Individuals often find themselves in a fix due to cash emergencies. With no time to wait to receive your monthly salary, you struggle.
However, some individuals seek external support and explore quick cash options for the same day online. Most cash lenders ask for a stellar credit profile to help people with minimal needs.
However, as per recent statistics, “the percentage of individuals with bad credit scores has increased since 2021”
Thus, in this case, individuals seek a flexible external source without any stringent requirements for credit scores. Guaranteed loans are the most convenient form of borrowing.
What do guaranteed loans imply?
Guaranteed loans are a form of credit that guarantees every applicant approval regardless of the bad or good credit score. A short-term unsecured loan prioritises income as the primary source to qualify.
It is akin to a no-credit-check loan, where the credit score remains the same after affordability checks. These loans are also known as high-acceptance loans, where you share the highest possibilities to qualify for the minimal cash requirement in the face of an emergency.
However, as a responsible direct lender, we only accept applications that share the potential to repay the loan in easy monthly instalments. The loan is right for you if you can meet your budget with repayments. After loan approval, you can get the loan the same day and within 15 minutes of the application.
Who qualifies for these 100% approval loans?
The primary purpose of these loans is to provide immediate cash help to those having cash emergencies but lacking the best credit history to qualify. If you meet the below standard criteria, you may get the loan.
- You should be a regular citizen of the country
- You should have a valid income source- salary/part-time/ unemployed benefits
- Own a debit card with direct debit (preferred)
- Should have minimal debts listed on your credit profile
- Can afford the loan amount and interest costs within the available disposable income
What are some tips to get guaranteed loans seamlessly?
While providing guaranteed loans, we undertake every step that lies in the good faith of the customers. It is the reason instead of automating the approvals, we screen every application manually.
The loans can impact the lifestyle if they do not align with the individual’s budget and finances. This is why it is imperative to analyse each person’s affordability before providing the loan.
These loans are accessible and easy for individuals to apply and qualify for. You do not need to worry about paying extra or unnecessary loan costs even if you have a bad credit history.
We provide no-fee bad credit loans with guaranteed approval to individuals facing financial emergencies. We do not approve every application. Here are some tips to get guaranteed approval loans without any issues:
1) Filling accurate information on the application form
We verify each application and look for authenticity in the details one provides on an application form. It is imperative to analyse each aspect of the application form before applying.
Check whether you mentioned your name, email id, contact number, and account number and whether the amount required is true to your knowledge. The smallest error, like- a spelling mistake or mentioning your previous or old residential address, may lead to loan rejection.
2) You have easy-to-verify income
As these loans do not ask for a stellar credit history and accept applications with CCJ, Bankruptcy, or loan defaults, one must ensure a regular income to qualify. Individuals applying for these loans are students, self-employed, unemployed, pensioners, and employed.
Thus, you can provide income sources in any legal form like- salary, part-time income, pension, and even income from scholarships and grants to qualify. We do not accept income from gambling as a legal income source.
3) Stable finances and spending
Apart from income, we analyse other aspects to rightfully gauge your affordability. Identify your monthly spending. If it is just near your monthly income, then you may not qualify. Your spending should always be far lower than your monthly income to qualify.
It determines your monthly repayments on the loan. If your spendings are high currently, take the blow steps immediately:
- Budget for household things
- Unsubscribe to subscriptions you use no longer
- Reduce dining out or ordering food online
- Seek additional or part-time income source
- Avoid using credit cards much
4) Use an eligibility checker before applying
An eligibility checker is a facility that helps the person to qualify for better rates by calculating the costs of a loan. You may not get the exact costs, but you can still check the loan costs as per your finances/ income. Checking your eligibility and knowing the criteria, reduces the chances of loan application rejection.
The eligibility checkers are usually free to use. It generally asks for personal details and other details like- living arrangement (tenant or homeowner), residential address and years of stay (at the same address), current employment status, and monthly outgoings amount (approx.) It asks for your expenses towards- council tax, loan repayments, bills, transportation, etc. By providing authentic spending details, you may check whether you can qualify for the loan or not.
The eligibility checker help to avoid applying for loans and undergoing unnecessary credit drop if you may not qualify. Thus, check your eligibility before applying for any loan to have an idea..
- Your name on the electoral roll
An electoral roll is the legal documentation provided by the electoral commission of the UK. It presents you as a legal voter in the country. It lists the name and address of the person registered to vote. In the absence of a credit history or poor credit profile, electoral roll presence can help you qualify for short-term loans easily. However, you must have a reliable income source alongside that.
These tips are for getting a guaranteed loan regardless of the credit circumstances or score. Guaranteed loans help you qualify short-term loans to counter any emergency without panic. Keep your expenses in check and clear debts frequently to get better rates on these loans.
Emma Anderson is a highly accomplished Editor-in-Chief at 24cashfinances, renowned for her exceptional expertise in the finance industry. Holding degrees in Finance and Marketing, Emma has developed a deep understanding of the financial landscape, particularly when it comes to loans and personal finance.
Emma’s professional journey began as a financial analyst, where she gained hands-on experience in evaluating market trends and analysing investment opportunities. Emma’s enthusiasm for writing and her goal to educate and give individuals a voice motivated her to move into financial journalism. Her work has been published in popular magazines and she has produced thought-provoking pieces on various financial topics.