2014 Lender Lists:
Are There Any Guaranteed Payday Loans?
The majority of lenders out there carry out a credit check. We did previously cover No Credit Check Payday Loan Lenders, but there was only a small number of these companies and these don’t appear to be any more lenient. Within that post, it was highlighted that logbook lenders offer the easiest route to cash. Many don’t run credit searches and self-employed applicants are always commonly took on. In comparison here, most do require their applicants to be in full-time employment and there may be a required monthly wage of say £750. The applicant must also be a UK resident and have a bank account where the funds can be sent to and taken from.
There are in this instance no guaranteed payday loans online. Many brokers tend to promote such headlines, but this is merely due to them doing their best to collect the lead. Just to add that if your score isn’t too far into the red then most lenders should give you a chance. The amounts that are typically applied for aren’t significant and so they are always willing to give those a try who may have been turned down elsewhere. There is more of an air of caution in this sector as if you do default then they have little chance of recovery and will soon end up selling the account on.
Logbook loan companies have the security of your vehicle and so they can recover the debt if they need to do so. This is why they are much more likely to take on those seen as the highest risk. This is a good option rather than to be searching around for guaranteed payday loans whereby you may end up seeing declines or being passed around brokers. If you can find a backer then guarantor products are another easier route to source bad credit loans. Again, there is a security in place here that puts the lender in a more suitable position to take the risk on those that have very poor scores.