In the past, if you had a decent credit history and a solid job, you would have no problem getting approved for a personal loan from a variety of different lenders. Today is a different story, and it is getting increasingly difficult to obtain personal loans. The requirements are extremely strict, and unless you have a score of over 700, you aren’t guaranteed a thing. There are still lenders available for guaranteed personal loans, but they may not be the traditional lender you are familiar with.

Finding The Lender

The only real lender who will approve you for a personal loan guaranteed, is a cash advance lender, or as they are more commonly known as payday loans. This form of lending is based entirely on your income level, so if you have a steady job, you will have no problem getting approved. Depending on the lender you choose, you will have anywhere from a week, to a couple months to pay the loan back. An important thing to keep in mind, is the longer you stretch the loan terms out for, the more money you are going to pay in interest and fees.

As you can probably imagine, the interest rates and fees associated with a payday loan are rather high. This is true with any short term loan, but even more so with cash advance loans. Often you will see these lenders charge a fee for every $100 borrowed, on top of the high interest rates you are already paying. This is why these types of loans are often times referred to as Emergency Personal Loans. The reason they are referred to as such is because you really should only use this form of lending if you have no other choice. They are great for those unexpected expenses, but make sure you pay the loan back as quick as possible, and never miss or make a late payment.

Where To Find Them

There are many of these cash advance lenders all over the country. You can find them in your neighborhood, or even look for a lender online. If you do decide to go with this form of loan, it is important to understand completely the different fees and interest charges associated with the loan. Before you sign any contract, be sure to read over the fine print, and even ask the clerk what fees you can expect to see. Just like with any loan, it may also be a good idea to shop around to different lenders so you can find the absolute best rate and fee structure available. Remember, these loans are very high risk for the lender, which means it will be very expensive for the borrower. Only use this type of loan if you have exhausted every other option available to you.