Does Bad Credit Prevent You From Getting a Payday Loans?

We have all seen the advertisements on the internet, Bad Credit, No Worries, Loans for Everyone. If you have bad credit, you should still apply for a payday loan. These loans are not like typical bank loans. These are very short term loans, usually a matter of days to a few weeks and for emergencies. Amounts available are from $300 – 1,500.

The credit approval decision is not based on a credit report, but relies on your current income stream, hence the name payday. The lender expects you to repay the loan with your next paycheck or two.

Most lenders require similar type information for those with bad credit. As long as you can meet the basic minimum requirements and provide the information along with the documentation in a timely manner, even people with bad credit will be approved for a payday loan. The lender will validate the important information you supply. GUARANTEED $500 PAYDAY LOAN NOW.

To be approved for a Payday loan even if you have a bad credit history, you just need to meet these requirements:

-Monthly income of at least from $1,000 - $1,200.

-Employed with same company from 2 – 3 months

-Residing at current address for a minimum of 3 months

-Checking account open at least 3 months with current address printed on checks

-Direct Deposit of salary into same checking account

-Be at least 18 years old

-No reported delinquencies of prior payday loans

Bad credit will not impact your ability to obtain a payday loan. However, payday loan providers have their own reporting network, so delinquent payday loans would cause your application to be denied. Too many bounced checks could also cause your payday loan to be denied. GUARANTEED $500 PAYDAY LOAN NOW.

If you have bad credit, a payday loan could help you. Look for a lender which does provide report to the credit bureaus. Paying back this loan on time will improve your credit score.

Because of the additional risk with bad credit payday lines, most lenders require a certain amount of basic documentation either faxed to them or brought to a regional office. Information requested are usually a bank statement, current pay statement, state issued id and a voided check. They also want either a postdated check or written permission to withdraw the funds form your checking account.

Interest rates for bad credit guaranteed payday loans are very high. Payday loans are usually for two week periods with interest rates at 25% - 30%. For each $100 you borrow, you would owe $25 - $30. If you pay the interest portion of the loan, most lenders will give you an additional two weeks to pay the principal back. But of course, with interest rates this high, you will be paying a tremendous amount of interest making it even more difficult to get back into a good financial situation.

GUARANTEED $500 PAYDAY LOAN NOW.