0
Can you get a payday loan if you owed payday loan lenders in the past?
Gca2000
Yes, if one does not go to the same Payday lender that one did not pay in the past.
Payday lending is still a growing (and quite lucrative) business. Accordingly, the industry has not matured enough to drive competitors to share information as has been done by more traditional financial services organizations.
Because there is no "payday lending credit bureau" and there is not enough incentive for major players to create one, one payday lender will not know if one did not pay another.
Accordingly, one may get a loan from a competitor.
It's still better to pay off the existing payday loans before you apply for a new one. The rolling debt can really kill you if you don't handle your debt nicely. AceLoanFinder.com can help you get your loan matched by many online lenders to save you time by finding you a matched lender with best rate instantly.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Can you get two separate payday loans on same payday?
No. You usually have to wait about 30 days before you can get another loan. Most lenders will know that you already have a loan out there somewhere. Besides, I believe it is against the law to lie to a payday loan company in telling them that you haven't applied for a loan in the past thirty days. They usually ask you when you apply.
Can you get a cash advance if you have defaulted on one in the past?
Since cash advance lenders typically don't require credit checks, they operate a database of names associated with defaulted loans. When a person who has defaulted in the past attempts to apply for a second payday loan, the database is triggered and the new, potential lender has the option to deny the loan. A large percentage of lenders will provide a second payday loan to a previous default because they can require that persons checking account be auto debited as payment as soon as a paycheck is deposited. Thus, lessening the likely hood of defaulting.
Do payday loans get reported on your credit report?
Most payday loan companies do not check your credit. However, if you are worried that having received a payday loan in the past will show up on your credit, don't worry. Credit reporting agencies can't see that you've had a payday loan in the past. Payday loans do not get reported on your credit UNLESS you do not pay them. Then, they will ruin whatever credit you have. They do not help if you pay, only hurt if not paid.
Do payday loans put negative impact on what if your credit rating?
Many citizens meet their little, but extra cash requirement with the help of payday loans and have to pay back the loan usually between two and four weeks. You get some extra cash from the selected credit lender and you have to pay off the loan when you get your next payment. Getting payday loans are very easy with the help of the internet. Payday loan lenders check out the past credit standings of loan applicants and that are why payday loans affect your credit profiles. The credit rating is not an important factor while applying for these loans. Loan borrowers have to give their basic details to the credit lenders to get the approved money credited into their bank account. Lenders apply penalty charges on loan applicants if they don't pay off the loan at the fixed time. Payday loans carry much higher interest rates than standard loans. All those persons who fail to pay back the loan on the fixed time report to credit agencies. The number of main credit agencies is 3 and it calculates the credit rating of each and every person. If you don't repay a loan at the fixed time, lenders put heavy late fines and your credit score goes down. Borrowers face difficulty getting approved for loans if they have problems with their credit rating.
Is it legal for an internet loan company to charge 75 every 2 weeks for a 250 loan and have NONE of it go towards the loan and you would still have to pay the full 250 plus another 75?
That's how payday lenders make money. Payday lenders count on you NOT being able to pay the whole thing back on payday. They design them so that you can "only" pay the fee on payday if you can't afford to pay it back. Actually, most of them will automatically only take out the fee on payday unless you tell them otherwise. So, in 4 pays you have paid $300 in fees on a $250 loan, and then have to pay the $250 off. (Most lenders will only let you extend 4 times). Now you've paid $550 for a $250 loan. Imagine how long this can go on if they let you go past 4 extensions! That's why some states have made payday lending illegal. Also, chances are that your payday lender isn't even licensed to give loans in your state. You can check with your state attorney generals office or consumer protection agency for more state specific information. You may end up having to consider closing your bank account so they can't take any more money from it. They're not going to listen to you if you simply tell them to stop.
Can you get two separate payday loans on same payday?
No. You usually have to wait about 30 days before you can get another loan. Most lenders will know that you already have a loan out there somewhere. Besides, I believe it is against the law to lie to a payday loan company in telling them that you haven't applied for a loan in the past thirty days. They usually ask you when you apply.
What are the best qualities of a best payday loan?
Payday loans are great due to the fact that if you have had past employment, you are almost guaranteed a loan. Payday loans are good for short term monetary needs.
Can you get a cash advance if you have defaulted on one in the past?
