Is It Possible To Find Guaranteed Payday Loans?

Is It Possible To Find Guaranteed Payday Loans?
Author : Chris Morgan
Updated on : March 31st, 2022

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If you’re looking for a payday loan, you have many companies to choose from. Some of these companies will go as far as to say that they offer guaranteed payday loans with 100% approval. Is it possible for them to make this claim?

Long story short, no. Because companies themselves take on risk when offering payday loans, it’s very impractical for them to guarantee approval.

However, this shouldn’t discourage you from looking for a payday loan if you’re stuck in a financial bind. Even if you have bad credit, there are many things you can do to maximize your chances of getting approved.

In this article, we’ll provide tips to help you get approved despite the fact that nothing is guaranteed. If you’d rather read about our number one recommendation, then head over to our Complete Review of LendYou.

Do Guaranteed Payday Loans For Those With Bad Credit Even Exist?

No, guaranteed payday loans for those with bad credit do not exist. To explain why, imagine putting yourself in the company’s shoes.

Your credit score is designed to be a measure of how likely you are to repay a loan. In a no credit check payday loan, companies don’t pull your credit. Since they don’t know your credit score, this leads to inherent risk.

No lender would offer guaranteed approval under these conditions. In place of a credit check, they still have to perform some sort of basic check, such as asking for your gross monthly income. If you don’t meet their requirements, it’s still possible to be denied.

Is There Any Such Thing As a Guaranteed Loan?

In general, there is no such thing as a guaranteed loan. No matter what type of loan you’re applying for, there are always checks in place that could get you denied.

In the case of payday loans, this is usually proof of income, as we’ve discussed earlier. In the case of a traditional installment loan, this is a credit inquiry.

What If a Company Claims To Guarantee Approval?

Despite all this, companies still market their loans as having guaranteed approval. How can we interpret this claim?

Any company that claims guaranteed approval is not being forthright. They may add asterisks to this statement, saying for example that their loans are guaranteed only if your monthly income exceeds $2,000.

LendYou is a trusted company that never claims guaranteed approval for their no credit check payday loans. However, they have historically high approval rates. We’d recommend signing up for their platform to see how they can help you with a payday loan.

What Loans Are The Easiest To Get Approved For?

If you have bad credit, it’s going to be very difficult to get approved for a personal installment loan. These loans rely solely on your credit score.

No credit check loans tend to have easier conditions for approval. There are a couple types of no credit check loans that have pretty high approval rates:

  • Title loans are loans that use your vehicle title as collateral in exchange for cash. The amount that you qualify for depends on the value of your vehicle. You can keep your vehicle for the duration of the loan. For our top recommendations, check out our list of the best title loan companies in the United States.
  • Pawnshop loans are loans where you exchange a valuable item for cash. Lenders will usually offer you between 20 to 50 percent of the value of your item
  • Payday loans don’t involve collateral. Instead, lenders expect you to repay the loan in full with your next paycheck. We will focus on payday loans in this article.

Again, none of these loans offer guaranteed approval, though there are strategies you can use to maximize your chances.

How To Get a No Credit Check Payday Loan

LendYou is an online payday loan marketplace that helps connect consumers with lenders. They take your information and do all the work of matching you with a partner lender. We highly recommend starting your payday loan search with LendYou, since they have very high approval rates. Here’s how their process works:

  • Make sure you meet the requirements. The basic signup requirements are that you must be at least 18, have a checking or savings account, and have a monthly income of at least $1,000.
  • Sign up for LendYou. Fill out their online form to sign up, which will include questions about how much you’re looking to loan.
  • LendYou will match you with partner lenders. Sit back while LendYou does the hard work of finding lenders for you.
  • Review the terms carefully. If lenders are interested, they will reach out to you directly with a proposed loan contract. Make sure you read these loan terms carefully.
  • Accept or decline the offer. Once you’re absolutely certain you can repay the loan in full and on time, you can accept the offer. You can also decline the offer, and LendYou will continue trying to find potential matches.

Should you accept the offer, you should receive your funds in as little as one business day. If you have questions throughout the process, LendYou customer service representatives are always willing to answer them and offer general advice regarding payday loans.

LendYou increases your chances of getting a payday loan because you have the potential of working with many lenders with just one application. While they cannot guarantee approval, LendYou gives you the best odds.

The Best No Credit Check Payday Loans Online

If you’re looking for the best no credit check payday loans online, we’d highly recommend LendYou as we discussed in the previous section. You can learn more in our LendYou Complete Review.

