When you have poor credit and need
to borrow money, it can be very difficult to get approval. This is because you
need to pass a credit check. Lenders don't want to do business with people who
are statistically more likely to default on their credit agreements.
If you have been declined for credit
elsewhere, it's time to consider fast payday loans. Regardless of the way
you've handled your credit obligations in the past, you're able to borrow
money. This is because you won't be subjected to credit scoring. Payday lender
aren't concerned with your past defaults, they're only interested in whether or
not you can afford to make the repayments in a month's time.
Requirements for Fast Cash Loans
You won't be subjected to a credit
check, unless you're applying for faxless fast cash payday loans. However, you
must be American, over 18, have a full-time job, 2 forms of I.D. and your own
checking account. You'll also be expected to provide pay stubs and a copy of
your latest bank statement for income verification purposes. You can avoid
providing this information to some of the lenders because they verify the data
with one of the three credit reporting agencies.
Employment Status
Lenders aren't going to be prepared
to accept your application if you're out of work. You're going to need a job.
Your employment status needn't be permanent, but you're going to need to earn
at least a $1,000 per month (after tax). This is because the lender wants to
make sure that you have a sufficient amount of disposable income to be able to
repay a fast payday loan.
Personal Identification
Provided that you meet the income
and employment requirements, all that you need to do is validate that the
information you've provided is 100% accurate. Given that you're applying for
unsecured credit, the risk of fraud is relatively high. In order to prevent
this from happening, you'll be expected to prove your identity.
Cost of Borrowing
A fast payday loan is an expensive
way of borrowing money. Although rates vary, you should normally expect to pay
approximately $25 for each $100 that you borrow. However, in some states you
may discover borrowing and interest rate restrictions. In other states, such as
Georgia, fast cash payday loans are illegal. Make sure that you familiarize
yourself with state law before submitting your application. You should only
take out a quick loan to deal with a genuine financial emergency.
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