You may have an excellent or good credit score. You may have an average or below average credit score. Till you are within the ambit of just below average, your credit score is fine. You can improve it if you keep paying your bills on time, if you don’t default on a loan and if you don’t have any financial misfortune. After you fall from the below average credit history, you can have either bad or poor credit score. The only other instance can be where you don’t have any credit history and thus credit score is nonexistent.
Payday loans are truly for people with bad credit. Those who have excellent or good credit score will definitely qualify. Those with average, below average, bad or poor will also be eligible but there is a rider. Lenders of unsecured short term loans do not conduct credit check or rely on the credit score to approve payday loans. When you get quotes for payday loans through Payday Pug, you can be certain that these lenders will not hold your credit score against you. However, your present credit score may influence some lenders to offer you a higher rate of interest, present some rather unfavorable terms or reduce the loan amount they would approve you for.
When someone has a very poor credit score, it raises all the red flags. Bad credit is not the same as horrible credit. Some people keep on borrowing money and don’t repay. Some people have multiple loans pending and yet they keep on applying for payday loans and other unsecured short term loans. Such profiles get flagged and they have abysmal credit scores. Lenders cannot be blamed if they protect their interests and try to avoid such borrowers. Hence, it is true that payday loans are available for anyone regardless of credit score but there are exceptions.