When looking for a loan, it doesn’t hurt to apply at multiple companies to further increase your chances of getting approved. Companies like Personal Loans and Bad Credit Loans are also great alternatives.

For more information about these companies and a more detailed discussion on payday loans, check out our article on the best no credit check payday loans online.

Can I Get a Payday Loan if My Account Is Overdrawn?

Having an overdrawn bank account usually will not disqualify you for a payday loan. This is because lenders won’t ask you for your account balance as part of the application process.

Instead, lenders usually only care about your proof of income. You can satisfy this requirement by providing past bank statements, or a recent check from your employer.

Of course, in order to do this, you’ll need to have a checking or savings account. If you’re having trouble getting one due to poor banking history, refer to our list of the top 10 second chance banks.

Are Payday Loans Safe?

Yes, payday loans are safe. However, you must make sure you’re working with a reputable company.

You may have seen payday loans labeled as “predatory.” To some degree this is true, since they have extremely high interest rates. However, any reputable payday lender will be upfront about this and clearly communicate to you how much you owe.

As long as you’re certain that you can repay the loan in full and on time, a payday loan can provide short-term financial relief. We would recommend sticking with a trustworthy company like LendYou. However, if you decide to choose a different company, make sure they satisfy all of these points:

  • They don’t guarantee approval. Guaranteed approval is an unrealistic promise, and all trustworthy companies are aware of this.
  • They give you fair lending terms. Good lenders will take into consideration your entire financial picture, including how much you make per month. Using this, they’ll craft a loan contract that is fair to both parties.
  • They follow the law. Different states have different laws regarding payday lending. Avoid companies that ignore the law at all costs.

How Do You Increase Your Chances of Getting a Payday Loan?

Doing the following will not guarantee approval for a payday loan, but will significantly increase your chances.

  • Have all your documents ready. An easy way to get rejected is to go into your application unprepared. Before doing anything, you’ll want to gather key documents including your government issued ID and proof of income. You’ll also likely need a recent utility bill for proof of state residency, since different payday laws apply to different states.
  • Ask for less cash. One factor that no credit check lenders use to determine your eligibility is how much cash you’re requesting. In general, asking for a higher amount indicates higher risk. Thus, if you can, ask for less cash. This also reduces the total amount you owe in return.
  • Use LendYou. LendYou is the best platform for maximizing your chances of getting a payday loan, since one application can potentially connect you with many different lenders.

How Do Payday Loans Affect Your Credit Score?

Applying for a payday loan will not affect your credit score. This is because payday loans are no credit check loans, so no additional hard inquiries will show up on your credit report.

However, it’s possible that some payday lenders will report your loan repayments to the three credit bureaus. This is great news, since paying off your payday loan can actually help boost your score if you play your cards right.

The opposite can also be true. If you don’t repay your loan on time, payday lenders may report a missed payment to the credit bureaus, lowering your score. Negative marks tend to stay on your report for seven years, so definitely prioritize paying off your loan.

When Should I Get a No Credit Check Payday Loan?

A no credit check payday loan is a convenient way to get instant funds. While approval isn’t guaranteed, you typically have a very good chance of getting a payday loan, regardless of your credit history.

However, this doesn’t mean you should take out a payday loan whenever you want. Since payday loans are expensive, only consider them in times of true financial emergencies.

For example, using a payday loan for rent, utilities, or a sudden medical bill is completely justified. On the other hand, using it to fund a vacation or expensive gift is never recommended.

In addition to having a good reason to take out a payday loan, also ask yourself if you can afford to fully repay it. If you have any significant doubts, it’s probably best to hold off on getting one, otherwise you could dig yourself into a deeper financial hole.

In the short-term, using a no credit check payday loan as a crutch is extremely useful. However, a longer-term solution would be to look towards services like credit repair to permanently boost your score. This can help you qualify for more affordable loans in the future. Consider our Ultimate Review Guide for Credit Saint to learn more.

Conclusion and Next Steps

Payday loans with 100% guaranteed approval do not exist. This is due to inherent risk involved with both parties that makes it impossible to make such guarantees. However, there are still many ways for you to maximize your chances of getting a payday loan.

In addition to preparing your documents and asking for less money, LendYou has a track record of successfully connecting clients with payday lenders. We encourage you to sign up for LendYou today: you could walk away with a payday loan in as little as one business day.

When doing research, Credit Help Info relies on credible and authoritative sites. These research sources are provided so that you can see exactly where we get our information.

About the Author

Chris Morgan

Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.

Learn more about Chris Morgan

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