Payday Loans Guaranteed: MyLender
A guaranteed payday loan is common now. Sure, you have heard about it. But let’s look at: what type of loan product is this? Where can we get it?
You should know that in Australia, any product that you advertised as one guaranteed approval is illegal. This fact is a good reason for you to stop doing business with lenders that promise guaranteed approval of your loan.
MyLender does not do the business of providing payday loans that have guaranteed approval. Your loan application must be subject to the lender’s assessment process once you apply for a loan through MyLender. The approval of such a loan is dependent on the lender’s assessment of your financial suitability for the given loan you applied for.
Guaranteed Payday Loans
A payday loan is not a secured loan product. It is usually approved up to $2,000 by the payday lenders. A payday loan normally comes with a very short repayment period. You must repay a Payday loan offered by most lenders within a short period of four weeks.
Avoid being scammed, do not partake in any business where a lender is offering a loan product with guaranteed approval no matter what.
Guaranteed Loans: Beware!
In Australia, loan products are never guaranteed for approval. By Australian law, all lenders are subject to responsible lending regulations. This means that they cannot approve loan applications without proper assessment.
This law aims to protect borrowers from entering into a loan contract that is unsuitable for their financial situations.
A loan is said to be unsuitable for the borrower if:
- The borrower’s financial requirements and purposes are not met.
- The borrower is financially unable to fulfill the contractual repayments.
Also, under the same responsible lending regulations, the lenders are under obligation to ensure that they have conducted a proper assessment of the borrower’s personal and financial circumstances.
Hence, it is considered irresponsible if lenders offer loan products with guaranteed approval.
What is Responsible Lending?
Based on the National Consumer Credit Protection Act of 2009, all licensed lenders are required to undertake certain steps to ensure that they comply with responsible lending regulations, like:
- Making reasonable inquiries into the borrower’s financial requirements, purposes, and circumstances.
- Make further inquiries to verify and validate the financial situation of the borrower.
- Perform a preliminary and final assessment to determine the suitability of the loan contract for the borrower.
You can read more information about responsible lending by visiting the website of the Australian Securities and Investments Commission (ASIC).
Guaranteed Payday Loans: Scam or Not?
As explained, there are no guaranteed approval loans. Lenders in Australia that offer payday loans with guaranteed approval are violating the responsible lending regulations.
If approached by payday lenders, check the following warning signs and decline their offer:
- The lenders will offer loans with guaranteed approval
- The lenders are not licensed by the ASIC.
- The lenders will ask you to make upfront payments
- The lenders will ask you to deposit the upfront payment into a bank account
- The lenders will communicate with you using email from a generic address
- The lenders will offer an unreasonably low-interest rate
Guaranteed vs Instant Approval Payday Loans
What about instant approval payday loans? You might have been offered this type of loan by some lenders. Does this violate Australia’s responsible lending regulations, too?
You might get confused as to what instant approval payday loans truly mean. The lenders that offer instant approval payday loans will not approve the loan without going through the assessment process. They will not cut short the process to give you approval. The lenders that offer this type of loan can assess the loan application in the shortest possible time.
Take note, however, that instant approval does not mean guaranteed approval. The outcome of your loan application is determined by the lender’s assessment of your financial situation.
MyLenders and Guaranteed Payday Loans
If you are looking for guaranteed payday loans, MyLenders will help you by finding a responsible lender that offers a personal loan instead.
Guaranteed payday loans are usually offered by lenders that do not respect Australia’s responsible lending regulations. And MyLenders only work with responsible lenders.
What we will help you find is a responsible lender that can help you with a loan product that is suitable for your situation, like a personal loan that ranges from $300 to $10,000.
Personal Loan vs Guaranteed Payday Loans
Below comparison shows the difference between a personal loan and a guaranteed payday loan.
Loan amount: from $300 to $10,000
Repayment terms: Depending on the amount borrowed, loan to be repaid from 12 up to 24 months
Asset required as security for loans ranging from $2,100 to $10,000
Guaranteed Payday Loan
Loan amount: $2,000 and below; Some lenders may offer up to $5,000
Repayment terms: Loan to be repaid in as short as 4 weeks
No asset is required. Payday loans are usually unsecured loans.
What Loan Can You Get with Bad Credit?
Borrowers with a less than outstanding credit record are always worried if any lender will even look at their loan application, given their financial situation. While it’s true that lenders check your credit records, they don’t stop at that. Some lenders will assess your loan application by considering other factors, like:
- Your employment situation
- Your bank statements showing your banking history
- Your regular income
- Your spending habits (expenses)
The lenders in our network assess the borrower’s suitability for the loan product based on the credit record and the other factors mentioned above.
Guaranteed Payday Loans for Centrelink Recipients
MyLenders do not work with lenders offering payday loans with guaranteed approval, even for borrowers receiving benefits from Centrelink.
MyLenders, however, can help you find a lender offering personal loans to borrowers on Centrelink benefits. The lender cannot guarantee loan approval just because you are receiving Centrelink payments. However, the lender will assess your suitability for a personal loan based on the following:
- The type of benefits you are receiving from Centrelink
- If part of your Centrelink benefits can form as a source of income
- If loan repayments can fit within your future Centrelink benefits
Payday Loans with No Credit Check?
