If you have had credit problems in the past, does this mean that you’ll struggle to obtain a bad debt payday loan?

Not necessarily!

Credit history systems

If you have previously had financial troubles, these may be recorded on credit scoring systems and loan providers will typically look at these before making a decision with regard to a loan application.

It’s worth nothing that typically they are not making a judgment about the events that are recorded on your historical files. Very large numbers of people have encountered financial difficulties in the past and even though they may since have fully recovered from them, these problems may still sit on their records – typically for six years.

Many lenders will see these issues and may make an automatic “safety first” decision to refuse the loan application.

Payday lenders may be different

The good news, if you come into such a category, is that payday loan providers may see the world a little differently too many lenders.

That’s because typically the amounts that they are lending are smaller and you are repaying them faster (typically on your next payday).

That means that they may see a payday advance as being of less risk than many other types of loan for larger amounts and over longer durations i.e. 100 days loan.

Of course, any loan provider must reserve the right to refuse an application.

If you have a particularly problematic credit history then you may not be able to obtain a bad debt payday loan, however, in some cases, payday advance providers may be rather more relaxed about glitches in your past.

Some may not even perform a fully detailed credit history check.

Responsible borrowing

Anyone borrowing money at www.extloans.com for any purpose should only do so in a responsible fashion.

Loans of this type are very suitable for purposes such as snapping up a quick bargain or dealing with an entirely unexpected bill, but they are not suitable for things such as debt consolidation.

It may also be advisable to take advice if you find that you need to borrow money every month simply to meet your regular outgoings.

Used responsibly, a bad debt payday loan may prove to be exceptionally useful.

Have you had problems with credit checks in the past? Have you had financial difficulties before? If so, you may be frustrated by lenders turning you down for credit. However, with payday loans, no credit checks may be required. Or if there is a credit check, you may find that it may not be as in depth as the ones that traditional lenders may use.

No one can be guaranteed to be accepted automatically. But if you have had difficulty getting credit elsewhere, why not try a payday lender to help you manage your finances during a tough month?

Why are payday loans attractive?

Payday loans with no credit checks may be attractive because they are often quick and easy to arrange. This may be because payday loan lenders may be more ‘relaxed’ about lending smaller sums of money (say when compared to lending someone thousands of pounds):

the amounts of money involved may be typically be very small – typically a couple of hundred pounds or so, depending on the provider. This means that the lender is not taking on a very big risk by lending you the money; and
the sums involved may typically be outstanding for only a few weeks at a time. You are hardly likely to move house or forget that the amount is outstanding.
How long do payday loans take to come through?

The answer to this question may depend on how fast you can type! Payday loans may typically be applied for, arranged, paid and repaid electronically, so the process is already geared up to be as swift as possible. So how quickly can you fill in the online application form?

Paying them back

With some loans, the repayment process is long and drawn out. Working out how much is due and getting the amount to the lender by cheque or in person is almost as painful as having to part with the money.

But with payday loans where no credit checks are required, you may typically know from the very beginning how much needs to be repaid. And by deducting that amount automatically and directly from your bank account on or after payday, lenders really could not make it easier.

If you find money is tight and your next payday cannot come round quick enough, you may wish to consider payday loans. Taking out a small loan over the short term may be a solution when you need an injection of cash quickly, say if you want to take advantage of a last minute holiday bargain. Here we look at applying for payday loans today.

First it helps to understand what a payday loan may be used for:

| any situation where you need cash fast until your next payday

| paying unexpected bills

| covering unexpected costs

| taking advantage of bargains, such as a cheap holiday

A payday loan is typically taken just until your next payday (or maybe the one after, depending on timings); it is just for the short term, so you must be able to repay it all when your payday comes around, along with any fees and interest charges.

Right, so how do you apply for payday loans today and, if your application is successful, repay the loan? First you need to check that you are eligible for a payday loan. This will vary depending on your payday loan company but typically they may require that you:

| work full time

| live in the USA and are aged 18+

| have a bank account

| have a debit card attached to your bank account

If the answer is ‘yes’ to all of the above then you may be able to get your hands on cash fast and the next step is applying, which means you have to:

| choose how much fast cash you wish to borrow

| tell the company your next payday

| click on the button that says “apply now” on the lender’s website and fill in the information required

Typically the lender provides you with a very fast response and in some cases the money may be paid directly into your bank account on the very same day or the next day.

Repaying your payday loan

Once you have your money you need to repay it on the agreed date along with interest and any fees so you need to ensure that you have the money in your account for that date.

Repaying a payday loan is typically designed to be easy. When applying for the cash advance loan the lender will have asked for your bank details, which includes your debit card details. On the agreed date your lender simply takes the agreed amount from your debit card – in most cases, you have to do nothing (except make sure the money is available to repay the loan and associated costs).

Obtaining payday loans today and repaying the monies on your next payday is often quick and easy. You may be able to get a quick loan even if your credit rating is not as good as it might be as some lenders only carry out fast credit checks.

If you need cash fast, considering easy payday loans may be an option.

It happens to almost all of us – a bill suddenly drops through the letterbox that you had forgotten and – horror of horrors – it needs paying before your next payday! Okay, so let’s look at some of the options potentially open to you:

| you may use your credit card, if it’s not already maxed out and if the bill payee accepts credit card payments
| you might have an overdraft facility and use this to pay off the bill
| you may ask friends or family if they can help

All of these are options but there is another and that is to consider easy payday loans.

Make sure you understand the APR

Easy payday loans may be a solution if you need an urgent cash injection. They are aimed at people looking to borrow a reasonably small amount of money, typically $100 to $5000, and who will be able to pay it back on their next payday.

Potentially less embarrassing than asking friends and family for help, payday loans need not be cost-prohibitive either. You may have read that payday loans come with a high rate of interest; however, the APR (annual percentage rate) quoted is for the year and you are not borrowing over the year with your payday loan.

Therefore you are typically not repaying the sum based on that large APR that jumps out at you from the webpage, but an amount based on you borrowing the money for a few days or weeks.

Some online payday loan companies will show you exactly how much borrowing from them will cost, so you can then see how cost effective a cash advance may be (depending on your circumstances), rather than trying to work out the cost yourself.

Consider overdraft charges and credit card interest charges

An article in the national newspaper the Daily Mail earlier this year highlighted how some High Street banks may charge more for an unauthorised overdraft for the short term than the cost of a typical payday loan. If you use your overdraft and it is unauthorised, in some cases you may have to pay more than if you had taken out a short term payday loan.

If considering using your credit card you may also wish to check how much interest you are going to be charged and what the fees are for withdrawing cash on your credit card. Again, in some cases and subject to the amounts of money involved, these may work out less cost-efficient than if you had been approved for easy payday loans.