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If you find yourself short on funds from time to time, you are not alone. Nearly 80% of American workers say they are living paycheck to paycheck according to a recent CNBC poll. A sizable portion of those workers also struggles with maintaining their credit rating at a level that banks would approve for credit.
This sets up a situation that leaves few options for financing when an emergency or unexpected bill requires payment. One way to apply for quick financing without worrying about your credit score is to find a licensed short-term lender in your state.
Many people worry about applying for short-term financing if they have a low credit score. Face it, traditional credit through a bank or credit union is not an option for those with a lower score.
Short-term payday and installment lenders can fill the void for many people that find themselves in this situation. The application can be completed at a store location if convenient and most lenders also offer online options. And, opposite to banks, the application process is quick and easy.
With this type of loan, you will need to be able to repay the money within a relatively short timeframe. Some require repayment as soon as your next payday, hence, payday loan. Installment loans, similar to payday loans, break the repayment into smaller payments over a longer period of time. You’ll want to check with your lender to see what your options might be when applying.
Even though you can be approved without a traditional credit check, you still need to provide some critical information. They will need your banking information, likely a recent account statement. Also, a government-issued photo ID with your current address is required. Proof of income will also be a key component to obtaining a short-term loan as this is a requirement. This can usually be obtained from your bank statements if you receive direct deposit or sometimes a paycheck stub will suffice.
This type of loan is a fast and convenient way to get yourself out of a bind or an emergency. We cannot predict when something will happen that requires us to have extra cash in a hurry. The important thing to remember is that many short-term lenders provide financing the same-day or within 24 hours of the application.
These lenders often fill the void left by traditional lenders who aren’t willing to provide financing based on a low credit score. If you’re in that category, short-term loans could be a potential answer for solving your next cash shortfall.
It is highly recommended that you find a lender that has been licensed by your state. This provides you with a lender that has been vetted and audited by your state regulators. All reputable lenders will post their state license in the store or online.
Are you looking for a fast easy loan but worried about bad credit? It’s okay! We’re here to help. For online payday loans, apply online. Or come into one of our 22 locations today.
*In order to receive a same-day online loan, it must be approved by 2:00 pm EST. Eligible loan amounts vary by state and product category.
There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.
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