Are Payday Loans Good or Bad? Payday loans are short-term cash advances borrowed especially between paydays to address cash shortage or to meet unavoidable expenses; for example, fixing a car or visiting a doctor. Store-based lenders, as well as the online ones, offer such financing without running through your credit within a day of application. You can avail anything between $50- $1000 without any obligation on spending, but need to payback on the due- which is the coming salary day….

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How to Take Out a Payday Loan Without a Bank Account Payday loans are easy to avail, but only if you have a checking account. Since these debts are granted even to people with bad credit, and there is no collateral pledging, checking account and regular income of the borrower guarantee the repayment. A checking account is preferred because the lender can deduct the amount on your salary day automatically. If you do not have a checking account, taking out…

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Do Payday Lenders Report to the Credit Bureaus? Payday loans, unlike any other loan, are not just easy and fast ways of availing cash, but also quite flexible when it comes to the borrower’s credit part. Payday lenders such as EZPaydayCash do not run through credit to fund you as up to as $1,000. Needless to say, when the credit score is not so important while approving the loan application, why would they report your borrowing activity to the credit…

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Factors Lenders Might Be Rejecting Your Loan Application For Nothing is more saddening than getting rejected for a loan, especially when you need one urgently to fix the cash crunch issue. However, the truth is that traditional personal loans are not easy to qualify. There are multiple reasons why one gets rejected. 1. Bad credit score: Conventional lenders are very strict about credit scores, and they run through your credit reports to ensure the trustability before financing. A bad credit…

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What Does Your Credit Report Say About You? A credit report is a detailed document of a person’s borrowing history. There are three primary credit bureaus who prepare these -Equifax, Experian, and TransUnion- when lenders and/or debt collectors report their lending activity to a borrower. They also report late payments, defaults, and complete repayments. There are also secondary credit rating agencies who prepare such reports. However, not every type of loan gets reported, neither every lender reports. Based on the…

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Is It Possible to Have Multiple Payday Loans Around the Same Time? Payday loans are most preferred short-term debts by the low and medium income groups in America. Since these cash advances give access to cash between $50 and $1,000, even with an APR of 400% it is easy to payback on salary day. However, sometimes you might need more cash, and may want to avail of a second loan when the first one is outstanding. In that case, it…

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How Does a Checking Account Work? Checking accounts or transactional accounts are primarily used for quick money transactions, and not for savings. For frequent bill payments or short-term small deposits, these are widely used. Whenever someone pays a bill, s/he writes a check with a definite amount, and the receiver of the check goes to the bank and takes out the same amount of cash. Apart from this, Automated Clearing House (ACH) system also helps move money from one checking…

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Multiple Payday Loans at a Time: Is It a Good Idea? Payday loans are short-term emergency cash loans primarily advised to borrow when there is no other option to tackle the need for money. These are easy to apply and avail- often on the same day. Both online lenders and store-based companies would fund you up to $1,000 through such debts. Once approved, you have to pay it back by the next payday with an average APR (interest + fees)…

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How to Qualify for a Payday Loan? Payday loans are the most convenient and immediate way of getting financed during a cash crisis. These short-term debts can give you instant access to up to $1,000 on the same day of application. Credit companies like EZPaydayCash do not even run through credit to approve borrowers’ applications. It clearly means that having good credit is not required to qualify for such cash advances. Similarly, being unsecured loans, these do not require you…

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