If you want to take a short-term loan from your bank or any other traditional financial institution, but you’re held back by your poor credit, we can help you find a loan for bad credit, regardless of your credit score or how poor your credit history may be. All you have to do is fill in our simple online form, and a trusted lender can contact you instantly for a guaranteed cash advance.
The process is rather straightforward, so in this guide, we’ll discuss how to obtain guaranteed cash advances, what constitutes a guaranteed cash advance, and whether or not you can truly obtain one regardless of your credit history.
What Is a Guaranteed Cash Advance?
Cash advances are short-term loans that allow you to borrow against your available credit. While these loans are usually granted by your credit card provider, the term “cash advance” has also become synonymous with payday loans.
By definition, payday loans are also unsecured loans with loan terms that coincide with your paycheck, and they’re usually aimed at individuals who can’t obtain funding from their credit card provider or traditional financial institutions.
Guaranteed cash advances are, unfortunately, often misinterpreted as cash advances that come with guaranteed approval for any loan application, similar to guaranteed payday loans. However, that’s far from true because guaranteed cash advances only guarantee a same-day, instantaneous decision on whether you qualify for the cash advance or not.
These loans are incredibly accessible to customers simply due to a simple application process, fast loan approval times (which is paramount when you’re in dire financial need), and fast funding time. Most cash advance loans are funded within the same or the next business day.
However, the biggest contributor to the popularity of cash advances is that they don’t require credit checks, making these financial products appealing to borrowers with poor credit scores and stained credit history.
How to Find Guaranteed Cash Advance Online
The advent of the internet has simplified the process of finding guaranteed cash advances online, and finding a lender is only a web search away. However, it still involves hours of sifting through different online lenders and their financial products and doesn’t account for the application(s) processes and loan approval waiting time.
We offer a solution that significantly simplifies the entire process. All you have to do is fill out the application form on our website with all the relevant and required data, and we’ll share that information with lenders in our vast associate network, effectively finding lenders for you.
Once our lenders review your application and decide to fund your loan, they’ll contact you with a loan offer along with a loan agreement that details the loan amount, annual percentage rates (APRs), repayment terms, and fees. Since we’re sharing your loan application with multiple lenders, it’s not unusual for our clients to receive several offers from different lenders.
You don’t have to accept any of these offers, but the one that fits you the best, and the lenders will usually deposit the loan funds into your checking account within 24 hours of signing the payday advance agreement. All you have to do afterward is pay the loan back before or by the end of the due date.
How to Apply for a Guaranteed Cash Advance
These days, most lenders offer a straightforward loan application, which is not only available online but also comes with minimal eligibility requirements, fast credit checks, and a very fast approval process.
Guaranteed cash advances, online payday loans, and bad credit loans are often advertised as no-credit-check loans that appeal to customers with bad credit and provide said customers with access to fast cash, albeit at higher interest rates, primarily due to a higher risk perceived by the lender.
Considering that these financial solutions come with exorbitantly high interest rates, expensive fees, and unfavorable terms, guaranteed cash advances are best avoided and should only be used only when all your other options have been exhausted. Here’s a step-by-step guide on guaranteed cash advance loan application:
Do Your Research
Fast online loans that don’t imply lenders checking your credit report are currently swarming the market, and finding the best financial solution that fits your financial needs isn’t necessarily as easy as most lenders advertise.
This is especially true when you consider the so-called “legal talk,” whose purposeful ambiguity is designed to lure you into applying for and accepting a loan with less favorable loan terms. You should pay attention to stuff like the loan amount and the APR.
When it comes to cash advances, APRs encompass all the fees associated with your cash advance loan, including the interest, late fees, origination fees, and any fees that the lender might try and hide in the fine print, which you should always read carefully.
Besides APRs, which tend to be costly, loan applicants have certain requirements, but these are more or less identical across all lenders. When it comes to the loan amount, the minimum loan amount tends to vary between $500 and $1,000, depending on the lender.
You should also take note of the funding speed and online review for the lender you’re interested in borrowing from. It’s also a good idea to talk to your friends and family, as they might have dealt with a particular lender before or whether they can recommend a cash advance lender.
Gather the Necessary Documents
Guaranteed cash advances are specifically aimed at borrowers in financial emergencies or people who can’t obtain a loan from a credit union or a bank. As a result, they usually come with fewer and less stringent requirements, like hard credit checks with credit bureaus. However, there are still documents that you have to submit to the lender to obtain the loan. These documents include:
- Personal ID and information: This includes any government-issued document that can be used as personal identification, such as a passport, personal ID, or a driver’s license. This allows lenders to confirm your identity and whether you’re legally able to enter a contractual agreement. You’ll also have to provide them with your personal information, such as date of birth, phone number, email, and SSN.
