Payday loans are sometimes frowned upon in today’s society. Although interest rates can be high, they help a certain type of consumer out that a typical bank will not help due to credit issues. Payday loans are not meant to be a financial outlet every week, they are meant to be used for emergency situations or for something unexpected.
How to Choose the Perfect Loan
When you are looking for a payday loan to help get through you a rough patch until your next check, it is important to know a few things about these types of loans. Firstly, you need to know that you must be eighteen years of age or older to qualify for a loan. Secondly, you must have an active checking account and it cannot be in the negative. Lastly, you must have a regular income of $800 a month or more. Unfortunately unemployment will not qualify as regular monthly income. You must be employed or collect disability or benefits through the state.
If you fulfill the basic requirements needed for a payday loan, the next step is finding the perfect company to apply with. In order to get the best chance possible to receive a loan, you should always go to a matching site to apply. These sites have a network of multiple lenders that are all looking for consumers to give out loans to. If you go to Lendiva’s application page, the site will save you time by filling out one application that will be connected with over seventy-five different lenders. This way you do not take the risk of not being approved with one lender and then having to go to multiple different sites to apply.
Do Payday Companies Check Your Credit?
Typically, lenders who give out payday loans do not check consumer credit with the three major credit bureaus. You can have little to no credit, bad credit or good credit and can still get approved for a payday loan today. Although lenders do not check your credit score, they do check industry specific reports that pertain to the payday world. Lenders want to make sure that you will be a good customer and repay the loan in a timely manner.
The purpose of a payday loan is to help consumers who may have dinged up credit or no credit at all. It allows for someone who is stuck in a sticky situation to get cash in advance of their next paycheck. These types of personal loans are more for people who have already hurt their credit in some way. Lenders in our network understand that you could have had issues paying a credit card when you were younger and in college or if you made the mistake of allowing someone else to use your card and they misused those privileges or if you were just young and irresponsible at one point in your life. Sometimes credit issues occur because you were laid off from a job and could not pay your bills or maybe you had to unexpectedly take care of a family member – these things happen and unfortunately the banks do not understand or care.
Lendiva knows that times are tough and we are here to help with connecting you with the leading lenders in the payday industry!