Bad credit loan is a loan for individuals whose credit score is under 500 points. Low credit score on a credit report is a bad news. This usually spells a loan application denial. Majority of banks turn down applications form bad credit holders unless they have some kind of collateral that can offset the requested amount of loan. If no collateral is possible, there will be no loan available.
Payday loans are a bit different in this respect. They are intended for individuals with bad credit. Majority of payday loan borrowers have terrible credit history, but lenders are still willing to lend them money and take the risk involved in such a transaction. As a matter of fact the risk is rather minimal. Sooner or later the loan will have to be repaid with collection fees, legal fees, and etc.
Online direct lenders offer bad credit payday loans with no faxing or documents or even employment verification. They run standard Telecheck and Teletrack reports to see how badly the applicant is doing. Many applications are rejected off hand. If you think that you will get a payday loan with bad credit fairly easily, think again! Almost 50% of all the applications are denied. This of course doesn’t mean that all individuals with bad credit will be rejected. Fifty per cent are not!
When you apply for a loan online, you are guaranteed no to have any documents or faxing involved in the process. It is completely only and in an electronic form. When you are approved, you sign an digital contract containing the terms and conditions. Your repayment will be due in 30 or 60 days.
Lenders in our network use an instant approval system, which guarantees high results and very short waiting time. Your application is processed instantly and approved or rejected while you are waiting.