Fewer lenders are willing to offer loans with bad credit
Fewer and fewer lenders are willing to offer bad credit loans. In fact, in today’s market a bank will not even consider you for a cash loan without a minimum credit score of 700. The reason for this is because people who have borrowed money who were below that credit score have a history of defaulting on those loans.
As time goes on, there is an increase in the number of individuals who possess bad credit. Traditional lending institutions have missed out on a large audience for their loans, but the slack has been picked up by short-term lending establishments making payday loans are more popular than ever.
So how does one explain the bad credit loans which have inundated the consumer market over the past several years?
Enter lending companies like SameDayPayday. We can help you get a cash quickly and confidentially. After all, just because you have some blemishes on your credit report or an uneven income stream that shouldn’t automatically disqualify you, especially in today's economic climate. We understand that sometimes life dishes out some unpleasant financial surprises and that you might just need a helping hand to get you to your next paycheck.
How payday loans work for people with credit problems
You must be 18 years old and gainfully employed earning a minimum income of $750 per month. The lender needs an active checking account where you would like the funds transferred. Once approved, you receive your funds the same or within one business day. The loan needs to be repaid either by the applicant's next payday or within the next thirty days, as determined by lender or the rules and regulations of the state you reside. Most approvals come within minutes of receiving the completed application. Faxing is not required and you should never have to go to the bank.
Never Accept a Loan You Cannot Repay!
There are many people who regularly live beyond their means and turn to cash loans for a quick fix. Individuals who default on their loans are liable to suffer when it comes to their credit score. Spending more than you can afford, accumulating debt, and the failure to pay back loans in a timely manner are all situations that will lead to bad credit. Even though some companies will not run a traditional credit check, delinquencies and defaults may be reported to credit bureaus. Borrowing money is a serious responsibility.