email address, and contact number. Your residence, ID, and Social Security Number may also be required. Having all the required information ready will ensure your application progresses smoothly and improve the chances of loan approval.

Get Matched to a Lender

The information provided will be used to connect you with a payday lending company on our network. The payday loan lenders in our network are reliable and always respond in a quick and timely manner.

Get a Loan Offer

You should be contacted with a loan offer within a few hours of sending in your application. If your application is approved, the loan agreement will be sent to you. This contains all the terms of your loan and everything you need to know.

Receive Your Funds

Once you sign this document, the funds will be sent to your checking account. Most applicants get the money straight to their account within one business day.

Are Payday Loans Expensive?

The price you pay for an unsecured bad credit loan is the high-interest rate. Since people who take this kind of loan are often considered high-risk borrowers, direct lenders tend to charge a high-interest rate. In addition to repaying the principal, you may have to pay other fees depending on your lender.

Usually, the lender will disclose the interest rate and other fees that you must pay during the loan application process. You should review the loan agreement and be sure that you understand it before you agree to it.