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What are guaranteed payday loans? Are they the same as payday loans? Yes and no. They are payday loans with the same set up but they give a guaranteed approval. What exactly does this mean?

The Guarantee

Most people can get a guaranteed payday loan as long as they meet the age requirement, have a job, and have a checking account. With guaranteed payday loans, they promise that you will not be turned away.

What you need to be aware of is that they don't guarantee the amount you will receive. You might need $800 but only be approved for $400. Know this going in so that you aren't surprised. They can still help you out when the times are tough.

This can be a good thing as you don't always know what you really can't afford. They are not giving you tons of money so that you can get more financially strapped. They are giving you just enough that you can afford and get you through these times. You will see a number of offers, but don't take more money than you need for this situation. That only ends up taking longer to repay and you really didn't need that much money.

The Approval

The process is very similar to the payday loans. They require you to fill out an application, meet their own criteria, and have a bank account to acquire the money. The speed that you get them is pretty much the same.

The approval process for these loans is nothing compared to traditional loans that could take days or weeks to get done. You don't have to submit any kind of documents to the lender as you would when applying for a bank loan. In fact, a credit check often isn't required. The main proof is that you have a regular job, consistent payroll deposit and a current checking account. The approval occurs within 24 hours and this means that you don't have to wait for things to get worse before you get your hands on the cash. You can get them in the same day and get on your way in life.