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Bad credit isn't necessarily a massive impediment to successfully applying for a payday loan, but it can be a consideration. In the most part, lenders are looking for a borrower who is able to meet their basic requirements; this covers residency, banking and salary. A credit check is simply used to verify your candidacy and pinpoint any particular issues.
The issue with the credit rating system is that you can be held back as a result of issues you encountered up to five years ago. Whilst your recent history will take precedent, you could find that those skeletons in your financial wardrobe can creep up on you and make it difficult to secure finance. This can mean that long-term bank loans are simply unattainable.
Therefore those with poor credit are often forced to find alternative sources to get the cash they need. This includes payday loans.
Payday loan providers are fully aware of this though and as a consequence have a far less restrictive way of determining eligibility for finance. This is aided by the fact that they are only short-term financing agreements and therefore the borrower must repay it within a finite period (ordinarily less than a month). Therefore the risk is mitigated by the understanding that the borrower will have the full amount borrowed on their next payday.
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