Do Payday Loan Places Run Credit Checks?
November 4, 2021 | Louis Tully
If you have a bad credit score and need cash fast, you are likely researching the payday loan places near you wondering if they run credit checks. Most likely, you’re facing a financial emergency and worrying that your poor credit may be a serious obstacle in borrowing the money you need. But do you really need to be concerned about it? Do payday loan places actually run credit checks? Let’s find out!
Here's What You Need To Know About Payday Loan Places If You Have Bad Credit
Do Payday Loan Places Run Credit Checks?
Many payday loan places do not run credit checks, but some do. Even those lenders that welcome all credit types often reserve the right to check a credit score. In fact, near all payday loan places will run a soft credit check to ensure that they aren't lending out money to any frauds. However, it is unlikely that the results are going to disqualify you if it turns out your credit is less than average.
Most of the time, the soft credit checks performed by payday loan lenders aim at confirming that you are a legit individual and potentially pre-approve you. Even though a soft credit check may sound like a traditional credit check, it has a completely different intention, making it different from traditional credit checks. In this sense, most payday loan places do not run credit checks even if they run soft credit checks.
Here at Fast Payday Loans of Kentucky, LLC, your credit score doesn't matter to us. Factors such as bankruptcy, bounced checks, and bad credit scores do not affect your ability to get one of our payday loans. You don't have to worry about bad credit affecting your loan approval process.
How Do I Know Which Payday Loan Places Run Credit Checks?
Most payday loan places are very upfront about how they handle credit. You should be able to find out their approach by reading home pages or calling representatives directly. Even payday loan places that claim no credit checks, however, sometimes perform soft credit checks. Once again, soft credit checks are not like traditional credit checks. Their purpose is usually to pre-approve you for an offer.
What If I Have Bad Credit?
If you have bad credit, you shouldn't worry about the possibility of being denied by payday loan places based on your credit. Does bad credit play any role in the payday loan process? Yes, it does. People with bad credit history may not be able to get the same amount of cash as those whose credit is good. Though being able to borrow a smaller amount is still better than not being able to borrow any at all, isn’t it?
So, don't let a bad credit score stop you from applying for the payday loan you need. If you have bad credit, don't be afraid to fill out our inquiry form online. Once again, we welcome all credit types, including the good, the bad, and everything in between.
How Does A Payday Loan Work?
A payday loan works by bridging the gap between your paychecks. These short-term loans are an option whenever you come across an emergency or unforeseen expense that you can’t cover until your next payday.
You get started by filling out our inquiry form online. A representative will then call you to set up an appointment. After applying for the payday loan, you can get the money as quickly as the same day or the next business day.
Once you are approved, you can get anywhere from $100 to $500 from a Fast Payday Loans of Kentucky, LLC payday loan.
What Do I Need To Qualify For A Payday Loan?
In order to qualify for a payday loan, you do not need a phenomenal credit score, but you will need the following items to get approved:
- Be 18 years or older
- Have a valid driver’s license or state-issued I.D.
- Blank check from a checking account in your name
- Most recent pay stub
Get Your Payday Loan Today!
The vast majority of payday loan places do not run credit checks, but you will need to check with individual lenders to find out how they go about the approval process. Many payday loan places reserve the right to run credit checks even when they welcome all types of credit.
Here at Fast Payday Loans of Kentucky, LLC, your credit history is not a factor in our loan process. We encourage all people, regardless of credit type, to reach out to one of our locations if in need of a payday loan. So, get the process started today by filling out a short inquiry form on our website to receive your needed money by the end of the day.