Borrowing money nowadays doesn’t always just depend on whether you are able to repay what you want to borrow. Most standard long-term borrowing solutions (such as secured and unsecured loans) may also involve an in-depth credit check. So, your past history with money may play a big part in whether you’re approved for a regular loan. This may not, however, be as much of an issue with a payday loan advance. Why is this?
Payday loan advances are loans and they do work in a standard way (i.e. you borrow money and then pay it back with interest). But, unlike the kinds of loans you might get from your bank or building society, these loans are a little different. They may, for example make it easier for you:
1 – to borrow smaller sums
2 – to get instant approval
3 – to get a small loan in just hours or a day or so
4 – to get out of debt quicker as the loan is automatically repaid on a pre-set date when you next get paid
Some people with bad credit issues may find that this kind of solution works well for them. It may, of course, depend on the payday loan company that you choose to use. Some may not run any kind of credit check; others may just run a quick version rather than the in-depth analysis that a bank or building society may do for their loans.
Provided you use a payday loan as you are meant to (i.e. pay it back when your salary next comes in) then you may not do any further harm to your credit record either. Bear in mind, however, that these kinds of loans are designed for short-term, occasional financing only. If you need a larger loan or longer to pay it back, then this may not be the best solution for you.
Generally, all you may need to get a payday loan advance is to:
1 – be aged over 18
2 – to be in full-time employment, earning over a certain sum (this may vary depending on the company you talk to)
3 – hold a US-bank account with a debit card
So, if you need a short-term small cash advance, even with bad credit in some cases, a payday loan advance may be a solution worth investigating.