At MyLenders, we cannot guarantee to find you a lender that offers a loan with no credit check.
What we have in our network are lenders that assess your loan application by checking your credit record as well as your current financial circumstances. The lenders will look at your income, expenses, and repayment history.
Payday Loans with No Bank Statements
Part of the application process at MyLenders is providing your online banking details. This will allow our automated system to obtain read-only copies of your digital bank statements which will be used by the lender in our network in their assessment process. Hence, we will not require hard copies of your bank statements.
Our system will obtain your bank statements in digital and read-only copies for the last three months. The lender you are pair up with will look at your bank statements to determine your suitability for the loan you applied for.
In particular, the lender will review your bank statements to confirm your:
- Regular income
- Spending habits
- History of loan repayments
- Status of employment
To apply for a loan using MyLenders’ lender-finder service, you must be able to show a minimum of 3 months’ banking history.
Guaranteed Payday Loans for an Emergency?
If you find yourself in an emergency and you need easy access loans, you will most likely look for a lender that offers loans with guaranteed approval. And it’s perfectly normal to look for options that will give you the cash you need as quickly as possible.
Unfortunately, some lenders are out there to take advantage of your situation, knowing that you can make decisions in haste.
While some lenders will try and convince you that they can offer you a guaranteed payday loan, you must remember that it is illegal for lenders in Australia to offer guaranteed approval for any loan product. So, walk away and find other lenders that offer legitimate loan products that will help your financial requirements.
You can check our page on emergency loans for more information.
What’s Next after Loan Approval?
Once our automated system successfully matches you with a suitable lender, they will contact you directly either via email or phone. The lender will proceed to assess your loan application and notify you if approved. By this time, you will receive a digital copy of the loan contract so you can review the terms and conditions.
You must review the loan contract specifically on the following:
- Interest rate
- Loan amount
- Repayment terms
You must know that the final loan amount or repayment terms may not be exactly what you applied for. They are based on the lender’s assessment of your suitability for the loan you applied for.
If you are satisfied with the terms, you can go ahead and sign the loan contract and return to the lender. As soon as the lender receives your approved loan contract, they will process the transfer of funds to your bank account.
On the other hand, if you are not happy with the terms in the loan contract, you are not obliged to sign the contract right away. You may contact the lender for clarification of the terms you have questions about. The lender will then walk you through the loan assessment process and explain as best they could what they are offering to you.
What are Loan Repayments?
When applying for a loan, you are expected to return the money you borrowed from the lender, if they approve your loan application. The lender will give you a specific time frame when you will repay the loan.
The amount you borrowed plus the interest and other fees will be broken down into repayments spread over several weeks or months. These are your repayments.
The lender will determine the repayment period, which usually ranges from 4 weeks to 24 months, depending on the loan amount approved and your financial circumstances.
The lender will also give you options on how frequently you can make the repayment. It may be weekly, bi-monthly, or monthly.
The usual repayment set up is through a direct debit arrangement from your account. This means that on certain due dates, the repayment amount will be automatically deducted from your account. Hence, you need to make sure that you have enough funds in your account before the due date to cover the repayment amount.
As soon as the loan is paid in full, the direct debit arrangement is terminated.
Be reminded though that in case you miss your repayment, the lender may charge you with additional late payment fees. This should be indicated in your loan contract.
Can You Report a Lender Offering Guaranteed Payday Loans?
What can you do if the lender you are working with does not treat you fairly? There are two options available for you. You can:
- Complain with the lender directly, or
- Complain with the (AFCA) or Australian Financial Complaints Authority
AFCA is a not-for-profit, independent organization handling complaints about:
- Finance and loans/credit
- Banking payments and deposits
- Insurance claims and disputes
- Financial advice and investments
If you want to file a complaint about a lender offering guaranteed payday loans, you can contact AFCA at 1800 931 678 or you can check their website.
Can You Apply for a $100 Loan?
Yes, you can find a lender that offers a $100 loan.
However, MyLenders only works with credit providers that offer a minimum amount of $300 and a maximum amount of $2,000 for small-amount personal loans.
Unemployed or not, you can apply with MyLenders. If you are unemployed, we may not be able to find you a lender that offers easy loans because such loans require proof of income and checking of your credit record.
But not to worry. MyLenders works with lenders that consider Centrelink benefits as a form of income. So even if you are currently jobless, but receiving benefits from Centrelink, the lender may consider your loan application.
Why Go with MyLenders?
MyLenders strives to offer help to as many Aussies with financial problems, as possible. With our straightforward and easy application process, Aussie consumers can avail of our lender-finder service conveniently.
Other reasons why you should go with MyLenders include:
Apply at No Cost
MyLenders will not charge any fee for applying. There is no application fee whether or not you are successfully paid with a lender.
No Time Wasted
As soon as you click Submit, MyLenders will get to work and may give you a result within minutes of your application.
However, keep in mind that you must submit your application within regular business hours to make sure that our team gets to process immediately.
