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Bad Credit? A Payday Loan Is Still An Option!

Mar 23, 2008
Unforeseen bills can happen to even the most devoted and hard working people. Have you ever run out of money before you wrote all of the checks that were due for the month? We all have at one time or another. In most cases we are able to slide by and continue to live paycheck to paycheck until the unthinkable happens and we're faced with a sudden, unexpected financial crisis. Before you find yourself in this sort of predicament, you should take it upon yourself to learn more about payday loans and what they can do to help get you through a money crunch.

What is an Online Payday Loan?

An online payday loan is a small loan, typically between $100 and $1,500, that is given to you by a third-party company. The lending company uses your current wage earnings and checking account as evidence that you will be able to repay the loan in a timely manner. Most online payday loan companies will require recent check stubs, which prove that you earn at least a minimum amount per month; this amount varies from company to company. They will also need to see evidence that your checking account has been open and is in good standing, which means they would like to see that you have no returned checks for a minimum of one month to a maximum of about three months. There are also companies in the market today that offer a no-fax option to their clients, making the whole process of applying for a loan even easier for you. An online payday loan can often be the fastest route to getting the money you need for an emergency and get yourself out of a potentially bad financial situation.

What do I need to be approved for an online payday loan?

While the eligibility requirements vary somewhat from company to company, the most common requirements are:

- You must be at least 18 years old to apply for a payday loan

- You should be earning at least $1,000 a month at your current job

- You must have worked at your current job for at least three months

- You should have been at your current residence for at least three months

- You must have an active checking account that that has been open and active for at least three months, with no returned or bounced checks on the account.

If you meet these minimum requirements then you will be qualified for a payday loan through most companies.

Getting a payday loan in spite of bad credit

People with less than perfect credit would be naturally hesitant to apply for a cash advance or payday loan, but really, there's no need to be. The majority of payday loan companies provide their service without running a credit check. What most of them do in order to do a cursory check is to communicate with other payday lenders to make sure that you haven't defaulted or fallen behind on a payday loan with someone else. Some of them may also use a check verification service to ensure that your check writing history doesn't show any returned or bounced checks.

In most cases, you can have your loan advance in less than 24 hours, and you won't need to repay the money for about two weeks on average. The exact amount of money you can borrow and the fees connected with these loans are company-specific and the only way to find out these details is by checking with each payday lender to find out their terms and conditions. When you are talking to a potential payday loan company, be sure to ask in advance about all the possible fees and penalties. It is equally crucial to find out about the possibility of extending the loan beyond the original term should you be unable to pay back the loan as rapidly as you had expected.

If you are careful and you read the fine print and think you can repay your payday loan in the time allowed, there is no reason why bad credit should stand in the way of you getting the money you need with a payday loan. Just don't agree to anything until you understand how it can affect you in the future. If you have any questions whatsoever, do not hesitate to ask them before you sign on the dotted line. The choice to take or not take a payday loan is yours and yours alone. Don't be pressured into making a financial decision that is not the best choice for you. Always trust your instincts and go with your gut feeling.
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