Many people applying for payday loans always ask what credit check is all about. There are credit checks companies that keep reports on your ability to pay you’re your loans in the past. Any lender intent on giving you a pay day loan may will ask for a credit report as a prerequisite for getting the payday loan. This report looks at various issues. For one, it reviews your debt-income ratio to ensure that you are in a favorable position to pay the pay day loan advanced to you. If the debt is bigger than your income disposition, then it means that ability to pay your loan undertaking is greatly diminished and so you may not be eligible.
Some people also have more than debt obligations that are existing at the time of the application for a payday loan. The lender would be wary of you taking up an additional pay day loan when you have existing obligations.
Another factor that is addressed in the credit report is the loans that you have taken in the past and how you repaid them. If there is a default on the payment, then it would mean that you will most likely default on the payment and may therefore not be a suitable candidate.
Credit report will also indicate any attempt the number of debts that you have had and whether you have successfully paid the amount due in full. If there is indication that you have had issues completing the loans, then the lender will consider you a bad payer and a credit risk. This may jeopardize your chances of getting a payday loan.
Lastly, the credit report will address the issue of credit score. This is a mathematical scored weighted from the above factors-payment history, unpaid debts, new credit taken and so on. The score may be high or low depending on how you have performed at each. A low credit score would mean you are a bad payer and may have a problem securing a pay day loan.
Based on the above information, there is need to provide a payday loan online no credit check kind of service to people with bad credit check.
Once you apply, you will not be obliged to provide the credit report. Our role is to facilitate your application and match your application with the most understanding lender. Once you secure the payday loan, we than take over again and negotiate on your behalf so that you will have longer repayment period based on little but manageable payment so that you do not default on your payment. This is important in helping you improve your credit score.
For payday loans no credit check, we will process your application within 24 hours.