A lot of people these days have been looking for a guaranteed 24 hour payday loan but I don’t have a checking account and only a savings account. The odds of finding this kind loan get slimmed down a great deal especially if you have a bad credit rating. The truth is that even if you didn’t have a bad credit rating there is almost no such thing as a guaranteed 24 hour payday loan.

It doesn’t matter if you are using a savings account or you don’t have a checking account, or you do have a checking account, and you don’t use a savings account. It just comes down to the fact that most payday lenders will have trouble approving your application for a cash advance if you don’t have good credit, a few days to wait, and a valid checking account.

On top of all of this most of these high-risk borrower’s who have extremely poor credit ratings want to get a payday loan from the company that does not require a fax in of personal financial information, employment information, a checking account number, street address of residence, and some employment history data.

Usually when a borrower is looking for this kind of financing they are in dire straits and cannot qualify for a loan anywhere else (online or off-line) and they usually have tried to get approval on various websites and with various companies including their local bricks and mortar lenders.

The trouble with all this is that when the borrower is eventually approved (and we will be providing links to some websites are prove guaranteed faxless no checking account 24 hour payday loans) the interest rates can be astronomical in size. The APR on this kind of lending product can reach as high as 600% which is really hard to believe, and if you were doing your banking back in the 1960s or 70s you would be shocked that in 2010 such a lending product even exists. Only loan sharks (which are supposed to be illegal) would lend money out at these kind of rates.

 There is not much consumer protectionism going on because of the regulations in United States and in Canada. All the way from Ontario, New Brunswick, Québec, Manitoba, Alberta, Saskatchewan, and British Columbia to New Jersey, Delaware, Ohio, Virginia, California, Texas, Alabama, (you get the picture) high-risk borrower’s who get approved for these guaranteed 24 hour payday loans are paying massive interest rates on this money and they’re paying a price for it beyond just what’s in their wallet.

For those of you who are not quite familiar the kind of loan we are talking about let’s just break it down a little bit;

• Faxless – a payday loan but does not require the borrower faxing in their information to the lender for approval.
• Bad Credit – a borrower who has a low FICO score with the major credit reporting agencies (TransUnion, Equifax, and Experian).
• Guaranteed – pretty obvious, it is a guarantee that the lender will approve the payday loan.
• No Checking – this can mean two different things, one that the payday loan provider doesn’t check the borrower out using Teletrack, or to the borrower doesn’t have a checking account.
• 24 Hour – self-explanatory – money using your account within a 24-hour period.
• Payday Loan – fast and high interest loan.
• With Savings Account – usually means that the borrower doesn’t have a checking account and they only have a savings account.

If you are smart you will try not to get yourself in a position where you need to like this. You want your lender to require a fax with all of your personal information on it, and you should want to have a valid checking account and not just a savings account. You should not be so desperate for a loan they just have to have it approved and electronically transferred into your bank account within 24 hours. When it comes to a guarantee – there is no such thing as a guarantee when it comes to personal loan products. Never has been.

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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

Loan Amount:

Interest:

Years:

Days between payments:
30 for a Month, 7 for Week
and 14 for Bi-Weekly. Easy!