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.

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.