MyLenders also work with reliable and trustworthy credit providers. These lenders have a loan application assessment process in place that helps speed up the processing of your application.
Once the lenders approve your loan application, you will receive a digital copy of the loan contract. And if you sign the contract and return it to the lender within the regular working hours, there is a chance the lender can process the transfer of funds to your account before the end of a business day. But of course, this will depend on the lender and the inter-bank transfer times.
You must also remember that nothing happens on weekends. So make sure that you apply at the beginning of the workweek. If you cannot access the loan within the same day, it will be accessible the next day.
Intelligent and Efficient System
MyLenders’ automated system is efficient and intelligent enough to scan through hundreds of loan products and find you a suitable lender in just a matter of minutes.
Also, it can access relevant information digitally. We will not require hard copies of documents like bank statements. Our system can digitally access read-only copies of your bank statements. No paperwork is required.
MyLenders has a great customer support team. We have our FAQs page if you have questions about our service.
You can talk to our support team at email@example.com if you have questions about your application or our service.
The only time we cannot provide customer support is after we have paired you up with a lender. By this time, all transactions will be between you and the lender. We have no control whatsoever with the lender’s assessment process or anything for that matter. You can contact the lender directly, instead.
Easy Repayment Options
MyLenders works with lenders that understand the borrower’s difficult financial situation. Hence, we have lenders that offer easy repayment options. You can discuss with the lender a repayment schedule that works or fits your financial situation – weekly, bi-monthly, or monthly.
Moreover, our lenders offer loan products with repayments spread over several months, to help the borrower work around their budget.
You can repay your loan via direct debit arrangement from your account. The repayment amount is automatically deducted from your account on the due date. Once the loan is paid in full, the direct debit stops.
No Spending Restrictions
Once a personal loan is approved, you can spend the money on anything. There is no restriction on where you can use the money you borrowed. You can use it to cover your expenses such as bills, car repairs, lease bond, travel expenses, school fees, etc.
Accessible Anywhere in Australia
MyLenders operates 24/7 online. Regardless of where you are in Australia, as long as there is an internet connection, you can access and avail of our service.
You can be in Brisbane, Perth, Cape York, or Kangaroo Island and still apply with MyLenders.
Tech Security Partners
MyLenders has partnered with two tech security giants McAfee and Comodo. They will make sure that the information you provided in your application is secured, safe, and will remain confidential.
MyLenders operates on a code of transparency and trustworthiness. We will be honest and transparent with all aspects of our service.
The same applies to the lenders in our network. They abide by the responsible lending regulations of Australia and are, therefore, obliged to protect the borrowers from unsuitable loan contracts. All terms and conditions relating to interest rate, fees, and other charges are specified in the loan contract. No hidden fees.
Flexible and Understanding Lenders
While the borrower is obliged contractually by the loan contract, our lenders are willing to make adjustments for valid reasons. If your situation changes for the worse, making it impossible to make repayments on your loan, all you need to do is contact the lender directly to explain your circumstances.
You and the lender can work something out to reschedule a missed repayment, for a reasonable fee.
If, on the other hand, your situation has turned into the worst possible scenario, you can notify the lender that your situation will no longer afford loan repayments. The lender will divert you to their hardship department where you will be advised to apply for financial hardship.
You must provide proof of hardship like your employer’s termination letter, medical certificate if you sustained an injury that causes you to lose your job or bank statements to show that you are not receiving any income.
If your hardship application is approved, you will be offered a restructured payment plan or a break from repayments for a specified timeframe. The adjustments will depend on the lender’s assessment of your hardship claim.
Can You Apply with Bad Credit?
A bad credit record or history will haunt you forever. But it will not restrict you from applying for a loan. Not all lenders look only at your credit record. Some lenders consider other factors as well when they evaluate your application.
MyLenders will help you find that lender that assesses your application with your credit record as well as your current financial situation.
Check All Available Options Before Borrowing
You may not know it but there are several options you can look at before deciding to apply for a loan. If you are having financial problems, borrowing does not solve them. They are temporary and expensive solutions to your financial difficulties.
Before applying for a loan, you might want to check the other available options which may work for your current situation.
- Financial Advice. You can call 1800 007 007 to get independent free financial advice.
- Utility Bills. If you find it difficult to pay your bills, you may contact your utility provider to check if they can offer you a payment plan. You can get more details here.
- Advance Payment from Centrelink. If you are receiving benefits from Centrelink, you may qualify for Advance Payment. If approved, your interest-free repayments will be deducted from your future Centrelink benefits.
- MoneySmart. You can check their website to find out more about small loans, how they work, and what other options are available. MoneySmart recommends alternatives to taking out a loan.
Avoid Guaranteed Payday Loans
Not only will you be dealing with unlicensed credit providers, but you will also most likely end up with more debt if you apply for this type of loan.
Get on with MyLenders, instead. We will help find you a lender that offers loan products from $300 up to $10,000. If you use our lender-finder service, you will only deal with trustworthy lenders – that’s guaranteed!
So waste no more time. Start your application now!
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