When it comes to getting a loan, a guarantee is one of the biggest factors borrowers look for. However, many lenders are hesitant to offer guaranteed loans for bad credit borrowers. Besides being prohibitively expensive, these loans also don’t improve your credit score. Your credit score is a three-digit number computed by two credit bureaus in Canada. It ranges from 300 to 900. The lower your score, the more likely you’ll have a difficult time paying it back.
Easy To Apply For And Easy To Pay Back
There are many reasons why people apply for Guaranteed Payday Loans Canada. The cost of living is rising and wages are stagnant. Many Canadians have little or no savings. This means they are often in need of quick cash. In such a situation, guaranteed loans can offer an easy way to get money fast. They are typically approved within one business day, and funds can be available on the same day. If you are able to show a positive credit score, you’ll have a higher chance of approval and loan funds the same day.
In an emergency situation, a guaranteed payday loan can help people tide over until their next paycheck. The high interest rate and penalties for late payment mean they aren’t ideal for everyone, but the convenience of having money at your fingertips can make them worth it. They’re a great way to make ends meet in an emergency. They’re easy to apply for and easy to pay back. But don’t let their ease of use fool you – guaranteed payday loans come with high interest rates and heavy penalties.