are a means for rescue when one is short on money and cannot apply for a traditional loan for various reasons. When one gets rejected by other lenders such as conventional ones due to not being able to offer collateral or due to having a bad credit rating, they opt for payday loans since these loan lenders are more lenient than the others. However, do payday loan lenders offer cash advances without any terms and conditions? Let’s first have a look at scenarios in which they do offer loans:
Bad credit:
A huge number of Americans possess credit scores that are average or below that. That means that they hold credit ratings below 600. This can make it difficult for them to get a loan from a traditional or a conventional lender. Traditional lenders often reject borrowers whose credit scores are below 600 since they depend on the previous financial transactions and repayment histories of borrowers in order to come to a conclusion about whether they qualify for a loan with them or not.
However, payday loan lenders do not depend on one’s credit rating in order to offer a loan to him/her. That’s because they do not believe in one’s past financial transactions and repayments in order to give them a loan. They instead ask for the individual to have a stable monthly income which is the main factor that determines whether or not one can receive a loan from them.
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Collateral:
holder seeks a loan from a traditional lender, it is most likely that the lender will turn own the request. However, average credit rating holders can get a chance to receive a loan from these lenders provided they have something to offer as collateral. That means, they have to put something as valuable as a car or their house at stake in order to get a loan from them. Not everybody has a vehicle of their own or a house that they own to offer to a lender as security, which makes it difficult for them to get a loan. However, payday loan lenders offer unsecured cash advances to their borrowers. This makes life easy for those who have bad credit but nothing to offer as security or don’t want to risk something by putting it up as collateral. Again, as long as the borrower has a stable income, it shouldn’t be a problem for the lender to offer