If you have bad credit and need money right away, there is no reason to worry!
There are currently several payday loan programs that require no credit check for approval.
If you have bad credit, this can literally be a savior. You are not alone, and these programs help hundreds of thousands of people just like you every year. In most cases, all you need to be guaranteed approval is two things. Here are the secret weapons! The first is to have a job or a steady source of income. Even if you have a higher income, we all gradually failed to pay on time. The second is payable by direct deposit with your employer. You can go out without both in some cases, but I’ll talk about both.
Payday lenders generally do not take care of background checks because they know that if you are hired and will be paid on a certain date, you will have the funds available for repayment. The general idea of the payday loan is to allow you to use the money that is already owed to you by your employer.
There are times when you need the money now instead of waiting until the 1st or the 15th. Maybe your car broke down and you need it repaired right away, maybe you had some unexpected medical expenses, or maybe you just found a deal on something you can’t afford. That’s the exact reason these exist, and the fact that they don’t do credit checks is a major plus.
When looking for a payday loan program online, make sure you don’t pay any upfront fees for applying. You never have to pay a registration fee for a payday loan program. I feel that some of the best opportunities for payday loans lie in programs that work exclusively with independent lenders as it allows you to choose from several lenders who are able to offer you the best rates and the most flexible. These types of programs will generally automatically check your application among their private network of lenders and return approvals within 5 minutes. Most of these programs guarantee acceptance of an application, and can immediately deposit money into your bank account as soon as you are approved and selected a lender.
As I promised, I will also soon enter the criteria for direct deposit. You can still be approved for a payday loan right away with most programs even if you don’t use a direct deposit, however you may be able to get better rates and more flexibility with lenders if you do so. A direct deposit lets your lender know that there will be a certain amount in your bank account at a certain time each month, which makes it much lower for the company to lend to you. You greatly improve your probability of approval by direct deposit. If you are not currently using a direct deposit, ask your employer if it can be changed before the end of the pay period.
Interestingly, many payday lenders don’t even require you to be employed. Several lenders will consider retired funds, pensions, structured settlements, etc. as a valid stream of consistent income. If you have a special situation like this, make sure you are looking for lenders that will work with these income streams.
See? No reason to worry! Thanks to payday loans due to bad credit, you’ll get your car up and running in two days, you won’t lose your home or your job, and you don’t have to worry about losing that “must have it” item!