Emergency Payday Loans - Make Sure You Get Your Loan Granted The First Time You Apply
Monday, September 19, 2011
A great thing about a pay day loan is that the the big lenders like fast loans will probably let you take out a loan regardless of whether you have a bad credit score. Actually more often than not lenders don't even check the borrower's credit rating when they do a pay day loan deal.
Even on the occassions that they do, they aren't put off by a poor credit history even when you do have one. Instead they can rely on their own scoring factors to decide if your request will be a success. For instance, if you apply to borrow less than 33% of your take home pay you should avoid raising a red flag that says you could struggle to settle the debt. Remember, this is the only thing the money lender cares about - am I going to get my money back or is this person just digging themselves into a deeper financial hole?
One other way to raise a red flag is to lie about your credit history. If they find one lie, irrespective of how tiny, they'll more often than not turn you dowm because they cannot be certain if you have held the truth back about anything else on your application.
Just be honest with your application and when applying for the 1st time with a pay day money lender always ask for a low amount - I recommend between 1/4 and a 3rd of your disposable income will practically guarantee your application is a success. After that, if you should need to borrow again from them you will be able to apply for more and be accepted as you have proved yourself as a good and trusty customer.
Payday loans are a handy way to avoid bank overdraft fees or to stop a utility being cut off but they should be used during periods of monetary emergencies because of the high interest fees. Always compare offers and find the right deal to meet your necessities instead of just signing up for the 1st payday loan you see advertised on The T. V..
Even on the occassions that they do, they aren't put off by a poor credit history even when you do have one. Instead they can rely on their own scoring factors to decide if your request will be a success. For instance, if you apply to borrow less than 33% of your take home pay you should avoid raising a red flag that says you could struggle to settle the debt. Remember, this is the only thing the money lender cares about - am I going to get my money back or is this person just digging themselves into a deeper financial hole?
One other way to raise a red flag is to lie about your credit history. If they find one lie, irrespective of how tiny, they'll more often than not turn you dowm because they cannot be certain if you have held the truth back about anything else on your application.
Just be honest with your application and when applying for the 1st time with a pay day money lender always ask for a low amount - I recommend between 1/4 and a 3rd of your disposable income will practically guarantee your application is a success. After that, if you should need to borrow again from them you will be able to apply for more and be accepted as you have proved yourself as a good and trusty customer.
Payday loans are a handy way to avoid bank overdraft fees or to stop a utility being cut off but they should be used during periods of monetary emergencies because of the high interest fees. Always compare offers and find the right deal to meet your necessities instead of just signing up for the 1st payday loan you see advertised on The T. V..
About the Author:
The writer is a financial counsellor specializing in payday loans and other instant cash loans. He endorses before signing a loan agreement you always online mortgage loans carefully to make certain you get the best deal.
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