Now Your Credit Rating Won't Come in the Way of Funding
When one has a bad credit rating, it can be very difficult for them to get a loan. Bad credit holders aren't very welcome to apply for loans with traditional and conventional lenders. Even if they do choose to lend payday loans to people with poor credit, they may keep something as collateral to eliminate the risk factor involved in not being repaid.
Traditional lenders rely on one's previous repayment histories in order to fund them. However, past repayments cannot determine the current status of a borrower or their eligibility to repay a loan. That's why direct lenders like us offer bad credit payday loans to borrowers with no or bad credit ratings as well.
How Do Online Payday Loans for Bad Credit Work?
There are various factors that determine the credit score of an individual. The FICO score is the most popular of them all. The FICO credit score chart divides credit scores into five major categories: poor, fair, good, and excellent.
Very poor credit holders have almost absolutely no chance of getting funded by traditional lenders. They range from 300 to 499. If a person has a credit rating that falls into this category, it can be risky for them to apply for a loan with a traditional lender. That's because when the traditional lender conducts a hard credit check, their credit rating will reduce even further, thus making it difficult for them to get a loan elsewhere.
Poor credit holders undoubtedly have a better chance of getting a loan from a lender in comparison to a person with a very poor credit rating. However, the chance of getting a loan from a traditional lender is small. This category ranges from 500 to 600.
Fair credit holders have a decent chance of getting funded, but at a higher rate of interest than good and excellent credit holders. They range from 601 to 660.
Good credit holders do not have to worry about not getting funded. All kinds of lenders will be more than happy to fund them, considering their previous repayments and more. They range from 661 to 780.
Banks often ask excellent credit holders if they need a loan or not, even without them applying for one. They get interest rates that are minimal. They range from 781 to 850.
Get Payday Loans for Bad Credit with Instant Approvals
At PaydayLoanHelp, we instantly approve your payday loans with no credit check request, irrespective of your credit rating. Even bad credit holders can apply and rest assured that they will be funded in just 24 hours, depending on the policies of their bank. Of course, there are certain criteria that need to be fulfilled in order to get funded by us, but they are very basic.
Our bad credit payday loans are approved if you have a stable monthly income. That determines your ability to repay us on time. We do not depend on your credit rating, as mentioned earlier, since a stable income proves your ability to repay us, which is your current financial situation. As long as you have that, you don't have to worry about having a poor credit rating.
All you have to do to avail of a payday loan for bad credit is have a stable monthly income, spare 3 minutes of your precious time, and apply for bad credit payday loans with guaranteed approval with these simple documents:
- Social Security Number
- Income statement
- Checking account details
- Verifiable contact details
- Age proof (18+)
As mentioned above, traditional lenders do rely on your credit ratings and payment histories, but we, as a direct lender, believe in giving second chances to all; hence, we provide second chance payday loans to borrowers with poor credit histories as well
Get Payday Loans with No Credit with PaydayLoanHelp
Often, people with no credit history find it difficult to get bad credit payday loans online. Lenders think of their situation as risky since there is no proof of their past financial transactions, which is why lenders fear that they won't be repaid. That's why a lot of our borrowers come to us to avail payday loans with no credit check, even if they have no credit.
That's because we offer loans to everybody who has a stable income. Now, one doesn't have to worry about having no credit history in order to receive a loan. One can always start with PaydayLoanHelp and continue their journey, or borrow from other lenders afterward.