More recently, the industry has researched payday loans for bad practices, which can cause some people to wonder why anyone would use the service at all. With so much negative press condemned the industry, it makes it difficult for those who have never used the service to understand how lenders are keeping their business alive. Is payday loan industry survive the onslaught of mass media or their services become obsolete?
Many may be surprised to find that 6% of Americans of all demographics across the nation have used payday advance services in the last five years, according to a recent study PEW. Though maybe surprising to those who only industry exposure is through negative media portrayal, payday loan industry seems to thrive despite the scrutiny.
Payday loans are probably the quickest and effective way to borrow money instantly. Regardless of the credit or FICO score, anyone can apply for a loan as lenders do not run credit checks to approve the application. This is actually a short-term cash, especially designed for individuals with less than perfect credit to meet their immediate financial needs.
Therefore, if you are facing financial problems such as sudden car breakdown or major medical bills, you can opt for these loans. Have no fear, your credit will not find a way of loan approval. Remember, to pay back the loan on time, on the day or on the next payment due date as agreed upon by you and the payday lenders to avoid paying an arm and a leg in interest.
Here are the basic requirements to get your payday loan application is approved.
• Proof of income – To qualify for these loans, you must have a monthly income of at least $ 1,000. Paystub you can use as proof of your income. Your bank account must also be verified as active.
Although our FICO score defines us in many aspects of our lives, payday lenders have been taking requests for the creditworthiness of short-term, small-dollar loans with no credit check loans offer
While payday lenders non-traditional among some who do not look at your credit history before approving you, traditional lending institutions move further away from the “FICO score only” mentality and move on to other ways to assess consumer creditworthiness.
Consumer information provided to the lender for the use of payday loans apply for credit, including checking accounts applicant, employment, and income information. Most lenders will require the applicant to provide a reference, whether personal or professional. That’s the minimum amount of information is all that is needed to approve someone for a loan quick and temporary. A step up from that is the title of a car loan lenders who use the car collateral for the loan consumers in which the above.