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Need cash? Guaranteed personal loans are here to help you

If you’re looking to get additional cash to help stretch your budget, you should know that Payday Champion Guarantee personal loans. Like similar personal loans they are used to cover any need a person might need.The idea is that the borrowers can be assured that they will be approved regardless of their credit score or past history and without collateral.

What are guaranteed personal loans?

Personal loans that are guaranteed are usually closely associated with payday loans and cash advances.They are accessible at check cashing locations or online, as well as at certain banks.

In this kind of loan, the borrower must provide a bank account as well as details about employment. They receive an immediate deposit in a matter of 30 minutes.The amount typically ranges from 350-$1,500.Repayment terms tend to be brief (usually 2 weeks to one month) and charge fees that range between $10 and $30 for each $100 borrowed.

While most people know about the existence of these products on ads on television or in the internet but they aren’t conscious of how detrimental they can be for customers. The reason why they are advertised with such force is due to the huge upsides for lenders.

It is vital to know that personal loans that are guaranteed are known by different names, too, based on how they’re promoted. Although their characteristics may differ little, they all offer the same rates and conditions. Here are a few of the most popular terms used to describe these items:

  • Payday advance, cash advance, or a payday
  • Payday loan
  • Cash in a hurry
  • Deferred deposit
  • Low credit loans*

*This could be a reference to a guarantee product or could be a general description of a private loan that is designed to help people with low credit scores.

What are the requirements for an unsecured personal loan that is guaranteed?

Although most products require personal details, evidence of work, account information as well as credit history however, guaranteed loans typically need a pay slip or two and access to account of the borrower to deposit money.

Benefits and drawbacks

Three main features that make these products attractive.

Anyone employed is eligible regardless of their credit score or previous backgroundThe balance must be paid in one go
They don’t require collateralThe fees typically range from $10 to $30 per $100 borrowed, which is more than the typical
Funds are available for immediate access.Some require continuous authorization to pay which allows the account in order to deduct the amount and charges in the event that you are behind
It could be difficult to pay in time, causing the loan to roll over to pay the cost in full
The costs can easily reach an APR of 300% to 1000% when it isn’t paid and carried forward

Here’s one example to show how things can spiral beyond control.

A Cycle of Debt

If a borrower wants a loan that is guaranteed at $400 and is assessed the fee of 60 dollars (15 15 %) that will amount to $460 if it is repaid within two weeks. If the borrower gets behind, the amount will be carried forward with the cost assessed every time. The cycle can be, and usually continues for an indefinite period. The 15% charge will be $720 for the entire period of one year. that means that the borrower will have to pay an amount totaling $1,120 once the original loan amount is added.

What are the alternative options?

The Federal Trade Commission explicitly discourages this kind of borrowing, and recommends that consumers take every step to stay clear of it. Although quick access to money to pay for an emergency expense could sound appealing, you should you should take the time to think about some alternatives.

  • Ask for assistance from a local church or place of worship in particular when you are a member.
  • Find a credit card at a low cost. Even if the rates are higher than you expected and you’ll be able to pay more in time and also a simple limit on the amount that will be charged. You can also opt not to get the payment be automatically debited, meaning your account won’t be charged a large amount if you are in debt.
  • Find small loans elsewhere for example, an institution like a credit union or an online lender. Although it may take some more work involved however, you’ll get more favorable terms and less fees. Although they don’t provide cash access immediately but they usually can be done with in 24hrs.

How do I apply for an unsecured personal loan

If you have a bad credit doesn’t mean that you aren’t eligible for an affordable loan. There are lenders with good reputations who are adept at approving applicants who have a lower than perfect score.

Make use of a loan calculator determine the amount you can receive. After you’ve done this, you can compare rates to be pre-approved prior to submitting an application.

If you’re still uncertain about which path to follow These are the most commonly asked questions.


Q What happens if cannot pay back a guarantee private loan?
A In the event that a lender has an access right to the account (which is not uncommon) it is likely that they will take whatever amount is needed to pay. If you decide to close the account or refuse access to the account, it will go to collections, meaning that you will be harassed until the loan is paid or paid in full. Many find it simple to move your loan into the future, but that means another high cost each time.

Q: Will I be denied these kinds of loan?
A: If you’re not working or have a record of being unable to pay back the loan, you might not be considered for approval.

Q: Will it adversely affect my credit rating?
A None unless you are behind in your payments.


If you are struggling to pay an unexpected bill or an unexpected cost, guaranteed personal loans allow quick access to cash to any. However, the steep fees and penalties can be a deterrent for the majority of people, and should be used only to be a last option in the event that they are needed at all.