For as long as people have been getting paychecks, the bad credit payday loan has been around. The biggest advantage nowadays is that you can get your loan without leaving the comfort of your home with the power of the internet.
Financial emergencies pop up all of the time. They always come between your paydays, which leaves you scrambling to get the cash that you need. Cars break down, kids break their arms, and appliances stop working. This is where the payday loan comes in. Our poor economy has wiped out our savings accounts, which means that a fast loan like this is going to be the only way we can get cash.
The reason that these are loans with no credit check is that lenders don’t care what your credit score is like is that it does not work with their lending model. They are built on speed, and have systems in place that will make sure that they get their money, whether or not you want them to. They will either cash a post dated check that you wrote on the day you applied for the loan, or they’ll just withdraw the money automatically from your account.
The application process is very simple and straight forward. It’s normally a simple form that you fill out on the lender’s website. Your information is then validated by a third party company called Teletrack. Once your application is submitted you’ll get a confirmation email, and in an hour or so you get another email letting you know whether or not your loan was approved. The money is then deposited into your account shortly thereafter.
Payday loans are a great way to get money fast and reliably, but it’s easy to become very dependent on them. The second you file for an extension, or apply for another loan, you’re in trouble. You already have bad credit, so you know how this all goes down. All of the sudden you’re faced with lenders calling you, sending you threatening letters, and bothering you at work. Use a loan once, pay it back, and move on to repairing your credit score!