Where to Find Bad Credit Payday Loans
When dealing with finance companies that offer bad credit payday loans, it’s important that you keep a few things in mind.
- Compare payday lender APR; accept the one with the lowest
- Make sure lender is licensed, accredited, and regulated by your government
- Review the company’s history. Check the reviews online using Google search, Twitter, FB, etc for good/bad reviews
- Borrow the least amount as possible. Pay back as soon as possible
- Avoid rollover charges when possible
Narrow down your options with the above list; you never want to obtain the first loan offered to you. Always perform due diligence. If it sounds too good to be true, it usually is. However, there are many lenders out there who are very ethical. How do you find them?
Well, we currently are in the process of building a directory of professional and ethical lenders online. In the meantime, you probably need a quick loan that can help you solve your financial issues at this point. The fact is…it often times becomes difficult for payday loan companies to issue credit/loans to people with bad credit. Why?
Because at this point, many borrowers must resort to using lenders that charge exorbitant interest rates. As an example, QuickQuid currently charges a 1,734% APR on all payday loans.
This is why it’s so important to find a lender that can work with you, even though your credit is in bad shape.
You can find lenders online, or offline. The important thing to remember is the above guideline. Don’t accept extremely high APR, rollover charges, or loans that require quick payback.
How Lenders Make Lending Decisions
Regarding payday loans, lenders usually require 3 things from you:
- Identification (SSN # or NIN
- A Checking account
- Current employment (pay stubs, etc)
For the most part, if you can supply the company with these credentials, you shouldn’t have a problem because credit checks are not performed. However, in rare cases, a lender will not approve you. The reason is because you may have too many payday loans in your name.