Bad credit isn’t something that one should be ashamed of. Many people suffer from bad credit and many people try to repair their bad credit too. It’s very important that one takes care of his/her poor credit score as soon as it is only possible. It’s always a good idea to ask a financial counselor for a piece of advice regarding getting out of financial troubles. With poor credit score, there’s no time to waste. One must do all he/she can to repair one’s credit score and make it better. People with bad credit score have very serious difficulties with obtaining a loan. There’s no regular lending institution, such as a bank or a credit union that would be willing to risk lending money to people with poor credit score.
Bad credit score is a numerical representation of how big risk one is to a lending institution. The lower the number is, the worse one’s credit score. In practice, a credit score that is 500 and less is considered a bad credit score. When one has a bad credit score, it will be extremely difficult to get a regular loan in a regular lending institution. There are, however, payday lenders who render financial services to people with poor credit score, offering different loan plans, for instance bad credit score pay loans. Payday lenders use a different type of criteria in loan approval process. Instead of taking into account the applicant’s credit score, they base their loan approval decision on the applicant’s income amount.
Pay loans with bad credit score can be obtained online or personally with a payday lender. When one chooses to apply for a bad credit pay loan personally, he/she will have to visit a payday lender’s office and file a bad credit pay loan application there. When one chooses to apply for a bad credit pay loan online, he will be required to complete an online bad credit pay loan application form and submit it for approval. Pay loans for poor credit online take less effort and time. They take as little as few mouse-clicks to find a lender and apply for a loan with him.
First, the applicant is asked to complete an online application form. The pay loan application form requires that the applicant provides his/her personal information details, such as bank account, employment details, mailing address, ssi number, etc. It takes less than five minutes and it’s very easy and secure. Then, the applicant submits his/her poor credit check pay loan online application form to the lender and awaits his decision. Once the lender receives the applicant’s pay loan online application form, he verifies it. The verification process is short and undemanding. It’s void of a credit check, thus people with bad credit score stand a very good chance of getting an online pay loan for bad credit. As it has already been stated, payday lenders base their pay loan approval decision on the basis of the applicant’s income amount rather than on his/her credit score. When the lender sees that one has a fixed and steady source of income and will be capable of repaying the loan on time, he is very likely to approve the loan regardless of the applicant’s bad credit score.
After one’s pay loan application has been approved, the lender contacts the applicant and terms and conditions of the loan are discussed. When the applicant accepts the terms and conditions, loan agreement is signed electronically. Later, the lender directly transfers the money onto the applicant’s bank account, which has been specified earlier in the process. Great majority of lenders offers money same day. Some lenders guarantee money in one hour. However, it sometimes happens that the borrower receives the money on the following business day, especially when the loan application is submitted late into the day.
What requirements must be met to obtain pay loans for bad credit?
Prior to applying for pay loans for bad credit, one must make sure that he/she is of legal age (eighteen and more), that he/she has a bank account (it can be checking or savings), and that he/she has a fixed source of income. The income can come from a variety of sources, for example benefits, wages, pension, etc. Also, When one applies for a loan in the USA, he/she must be the citizen of the USA. When one applies in the UK, he/she must be the citizen of the UK. When one applies in Canada, he/she must be the citizen of Canada.
Disclosure: Our lenders may offer you a loan with an APR ranging from 390% to 780% based on a two-week loan.
The APR on a short term loan represents the amount of your loan, cost of the loan and term of the loan. Example: You borrow $100 for two weeks. A lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs, and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.
NOTICE: THIS IS AN EXPENSIVE FORM OF CREDIT. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.
If you do not pay your loan according to its terms, your lender may: • Charge you late fees • Send your account to a collection agency • Report your information to a consumer reporting agency, which may negatively affect your credit score • Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. Ask your lender for their current rates and charges and their policies for non-payment.