- Bank account info: While certain lenders offer cash funding, most tend to deposit the loan amount into your checking or savings account. Please note that some lenders might require direct debit authorization, enabling them to withdraw funds from your bank account on your next payday to repay the loan.
- Proof of income: Lenders require proof of income, such as pay stubs and bank statements, that demonstrates your ability to repay the loan. They’re also likely to ask for proof of residency; any document with a visible address addressed to your name should suffice. This includes utility bills and rent or lease agreements.
Gathering these documents before you apply for the loan is a good idea, as it streamlines the application process.
Fill Out an Application
After you find a suitable lender and gather all the documents, the next step is to fill out an application. We suggest that you apply to as many viable lenders as possible to increase your chances of securing a loan. You can easily refuse offers you don’t find appealing.
However, this takes a lot of work, which is why we suggest that you fill out an inquiry form on our website. We’ll share your application with our network of lenders, who will review it and, based on their decision and estimate, offer you loan options, along with specific amounts and terms.
Repay the Loan
Once the lender grants you a loan and deposits the money in your bank account, you should strive to repay the loan as soon as possible, on your next payday at the latest. Besides having pricey APRs, late fees and refinancing associated with guaranteed cash advances are also quite pricey, and you may find yourself trapped in a cycle of continuous borrowing in an attempt to pay off the loan.
Can I Get a Guaranteed Cash Advance With Bad Credit?
Guaranteed cash advances are financial products specifically designed for borrowers who can’t obtain a loan from a bank or a credit union but still require access to quick cash.
These financial products don’t require a hard credit check, and your eligibility for a guaranteed cash advance isn’t based on your credit score or your credit history. However, the lenders might still inquire about your credit, in which case the information isn’t used to determine your eligibility but rather to determine the adequate loan terms and interest rates.
Frequently Asked Questions
Here are some of the most common inquiries about guaranteed cash advances:
Guaranteed cash advances are just like typical online payday loans, but with a notable distinction: they guarantee an instant decision on whether you pre-qualify or not. Other than that, the process of application and repayment remains the same.
You start by submitting your short application form online and sharing your personal information and any information about your finances, including your expenses, your income, and your current debt, as required by the lender.
You usually have to be of legal age (18 or 19, depending on state laws) to enter a contractual agreement and qualify for a loan. You also have to be a resident of the United States, primarily the state from which you’re obtaining the loan, and proof of income. Some lenders have minimum income requirements.
One reason guaranteed cash advances are so popular is that they don’t imply an eligibility credit check. Instead, we will take your pre-application form and share it with our associate lenders. It’s like pre-applying at several different lenders through a single platform.
This approach increases your chances of securing a loan, and it’s not all that surprising for our clients to receive several loan offers at once, allowing you to choose the one that fits you the best. However, once you accept the loan offer you think fits you best, the lender will approve the funds and repayment terms, which you’re expected to honor by your next paycheck period.
Another reason why guaranteed cash advances are so popular is because they’re easily accessible and rather easy to obtain. However, it’s important to know that these financial products tend to be preposterously expensive due to high annual percentage rates (APRs), which may range up to 400% or higher.
We suggest considering and seeking alternative loan options, such as personal loans for bad credit, credit card cash advancements, or installment loans for bad credit, as these are mostly more favorable when it comes to repayment terms and interest rates.
Credit card cash advancements are perhaps the most viable solution if you’re looking for a quick financial boost until your next paycheck. They’re granted by your credit card provider, feature more affordable interest rates, and come with a more flexible repayment period, with a limited loan amount being the only downside.
Both guaranteed cash advances and typical cash advances are short-term loans that are granted on a two-week or four-week repayment term, after which you have to repay the entire loan, along with the interest and additional fees, to avoid incurring additional debt.
That additional debt could be substantial and could potentially lock you in the cycle of perpetual borrowing. For example, if you borrow $1,000 with an APR of 400% on a four-week loan term, you’ll have to pay back more than$1,350, not accounting for any additional costs associated with the loan.
As previously stated, a guaranteed cash advance loan is a short-term, small-dollar loan granted on a rather short repayment term. Since they’re usually granted until your next paycheck, the amount you can borrow is most likely limited. In most cases, instant payday loans are usually limited to $500 or $1,000 because individual states usually impose caps on these loans to protect consumers.
Some direct lenders offer higher loan amounts. This could be legally interpreted as predatory lending due to high interest, which reduces the chance of repayment, which is why these types of loans are best avoided, if possible.
Summary
Guaranteed cash advances are regular cash advances aimed at borrowers with poor credit. If you’re looking to secure a cash advance as fast as possible, fill out the inquiry form on our website and leave us your request. We’ll share your application with our associate lenders, increasing your chance of securing a loan.