Bad Credit and No Credit Payday Loans - Any NAS Finance Blog

Posted February 5th, 2012.

The last couple of years have been very difficult for consumers looking to borrow money from a bank. It doesn?t matter if it is for a credit card, personal loan, or mortgage. Lending standards have gotten a lot tighter over the past several years since the financial crisis began in the United States. Even those with a mediocre or average credit history are finding that they are getting a lot of rejections for credit. That means when a short term cash flow crisis occurs, consumers feel there is no place to turn. However, it is possible to borrow even with bad credit via payday loans. The reason why is simple. Credit history does not matter at all. Even those with a bankruptcy can qualify easily for approval.

Of course, all lenders including those of payday loans want funds to be repaid in full with interest. They have to make sure all borrowers are capable of repaying the money. In order to get approval, consumers must have a form of regular income. Most lenders would prefer that the income come from employment with a regular amount of wages that is sufficient to repay the loan. Keep in mind that having assets or home equity is not an acceptable way to meet this requirement, especially since payday loans are to be paid on the date of the next paycheck which could be only a few days away.

A lot of payday lenders also want applicants to have a bank account in good standing. First of all, having a bank account makes it possible for the payday lender to transmit the funds electronically on the same day into the account. Secondly, it makes repayment easy since the full cost of the loan plus the finance charge will be deducted on the next payday. Finally, having a bank account is a sign that the applicant knows how to manage money properly.

Plenty of people with bad credit have had no problems borrowing money from payday loans. That is why this is an easy way for consumers to get money no matter what credit history they have. Even those with no credit history in the country can get approval pretty easily.

Source: http://www.nasany.com/finance/bad-credit-and-no-credit-payday-loans/

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