The number of people needing emergency cash seems to be growing every day with no real relief on the horizon. The problem may be an emergency medical or educational expense or something like your auto needing major repairs and you do not get paid for a couple of weeks. You may have cut off notices with your utility companies or bordering on late payment penalties which not only cost money but harm your credit score. Whatever the emergency is you have to have the money in just a few days and a traditional loan can take weeks even if you can meet the stringent new requirements.
Guaranteed payday loans have become the solution for many people as guaranteed payday loans outlets crop up in nearly strip mall and street corner in every city in the country. These are usually small loans, up to about $1500 and must be paid back within about 15 days. The only requirements for getting these guaranteed payday loans is a verifiable job, a bank account and you must be at least 18 years old and a citizen. When they first started out you had to either go to the office and fill out several forms and supply documentation of your job and bank account but it took several days to get the entire process completed and get your money. This has all changed in the last several years as more and more guaranteed payday loan lender are going online. Some companies are doing business exclusively on the internet. When you go to these websites you will be asked to fill out simple one page online form. Based on the information you give on this form your bank account and job will be verified and your money will be deposited on the next business day.
These loans are generally more expensive than traditional loans, charging as much as 10% higher than the annual percentage rate. This means they are really only good when you need to get your hands on money very quickly and only in an emergency.