Since cash advance lenders typically don't require credit checks, they operate a database of names associated with defaulted loans. When a person who has defaulted in the past attempts to apply for a second payday loan, the database is triggered and the new, potential lender has the option to deny the loan. A large percentage of lenders will provide a second payday loan to a previous default because they can require that persons checking account be auto debited as payment as soon as a paycheck is deposited. Thus, lessening the likely hood of defaulting.
Do payday loans get reported on your credit report?
Most payday loan companies do not check your credit. However, if you are worried that having received a payday loan in the past will show up on your credit, don't worry. Credit reporting agencies can't see that you've had a payday loan in the past. Payday loans do not get reported on your credit UNLESS you do not pay them. Then, they will ruin whatever credit you have. They do not help if you pay, only hurt if not paid.
Do payday loans put negative impact on what if your credit rating?
Many citizens meet their little, but extra cash requirement with the help of payday loans and have to pay back the loan usually between two and four weeks. You get some extra cash from the selected credit lender and you have to pay off the loan when you get your next payment. Getting payday loans are very easy with the help of the internet. Payday loan lenders check out the past credit standings of loan applicants and that are why payday loans affect your credit profiles. The credit rating is not an important factor while applying for these loans. Loan borrowers have to give their basic details to the credit lenders to get the approved money credited into their bank account. Lenders apply penalty charges on loan applicants if they don't pay off the loan at the fixed time. Payday loans carry much higher interest rates than standard loans. All those persons who fail to pay back the loan on the fixed time report to credit agencies. The number of main credit agencies is 3 and it calculates the credit rating of each and every person. If you don't repay a loan at the fixed time, lenders put heavy late fines and your credit score goes down. Borrowers face difficulty getting approved for loans if they have problems with their credit rating.
Is it legal for an internet loan company to charge 75 every 2 weeks for a 250 loan and have NONE of it go towards the loan and you would still have to pay the full 250 plus another 75?
That's how payday lenders make money. Payday lenders count on you NOT being able to pay the whole thing back on payday. They design them so that you can "only" pay the fee on payday if you can't afford to pay it back. Actually, most of them will automatically only take out the fee on payday unless you tell them otherwise. So, in 4 pays you have paid $300 in fees on a $250 loan, and then have to pay the $250 off. (Most lenders will only let you extend 4 times). Now you've paid $550 for a $250 loan. Imagine how long this can go on if they let you go past 4 extensions! That's why some states have made payday lending illegal. Also, chances are that your payday lender isn't even licensed to give loans in your state. You can check with your state attorney generals office or consumer protection agency for more state specific information. You may end up having to consider closing your bank account so they can't take any more money from it. They're not going to listen to you if you simply tell them to stop.
Can individuals with bad credit or no credit history qualify for payday loans, and how does the lack of a credit check impact the loan approval process?
Yes, individuals with bad credit or no credit history may still qualify for payday loans, and the lack of a traditional credit check is a key factor in the loan approval process. Payday lenders often cater to individuals with less-than-perfect credit, as they typically focus on the borrower's income and ability to repay the loan in the short term. Here's how the lack of a credit check impacts the payday loan approval process: **No Traditional Credit Check:** Unlike traditional loans offered by banks or credit unions, payday lenders generally do not conduct a traditional credit check through major credit bureaus (such as Equifax, Experian, or TransUnion). This means that past credit history, including late payments or defaults, is not a primary factor in the approval process. **Focus on Income and Employment:** Payday lenders prioritize the borrower's income and employment status. They typically require proof of a regular income, such as pay stubs or bank statements, to ensure that the borrower has the means to repay the loan when their next paycheck arrives. **Short-Term Nature of the Loan:** Payday loans are short-term loans designed to be repaid with the borrower's next paycheck. Because of the brief repayment period, lenders are primarily concerned with the borrower's current ability to repay rather than historical credit behavior. **Quick Approval Process:** The lack of a traditional credit check contributes to a faster loan approval process. Borrowers can often receive a decision on their loan application within a short period, sometimes within the same day. **Higher Interest Rates:** To offset the risk of lending to individuals with bad credit or no credit history, payday lenders may charge higher interest rates and fees. The cost of borrowing is a critical factor for borrowers to consider. While payday loans can be accessible for individuals with credit challenges, it's essential for borrowers to exercise caution and only borrow what they can afford to repay. The short-term and high-cost nature of payday loans can lead to a cycle of debt if not managed carefully. Borrowers are encouraged to explore alternative lending options and consider financial counseling if faced with ongoing financial difficulties. Why Use GreenDayOnline Loans Get emergency cash to help you quickly No hard credit checks Get an approval decision fast $100 to $5,000 can be used for any purpose Safe Secure and 100% online Call Us On: (800) 424-2789 greendayonline dot com
Can you get car loan with a 620 credit score?
