Do You Know That Payday Loan Guaranteed Acceptance is Expensive?
Posted by Clinton Blackburn on Friday, July 13, 2012
A lot of people don't believe that no a credit check payday loan either doesn't exist or that it's a scam, but they are real and they aren't just a publicity stunt. Even if you have a bad credit rating you can apply for one and stand a good chance of getting acceptance.
Your credit score is related to your borrowing history. If you have a credit card and are good about paying on time, or if you have repaid a loan without missing a payment, you will have a good credit rating and getting a payday loan should be no problem. If you have missed a lot of payment on your credit card or a loan, or if you have filed for bankruptcy in the last five years, your credit rating will be bad and getting a loan is usually very difficult. Credit card companies and loan lenders will inform the credit bureaus which rate your credit score if you default on payments, pay late too many times or are unable to repay the loan at all.
A payday loan is a short term loan that anyone who meets a certain criteria can apply for. To qualify for approval on such a loan you must be over 18 with a full or part time job. Some lenders will consider the applications of the unemployed or the self employed if they can prove they have a regular source of income. Another factor that you must meet to get a payday loan is a current bank account, either a checking or savings account that accepts direct transfers and direct debit. Once you submit your application form online the lender verifies your employment and bank details and you usually get approval within an hour or so. The loan is then wired directly into your account the next banking day. For a small additional fee, you can receive the money the same day as your approval.
If you have a bad credit score, but otherwise meet the other requirements for loan approval, the best thing to do is to log onto a loan comparison website, where you will find the basic details of multiple loan companies and direct lenders. You will also see which ones promise that they don't do a credit check before giving you a loan.
The interest rates on a no credit check payday loan are often higher than other loans as the lender is taking some risk in lending you money if you have a bad credit rating, and the loan amount might be smaller. The best way of rebuilding your credit score is to make sure that you repay the loan on time.
www.directpaydaylenders.biz
Your credit score is related to your borrowing history. If you have a credit card and are good about paying on time, or if you have repaid a loan without missing a payment, you will have a good credit rating and getting a payday loan should be no problem. If you have missed a lot of payment on your credit card or a loan, or if you have filed for bankruptcy in the last five years, your credit rating will be bad and getting a loan is usually very difficult. Credit card companies and loan lenders will inform the credit bureaus which rate your credit score if you default on payments, pay late too many times or are unable to repay the loan at all.
A payday loan is a short term loan that anyone who meets a certain criteria can apply for. To qualify for approval on such a loan you must be over 18 with a full or part time job. Some lenders will consider the applications of the unemployed or the self employed if they can prove they have a regular source of income. Another factor that you must meet to get a payday loan is a current bank account, either a checking or savings account that accepts direct transfers and direct debit. Once you submit your application form online the lender verifies your employment and bank details and you usually get approval within an hour or so. The loan is then wired directly into your account the next banking day. For a small additional fee, you can receive the money the same day as your approval.
If you have a bad credit score, but otherwise meet the other requirements for loan approval, the best thing to do is to log onto a loan comparison website, where you will find the basic details of multiple loan companies and direct lenders. You will also see which ones promise that they don't do a credit check before giving you a loan.
The interest rates on a no credit check payday loan are often higher than other loans as the lender is taking some risk in lending you money if you have a bad credit rating, and the loan amount might be smaller. The best way of rebuilding your credit score is to make sure that you repay the loan on time.
www.directpaydaylenders.biz