Do Payday Loan Lenders Check Your Credit Score Upon An Application?
0The fact that you have the best job does not mean you are better than others. You just happen to have had the best education, smart when writing your Curriculum Vitae and there convinced your employers you are the best. However, this does not mean you do not encounter hardship moments.
Maybe you forgot about the internet registration you did and now you have just found the bill under the door. You went partying with friends and hit your car in the entire process. Such emergencies can be really frustrating especially when you do not have the cash. When you think about going to the bank you remember you have not been depositing any cash. Banks and lending institutions will not risk processing a loan for you. The possibilities of getting a loan are slim due to bad credit history.
Loans For Bad Credit
Currently technology is not the only thing changing- there are alternatives to getting a loan with bad credit history. Payday loans (such as the bad credit payday loans from Relax Cash and Cash Call) are the most common loans offered to people with bad credit history. They are normally granted on a short term basis and repaid with a higher interest rate. You can access as little as £100 to about £1500. Payday loans are best when you are caught with endless emergencies and you have 2 weeks to your monthly paycheck.
The simplest answer to this question is that payday loans do not require credit check. Unlike banks and other lending institutions, requirements to acquiring payday loans are simple. Your credit history is not very important. All you need to prove is that you are working and have a checking account. On application you are required to submit copy of identification card, paystubs as proof of work and references- Co worker. The bank normally insists for guarantors and not references.
Payday loans might be the best but you also need to honor your word. Once you have applied, it takes a few hours for the amount to reflect in your check account. You are then required to repay within the stipulated timeframes. Failure to that interest is rolled over meaning you will pay more. However, there are a few who choose not to pay their payday loans an act that ends up damaging their credit score completely. This could hinder one from accessing payday loans from any company.
Payday loan lending companies do not report to credit bureaus. This means your credit history is not improved even though you get and repay payday loans. That being said, you need to work on your credit score.
