Can I Apply for a Payday Loan With Bad Credit?

By: Branden S.

Credit ratings are calculated based on the credit history of a person. Credit history refers to the record of borrowings and repayments of a person. It indicates if the person has been regular at repaying the loans they have taken or not. A good credit rating (with a higher number) indicates that the person is punctual and disciple when it comes to repaying the loan amount.

Similarly, a bad credit rating implies that the person doesn’t repay the borrowed money on time. When the credit rating is very bad, it shows that the person is not capable (or doesn’t repay the loan borrowed). The credit rating of a person is crucial when applying for loans, credit cards, etc.

Banks, financial institutions and government agencies consider the credit rating for a person as a part of the eligibility criteria to provide them with a loan, no matter how small the amount is or how important the loan is for the person. In short, it means that a person with a bad credit rating has less or minimum chances of getting a loan from banks and credit card companies.

But is the same rule applicable for Short Term Loans Las Vegas? Luckily, the answer is no. Short term loans or payday loans do not have the same eligibility criteria as banks do. The payday industry operates independently and is governed by a different set of rules and regulations. Payday loans are different from bank loans in many ways.

  • Payday loans are for smaller amounts ($100-$1000 which can be extended up to $5000).
  • Payday loans are unsecured loans and do not require any guarantee from the person.
  • Payday loans are provided for a shorter duration usually a week or two, or mostly a month.
  • Payday loans have a higher interest rate and have to be repaid in a lump sum amount.
  • Payday loans are provided by moneylenders and not banks or credit card companies.
  • Payday loans can be applied online, without meeting the lender personally. One can get Online payday loans Las Vegas by filling a form on the Instant Payday NV website.
  • Payday loans can be applied either directly by contacting the lender or through a third-party service provider’s website.
  • Payday loans are also known as emergency loans. They can be availed on any day. The money is transferred and deposited in the bank account by the lender.
  • Payday loans are available for everyone who is over 18 years of age and is a resident of the US.
  • To get payday loans, a person has to have a valid phone number, email id, contact address, and an active bank account.
  • The eligibility criteria for payday loans include having a job that pays at least $1000 per month. The person should be working on the same job with the same firm for a minimum of three months.
  • Payday loans do not require a detailed background search of the person. The lenders also verify ID proof and bank details before offering a loan.
  • Payday loans are termed as bad credit loans. A person with a bad credit rating is also eligible to get Personal Payday loans Las Vegas through Instant Payday NV. The company helps people get guaranteed bad credit loans with instant approval.

About Instant Payday NV

Instant Payday NV is a third-party service provider that facilitates a person to apply for a payday loan through the website. The application is processed and matched to the lenders in the network. It is then forwarded to the lender who assesses the requirements and drafts a loan proposal to send to the person. Instant Payday NV is not a bank and doesn’t directly or indirectly provide any loans. It is the moneylenders in the network who provide payday loans and collect repayments.

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Conclusion

One important point to remember is that payday loans are also borrowed loans. While credit rating is not considered to provide a loan, not repaying it will further reduce the credit rating. The amount borrowed as a payday loan is also reflected in the credit history. If a person doesn’t repay the payday loan and doesn’t inform the lender of the same, the lender has the right to report the person to the credit bureau. This could, in turn, further affect the person’s chances of getting a loan.

The best way to continue getting 24 Hour payday loans Las Vegas is to repay the loans borrowed from the lenders. And if under any circumstances, you cannot repay the loan within the stipulated time, inform the lender as soon as possible. They might be able to help you get extra time without having to pay too much interest and further degrading the credit rating.

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