Payday loans are accessible to consumers with bad credit and generally don't require a credit check. According to the Pew Charitable Trust, about 12 million Americans use payday loans every year, and most of them don't have access to a credit card or savings account. To get a payday loan, all you need is an ID, a relatively good bank account, and a stable paycheck. Lenders don't perform a full credit check or ask questions to determine if the borrower can repay the loan.
Payday loans usually aren't reported to the three major national credit reporting companies, so they're unlikely to affect your credit rating. The Military Lending Act (MLA) provides additional protections for military personnel. Expanded MLA protections include a 36% Military Annual Percentage Rate (MAPR) limit for a wider range of credit products, including payday loans, vehicle title loans, application for repayment loans, deposit advance loans, installment loans and unsecured open lines of credit. Some states, including Nevada and New Mexico, also limit each payday loan to 25% of the borrower's monthly income. Advance America offers quick loans for bad credit online with approval within 24 hours. Department of Defense rules apply to loans subject to the federal Truth in Loans Act, including payday and title loans.
Some payday lenders also offer longer-term loans and request authorization to electronically withdraw several payments from the borrower's bank account, which are usually due on each payment date. Fast loans can provide borrowers with short-term cash when they need it, but they're not the only option available. In the long term, you can also work to fix the underlying financial problems that continue to lead you to a payday loan desk. In states that allow payday loans, you can get licensing information from your state's banking regulator or the state's attorney general. These small, high-cost loans usually charge three-digit annual percentage rates (APRs), and payments are usually due within two weeks or close to the next payday. If you default on your loan and your lender sends or sells your payday loan debt to a debt collector, the debt collector may declare this debt to one of the nation's leading credit reporting companies. In conclusion, even if you have bad or bad credit, you can apply for a quick loan with Advance America online and get your money approved within 24 hours.
Because payday lenders often don't check your credit, applying for a payday loan doesn't affect your credit score or appear on your credit report. A quick loan for bad credit can be a great way to quickly cover an emergency expense, such as a car repair or a medical bill.