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Bad Credit Payday Loans [Payday Loans]

When you need cash urgently and your next paycheck date is far, you can get financial relief by applying for bad credit payday loans. This type of financial product is the easiest to apply for and most people can qualify for it. With the loans, your credit history will not be looked into. This means that your application can be approved even if you have a bad credit history.

What Are The Qualifications For A Payday Loan If I Have Bad Credit?
If you are like me, who has bed credit, you may have applied for loans numerous times only for your applications to be rejected. Well, this is mainly because of your credit past. Most lenders will not approve you for a loan if you credit score is less than 600. Any score less than 600 means that you are a high-risk borrower and are likely not to be able to repay the loan. However, bad credit payday loans are different. In fact, they are the easiest loans to get approved for. There are only three requirements that you must meet to be approved for these loans. These are you must be in employment, must have an active checking account and must be a legal US citizen. If you meet these three requirements, there is no reason why your application will be rejected.

Some lenders may ask you to email some documents to prove your employment status. Usually, you will be required to send your last three months’ paycheck statements. Other lenders will contact your employer to ascertain your employment status and thus you will not have to email or fax anything.

How Big Of A Loan Can I Get?
Before you get excited with payday loans, you should know that it is only ideal for financial emergencies or short-term financial relief. Do not expect to be able to buy a car or home with a payday loan. In most states, lenders give between $100 to $1500. However, if you have a past credit relationship with a lender, you may be offered a higher amount. Another factor that determines how much you will be given is the amount of disposable reserves that the lender has. Since the amount of a payday loan given is usually smaller compared to traditional loans, the repayment period is also shorter. Most payday loans have to be paid within 7 to 30 days. The money will usually be automatically deducted from your account when your paycheck date reaches. Thus, you do not have to worry about meeting payments manually.
Take note that the interest rate charges for bad credit payday loans are usually higher than those charges on comparable traditional loans. However, you can get better rates if your credit score is not very bad, if you have had continuous flow of cash in your bank account and if you do not have any other debts that you are servicing at the time of application. Thus, it is important to start repairing your credit score before you apply for bad credit payday loans. With a good credit store, you will get better loan repayment rates.

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