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Do guaranteed payday loans really exist?

A legit lender won't guarantee, but can you apply for a payday loan where approval is almost guaranteed?

There are plenty of instances where people are caught short and need extra money, but finding a short-term loan when you have bad credit can be difficult. If you need money quickly, you could turn to a payday lender to get a loan.

Some lenders advertise guaranteed loans. Take caution. There is no such thing as a guaranteed payday loan. While some lenders don’t require great credit, they still have other eligibility criteria you need to meet in order to be considered.

How does a guaranteed payday loan work?

“Guaranteed” payday lenders offer more flexible lending criteria than a traditional bank or credit union. This doesn’t mean you’ll be approved. Instead, a “guaranteed” lender is more interested in your ability to repay than your credit history–a steady source of income is usually the most important factor.

To apply, submit your application online or in-store. The lender will review your credentials and inform you soon after submission if you’ve been approved.

If you are approved, there are different ways to pick up your loan. In-store applicants may receive funds within a few hours of approval in the form of cash, check or prepaid debit card. Online applicants can have their money transferred to their bank account as soon as the next business day or choose to have an in-store pickup.

These are short-term financial solutions, meaning you have to repay the loan on the scheduled due date, typically your next payday. If you decide to take out a payday loan, keep in mind the interest can be quite high. You’ll need to budget your repayments before you borrow, otherwise you may be stuck in a cycle of bad debt.

A selection of payday loans you can apply for

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.

Compare up to 4 providers

What features should you consider?

When comparing payday loans to find the best offer, keep in mind some of the following features:

  • Loan amount. State regulations govern the maximum amount you can borrow, but some lenders won’t approve you for the maximum. Instead, they require you to work up a tiered system. If you’d like to borrow the maximum, find a lender who doesn’t do this.
  • Loan term. State regulations also govern the loan term. This can range anywhere from a few days to months so check your state laws before applying.
  • Processing time. Not all payday loan providers are equally quick in processing applications and disbursing approved funds. Some can give you access to money on the day you apply, while you may have to wait for a few days with others.
  • Multiple options. No single lender can claim to provide guaranteed payday loans, but many provide loans to individuals with a history of bad credit. If you have a regular source of income and meet basic eligibility criteria, you increase your chances of approval.
  • Store network. Some payday lenders only have online applications. If you’d like to speak to a lender in person or pick up your loan the same day, a storefront may be the best option for you.

Consider the pros and cons before applying

  • Apply easily. The application process is usually simple, and since most loan providers verify your details online, you likely won’t have to fax any documents.
  • Use the funds for any purpose. There are no restrictions on how you use the proceeds from a payday loan, as long as you use the money for legitimate purposes. You can use the money to pay bills, buy groceries, repair your car, or even take a vacation.
  • Protection through state laws. State laws govern how much payday lenders can charge in interest and fees to safeguard borrowers.
  • Bad credit is OK. What’s more important when seeking approval is that you meet other eligibility criteria, especially having a steady source of income.
  • Not guaranteed. There is no such thing as a guaranteed payday loan. While bad credit is OK, you still need to meet other eligibility criteria to be considered.
  • High fees. Because people with bad credit are deemed to be higher risk, there are generally more fees and higher interest rates when compared to a conventional loan. Be sure to read the loan contract before signing to make sure you know all the costs involved.
  • Disreputable lenders. Make sure your lender is licensed in your state and that they follow all the rules and regulations that apply to payday loans. There are scams operating in the payday loan space so make sure you’re protecting yourself from disreputable lending practices.

Being offered an instant payday loan? Take caution

Is there anything to consider before I apply?

A payday loan can help you get by in times of financial need, but if you’re not able to repay on time, there could be consequences. Late or missed payments generally mean more fees, higher interest and a possible mark on your credit rating.

Go through the loan contract carefully before accepting to learn your due date and how much the loan will end up costing you. Sometimes a loan may seem like a good offer, but the extra fees and short turnaround mean you won’t be able to pay on time.

If you don’t like the terms of your loan, you aren’t obligated to sign. It’s better to walk away from money and work out other ways to finance emergency costs than adding on more debt.

How to apply

Most lenders will want you to meet some basic eligibility criteria:

  • Be a US citizen or permanent resident
  • Be at least 18 years old (varies by state)
  • Have steady source of income

Your application will also require some information to verify your qualifications.

  • Your name, date of birth, address and email
  • A form of ID (driver’s license, passport, etc.)
  • Details about your employment status and income

Are payday loans available in my state?

Frequently asked questions about guaranteed payday loans

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2 Responses

    Default Gravatar
    WendellSeptember 20, 2017

    I have bad credit but i have s great job now making $300 to $500 a week depending how much i work im behind due to how long it took me to land this job i got to move out of my apt and i got bills to catch up and pay off i need $4000 who can i turn to

      Avatarfinder Customer Care
      ArnoldSeptember 21, 2017Staff

      Hi Wendell,

      Thanks for your inquiry.

      You can get a cash loan no matter what your credit history is. We have a list of bad credit payday loans. Read through that list and check which of them would best fit your needs.

      You may apply online or visit a storefront lender. When you apply online, you can go through a direct lender or a loan-matching service.

      Hope this information helps


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