The ease of payday loans – even if you have a less perfect credit history

Sometimes the worst thing about applying for credit is waiting to see if your application has been accepted. With payday loans, at least the decision is typically made quickly.
Payday lenders may not guarantee to accept everyone who applies. However, they do not carry out full in depth checks, so you may find they are more prepared to lend to you even if you have had problems with bad credit in the past.

What payday lenders may wish to know about you

Payday lenders may typically ask you to fill out an online questionnaire, which may ask for:

– your name

– your address

– your debit card details

– details of your job (such as how much you earn and when you get paid)

What happens next

When the payday lender has got your details, they may typically run a short electronic check on your identity to prevent fraud. As long as you have lived in the United States for a while, this should go through quite quickly.

Some lenders do not run credit checks at all, but others may run pared down versions that may be more forgiving than traditional checks.

So if you have had a bankruptcy or missed payments on other credit arrangements, it does not necessarily mean that you will be turned down for payday loans (although of course no one can be absolutely guaranteed to be accepted).

If you are approved for a payday loan, you may be pleasantly surprised by how quickly the funds may arrive in your account. Depending on how speedy your lender’s systems are, the money may be available to spend within a couple of hours, or the very next working day.

Repayment time

If you thought that payday cash advances were easy to apply for, you may be pleased to learn that they are also easy to repay.

Repayment may typically be due on your next payday, but sometimes by prior arrangement (and for an additional fee) a payday lender may permit the loan to “roll over” for another month.

Given that payday lenders let you know exactly what you will owe, there are no nasty surprises with payday loans. The prearranged amount may be deducted from your account shortly after your payday. There is nothing else for you to do.