Making Sense Of Money

Bad Credit Payday Loans

bad credit payday loansCash flow problems can strike at any time … usually when we least want or expect them to. There’s so many unforeseen reasons that can cause this – the car breaks down and needs repairing, the central heating packs up, a huge mobile phone bill lands through the letter box, unexpected travel cost, a new killer suit for that interview for the job you really want, deposit on that bargain holiday … so many reasons but the end result is the same and you’re left short of money until your next payday and applying for fast cash loans seems like your only option.

And that’s where a payday loan can help by bridging the gap between your cash flow problem now and the next time you’re paid. It could be a few days, weeks or up to a month away but a payday loan allows you to borrow today and select the repayment date to coincide with payday.

They offer a fast cash loans solution which means that usually the loan can be transferred into your account the same day that you apply and many lenders provide a seven days a week service. Use the money for anything you need it for – you will not be asked to provide a reason for wanting the loan and have the complete freedom to utilise it as you wish.

No Credit Checks – Right??

No matter what companies may claim the fact is that virtually all lenders will perform at least some form of credit check before agreeing to lend. Those advertising as “payday loans no credit checks” are more likely to be referring to the fact that they will consider those with a less than perfect credit rating and trying not to deter application from the “sub-prime” market. If this describes you (and let’s face it, it’s pretty tough to keep a perfect credit rating these days) then make sure you read all the small print first as the application may result in some form of footprint in your credit file. Those lenders who may not require a credit check will usually need to replace it with security to guarantee the loan, either in the form of actual property or possession, or in the form of a guarantor.

Credit History

Let’s face it, these days it’s harder and harder to maintain a perfect credit history – and it’s not just the major issues that can affect your credit rating like the obvious County Court Judgements (CCJs), debt management programmes, home repossession, bankruptcy and such like but are you aware that each late payment or missed payment on any credit agreement is also registered as a black mark against you … and there’s more … by “credit agreement” we don’t just mean a loan or mortgage but it will include direct debits on council tax, insurance policies, the mobile phone contract and much more than you’d imagine as these are all forms of credit agreement.

A Payday Loan is a relatively small loan and a short term loan which is repaid in a single payment that is set up when the loan is taken out – because of this, and the fact that you’ll need to “pre qualify” first, the risk to the lender is minimised meaning they can often by far more flexible in who they lend to.

To pre-qualify you’ll normally need to be over 18, in permanent employment, earning over a certain amount which is often set at £750 and paid monthly and you will also be required to have a bank account and debit card. That’s why many lenders are able to say yes to applications from those will a poor or bad credit history although, as responsible lenders, they should not target those with debt problems or lend to anyone who, they believe, can’t afford to repay.

Payday loans with no credit checks may not actually exist as most lenders will do some form of credit check but they may not be looking for a perfect score and are still prepared to lend to those with a bad credit history.

Apply online, satisfy the lenders criteria and a fast cash loan could be on its way in a flash. Application is normally both quick and simple, approval is often instant and cash transferred today.

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