Can I Get a Payday https://paydayloansohio.net/cities/defiance/ Loan with Bad Credit?
Occasionally, you can save hundreds or thousands of dollars if you buy a product at the right time, but what if you don’t have the money then? As long as the sale will save you more money than you’ll have to pay in loan fees, payday loans can help you take advantage of special offers that you’d otherwise have to pass on while waiting for your next payday.
While a payday lender may conduct a credit check before giving out loan approvals, you typically don’t need as high of a credit score to receive an affirmative credit decision here than you would from a bank. In fact, some payday lenders don’t even include a credit check as part of their process.
That said, customers with credit difficulties should seek credit counseling from a credit services organization. A credit access business can help you obtain extensions of consumer credit in the form of payday loans or vehicle title loans.
Will a Payday Cash Loan Hurt My Credit Score?
Payday loans don’t show up on the credit reports of the three major credit bureaus: Equifax, Experian, and TransUnion. Therefore, a payday loan shouldn’t impact your credit score as long as you repay it on time.
Do Lenders Offer Same-Day Payday Loans?
Some payday lenders offer same-day loans, but many can’t promise that you will actually receive the money that quickly. Even if you can get a same-day payday loan, you should exercise caution. Same-day payday loans often come with an outrageously high annual percentage rate (APR), sometimes up to 400%.
Alternatives to Payday Loans
If your state doesn’t allow payday loans or you simply decide you don’t want to go that route, you still have plenty of other options for getting short-term loans.
Use a Credit Card
Because credit cards almost always have lower interest rates than payday loans, you might want to consider using an existing credit card when you need money-just make sure you pay attention to how much you spend to avoid crushing credit card debt. (tovább…)