Can You Get A PayDay Loan With A Bad Credit Rating?
Most definitely yes, yes you can. Most payday loans for bad credit lenders do not require a credit check–if they did, they would probably be cutting away the majority of their customers.
PayDay loan lenders like a customer who has a bad credit rating for a couple of reasons.
#1 An applicant with bad credit history generally cant take out a personal loan from another financial institution (A Bank).
#2 A person with bad credit may be in a desperate situation and more likely to make a rash decision in taking out a payday loan.
Payday loans are product that is most definitely marketed to people who are down on their luck and in a tight spot financially. Just look at the way payday lenders market them selves.
Typical payday lender sales speak:
Go onto a payday loan website and click on their faq and go to “how much will it cost me” or what ever heading they have along those lines. And if the company is the type that doesn’t disclose information–you will likely get something like this.
“Interest rates and loan fee’s will be bla bla bla bla after your loan application is reviewed.”
“Less than the cost of a rejected check”
“Less than the monetary and emotional cost of having your car off the road for a week”
“Less than the cost of your rent going unpaid and living on the street”
Well maybe not that extreme but that is what is implied.