Do you have bad credit? This might be something that will prevent you from actually getting a regular loan from a traditional bank. Good credit is what people strive for, but if you missed a few payments, and certainly if you file for bankruptcy, you will have a great deal of difficulty getting any type of funding. This could be anything from a mortgage to a car loan, anything that requires you to have good credit to qualify. Instead, you might want to consider going outside of traditional banks and credit unions and work with a payday loan company that will not be concerned with your credit score because they work with loans for people with bad credit individuals.
Why They Avoid Looking At Your Credit
The credit that you have can compromise most attempts at getting a loan if it is not above 700. However, payday loan businesses do not care what your score is because they are focused on how much money you actually make. They need to know that you have a job, and that your job is paying you on a regular basis. By showing them that you have money coming in, specifically in the next few weeks, this will virtually guarantee that you will get a loan. Once you have submitted your application with a company that will offer short-term loans, you should have your funding in as little as a day or two, allowing you to get control of your finances and pay your bills this week.
How Long Does It Take To Get Approval?
The speed at which you get approval is going to vary depending upon which payday loan business you decide to work with. If they advertise that they can get you funding in 24 hours, then this is what you should expect. Companies that take longer will often offer more money such as well over $1000. They will also require you to make more money at your job as they will only lend you a portion, in most cases, of the total amount of your paycheck so that you will have enough to pay them back in the interest that you will for the privilege of using their money.
Can You Be Rejected?
It is actually possible to be rejected. You simply have to make sure that you are using a company that has a track record for approving people regularly. For example, if you find testimonials online raving about how quickly people were able to get their loans from a payday loan business, this is one you should consider working with. If you don’t do this research, you may never know if your application will go through until they actually send you the approval or rejection email. After you have chosen one or two of these companies that looks God, you should have no problem at all getting the financing that you desperately need.
Getting financed after having a bad credit rating can be very difficult. It may take some time to find a payday loan company that is willing to give you the amount you are in need of. However, your due diligence will pay off by doing your research and submitting your application to companies that will help you out. Loans for people with bad credit individuals are available at most locations, specifically from businesses that offer short-term loans that are not concerned about your credit.