Can You Get Payday Loans with a Credit Score of 500?A credit score of 500 or lower is often a red flag to people who hold your financial fate in their hands. But it is possible to be able to borrow cash when you really need it, even if you have a lower credit score. The important thing to keep in mind is that most traditional lenders will turn you down, so instead, look for alternative lenders and loans, like payday loans that you can get online.
Traditional Lenders Are Strict about Credit – Payday Loans Aren’t
Traditional lenders are among those people who see a big red flag when they see a credit score of 500. This is often a cut-off line that lenders—especially those at banks—use to automatically disqualify a borrower. They have strict rules that they have to follow because they are not independent lenders; they work for a big bank or other company and have strict guidelines they must follow when approving borrowers. Lenders who offer payday loans are not that strict and have more flexibility to get people approved.
Yes, It is Possible to Get Approved for Payday Loans with a 500 Score
So the answer is yes, you can get approved for payday loans even if you have a credit score as low as 500. This is not a guarantee that you will get your application approved, because there are individual factors that come into play for lenders looking at applications. However, we can guarantee that your lower credit score will not be a disqualifying factor that gets you automatically turned away from borrowing the cash you need to make ends meet this week until your next payday.
How Payday Loans Actually Get Approved
The secret to getting more people approved for payday loans, even those with credit scores of 500 or lower, is that there are other things the lenders look at and take into consideration. For example, your income is a more important factor for payday lenders. They take repayment from your next paycheck, so what really tells them that you can afford a loan is what you take home on payday. If you earn enough, you can afford to repay a loan, and you will most likely be approved. There are some other requirements, but they are easy to meet, like having a bank account or being 18 or older.
Turn to Alternative, Online Payday Loans for Cash with Bad Credit
The next time you need extra money, but you are worried that your credit score will keep you from getting approved, try these payday loans. The lenders won’t immediately disqualify you for your credit score, and in fact they may not even check your credit. Don’t sweat your bad credit. When you need cash to pay the bills, when you need money in a day or two, you need online payday lenders to get you approved. They’ll do it easily, quickly, and with the convenience of an online application or mobile app. You have no reason now not to apply.