Try our UK alternative to ‘guaranteed payday loans’
Looking for a guaranteed payday loan in the UK? Check out SafetyNet Credit’s smart new alternative to payday loans.
for up to 40 days (292% per annum, variable)
What are ‘guaranteed payday loans’?
We see that you are searching for a ‘guaranteed payday loan’, so we created this page to help give you some guidance on the topic as well as a chance to consider SafetyNet Credit’s own services, and how they could assist you in your situation.
A ‘guaranteed payday loan’ refers to the idea of a payday loan which the loan applicant is ‘guaranteed’ to be approved for. A payday loan meanwhile is a form of usually small loan designed to be repaid within a very short period of time, ordinarily by the time of the borrower’s next pay check or in a small number of instalments over a few months.
Guaranteed loans... do they exist in the UK?
Though you may often see them advertised online, the promise of a guaranteed loan is unfortunately nothing more than a myth. To protect consumers from irresponsible lending practices, the UK has a range of laws and regulations in place determining how loan providers should operate.
Responsible lenders must perform credit checks and affordability assessments on all loan applicants to ensure they can afford the full cost of a loan, and that they will not struggle keeping up with agreed repayments. Financial products such as payday loans are designed for those in temporary, short term need who will be able to repay the loan when they receive their next wage or over the course of a small number of instalments. They are not suitable for those who are experiencing more serious long term money problems who may struggle to afford a loan. The fact is that for these people the loan will harm their financial situation, rather than help it. This is why there is no such thing as a UK loan which is ‘guaranteed’ regardless of someone’s circumstances.
Why might I be looking for a ‘guaranteed payday loan’?
One of the main reasons someone is likely to be looking for a ‘guaranteed’ payday loan is that they are worried about failing a credit check and having their application denied, and so are searching for a direct lender which will offer a guaranteed loan with no credit check or for those with bad credit history. As we have just established, however, these loans do not exist, and if you see them advertised it is likely to be either an irresponsible lender or a scam, both of which will make your financial situation worse.
A credit check is a routine procedure which takes into account the information on your application along with your credit file. This credit file is essentially a log of your financial history demonstrating things like whether you have repaid loans on time in the past. A credit score is then calculated by each lender based on all this information and their own unique criteria, and a low credit score can unfortunately mean lenders may decline your loan application. A lack of previous credit history can also cause a low credit score, as no evidence of reliably paying off previous debts can often be considered by some lenders to make someone too risky to lend to.
If you are worried about having a poor or bad credit score, or having insufficient credit history, the best thing to do is to research ways you can establish or rebuild a good credit score. One of the great things about SafetyNet Credit’s own credit services for those looking for a guaranteed loan is that we use additional data, including things like real-time bank transactions, to make a more rounded decision when considering your application. This means that having poor or insufficient credit history is not necessarily a barrier to being accepted for our services.
Things to consider about online loans
As you are reading this online it is very likely you are looking for an online loan. This is a good choice as there are many advantages to fulfilling your credit needs over the internet. For example, applications can be processed considerably faster, and an online lender eliminates the need for preparing paper documents and travelling to a physical store’s location.
As with anything to do with money however, there are a number of things to take into careful consideration before making any kind of decision when it comes to an online loan. A loan is a serious financial commitment and is not something which should be jumped into without weighing up other options and thinking about the specific needs of your financial situation.
Other more general things to think carefully about are the specifics of the type of loan you need. This will include for instance whether it is a short term payday loan or longer term instalment loan which will be best suited to your situation, as well as the exact amount of money you need to borrow to cover your financial needs.
A smart online alternative from SafetyNet Credit
While SafetyNet Credit is not a payday lender, we are a revolving credit facility whose services are suited to customers who have short term borrowing needs. If successful, you will be given a credit limit based on what you can afford of between £100 and £500 for new customers. You can then make transfers of whatever amount you need to cover your unexpected expenses direct to your account, or you can even turn on our auto-deposits feature, which helps ensures you don’t incur bank charges by topping up your balance whenever you stray close to an unauthorised overdraft.
As previously mentioned, SafetyNet Credit can be a viable option for those who are looking for the assurance of a ‘guaranteed’ loan. While we cannot guarantee an application will be approved, we do make our lending decisions based on more than just the usual credit check. This is because our service works using secure read-only access to your current account, meaning we are able to see more information than other lenders, and so can take into account things like your actual, real-time current account transactions. If you are worried about your credit score, and your ability to receive credit, SafetyNet Credit would be worth applying to as we look at your finances from a different and more accurate perspective.
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