Poor Credit Payday Loans

Written by Patricia Tunstall
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Poor credit payday loans can be approved despite no credit or bad credit, or even bankruptcies. Everything depends on the information in your application, on your having an income, and on your having a checking account in good standing. While poor credit payday loans are offered by online loan companies, they must have assurance that the payments can be made on schedule.

Bad credit indicates late payments, which are the single most deadly factor on a credit report. To a creditor, late payments show financial irresponsibility, and they increase the risk of defaults on debts. All the more reason, then, for payday loan companies to give extra scrutiny to applications from individuals with bad credit. If you have had problems in the past and simply haven't had time to re-establish a good track record with lenders, your current income and financial stability will count in your favor.

Poor Credit Payday Loans Fall Short

Poor credit payday loans can help you survive until the next paycheck, but they can't undo your financial past. This is recorded in your credit reports from the three biggies in reporting: Equifax, Experian, and TransUnion. All your late payments, liens, and bankruptcies are preserved in these reports and issued to your potential creditors.

Actually, lenders don't care as much about the details as your overall credit score, but this is based on your payment and credit history. This score will probably determine your ability to get a loan for a car or other necessities. Looking down the road, short term payday loans are just that--short term--and shouldn't put off a good look at your finances if you are on the verge of making late payments on your debts.


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