Payday Loans for Bad Credit at nation21
Some financial blunders may happen in your life, and dip your credit score to undesirable levels, thereby landing you in the ‘Bad credit’ category of borrowers. Soon after, you have an emergency at hand and nowhere to go, you are left wondering if you can remedy the situation. The good news is that we at Nation21 have foreseen this and are able to match you with a lender that is not so concerned with your past financial mistakes.
A credit score is the credit worthiness of an individual; it is also the measure with which lenders use to gauge your ability to repay any loan advanced to you. The score of zero shows that you can never repay any loan given, while 1000 indicates that you are most likely to pay back your loan in time. That said, if your credit score is below 650, most traditional lenders are unlikely to advance you any loan. With that in mind, here are some factors that contribute to a poor credit score.
- filing for bankruptcy
- Defaulting on loans.
- Late loan repayments
- Home foreclosure
- Collection agencies descending on you
Is Bad Credit Payday Loan Approval Guaranteed?
It is a well-known fact that banks do not give credit to individuals with bad credit and when they do, the conditions are not favorable to the borrower. The bad credit loan approval guarantee is offered to these individuals with poor credit history by online lenders. They usually carry out soft credit checks as a routine for qualification, once the online application has been submitted.
However, you must have a verifiable source of income or a recurring job history, be above 18 years of age and hold a National id or passport. An operational checking account is a must, plus you must not be on active duty as military personnel.
The limits on bad credit payday loans are capped at between $100 -$1000, varying from one state to the other, Nevertheless, you may not qualify for the maximum limit the first time you apply. But, with continued trust between you and the lender, subsequent amounts will increase.
Short repayment periods are the norm, usually two weeks or the next payday. A flat interest is charged on the principal amount; bearing in mind that a bad credit payday loan can actually increase your credit score as you make regular repayments on your loan.
How to improve credit score
Deal with your financial problems. Bad credit is an indication that you are not only having current financial difficulties, which require urgent attention but that your history had a financial crisis as well. To remedy this you have to repay your old debts.
Pay your loan on time. A payday loan comes up for repayment within two weeks or on the next payday. Be sure to keep this commitment and avoid increasing the term of the loan, because this attracts additional penalties thereby increasing your debt burden.
Look for a trustworthy lender. Different lenders have varying parameters of credit worthiness for borrowers; locate a lender who will give you peace of mind.
Pay your bills on Time– whether it is a power bill, a water bill or any other utility bill, make a habit of clearing them on time because a potential lender may consider your application based on how timely you settle these essential bills.
Things you need to understand about payday loans.
- It is a fast source of money when faced with a financial crisis.
- It can help guard your credit profile by helping you paying off other debts when they come up for repayment.
- They are short term and attract very high-interest
- Late repayment means extra costs in fees and penalties, which in turn affects your overall credit score.
- They should be used exclusively for emergency situations
In conclusion, if you are faced with an emergency situation and you know full well that your credit score is unfavorable; let that not be a hindrance when it comes to accessing cash advance. However, we do not dictate the terms of the loan but shall work hard to match you with a lender who will sort your current financial situation in spite of your bad credit score.