Scores range from the low 400s to well past 800. The higher the score, the better the credit rating. Most lenders use a break of somewhere around 620 as the determining factor of a regular loan versus what is called a "sub prime" or higher-risk loan. Some lenders will not extend credit to people with under 620 credit scores and other lenders will offer those loans, but at a higher interest rate.
Can I easily get sameday payday loans?
You can do a title pawn to get a very fast loan. As an alternative you can get paycheck loans which are loans against future paychecks. This will often require several past pay stubs.
Online Loans- The Benefits of a Loan Until Payday ?
If you are looking for a quick way to get a loan, then online loans may be the way to go. When you need cash fast, you may not wish to use the services of a bank, or try to borrow from your family and friends. An online loan can give you the cash that you need quickly, with no questions asked. There are many benefits to getting a payday loan. If you do not have good credit, then these loans are an excellent idea. Payday loans do not require their borrowers to have good credit in order to be eligible. In fact, your credit score will never be looked at or reviewed. You may have the lowest score possible, and this will not matter to the company. Even a repossession of a vehicle in the past will not affect your approval chances. Those with a bankruptcy will not have to worry, as well. Payday loans do not check credit, nor do they ask for any type of collateral. This will not be true for a bank or credit union loan, so for those who may have these worries, an online loan will help them when they really need it. You can borrow an amount anywhere from $100 through $1500 at a time, depending on a few different factors. The first is how much you make. Generally, the more money you can supply as steady income, the more you can borrow. If you are working, then you must supply your employment information, how much you make and when you get paid. If you receive another type of income on a steady basis, such as child support, pensions or alimony, be sure to include this. It can help you get a higher loan if you need it. Other factors that will be used to determine the amount of your loan are the companies personal policies and the state’s rules and regulations regarding payday lenders. You will also supply your checking account information, which will include your banks routing number and your checking account number. This is so the payday company can deposit your loan directly into your account by way of direct deposit. This is also how you will repay the loan when the time comes, which is on your next payday. With these few simple requirements, you can get the cash you need in your bank account, quickly and effortlessly.
Utilizing Payday Loans to Cover Everyday Expenses?
Payday loans are a popular solution for consumers who find themselves unable to meet their expenses until they receive their next paycheck. These loans are provided by various companies, and often have a very short repayment schedule. When used responsibly, payday loans can be an easy way to cover financial shortfalls. Consumers who do not pay close attention, however, could find themselves paying steep interest rates. Use the following tips to determine whether a payday loan is a safe option for meeting short term financial needs.Examining the Application ProcessObtaining a payday loan is a relatively straightforward process, which is likely what makes these funding options so popular. Applicants only need to demonstrate employment status and salary information to receive a payday loan. In many cases, cash is made available immediately. Some payday loan companies may instead deposit the money into a personal bank account the next business day. Many loan companies require the individual in question to write a personal check for repayment of the funds, postdating the check for the day following payday.Looking at Payday Loan ChallengesThere are various factors that may make a payday loan unsuitable for consumers. Firstly, most of these loans carry rather expensive interest rates. Although these interest rates are manageable in the short term, loans that aren't not repaid quickly will continue to accrue interest very quickly. Payday loans are not available in very large amounts, which can also make them poor solutions for those trying to meet financial obligations. Some states also prohibit payday lenders from offering their services in the jurisdiction, leaving would-be borrowers out of luck.Payday loans can be used for a wide variety of different purposes. Many consumers who live paycheck to paycheck have taken advantage of payday loans in the past, while others have used these funds to cover unexpected expenses. When used responsibly, payday loans can provide an indispensable service. Carefully attention should be paid to the terms of a loan, however. This will help avoid complications that could prove financially detrimental to the borrower, damaging one's stability and causing money to be lost in the process.
Is there a better alternative to someday payday loans if I need cash fast?
Go to the bank. Seriously when I needed some funds past I got a personal loan on the same day it only took about an hour.
