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I am currently employed or I receive recurring income regularly.
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My paycheck is direct deposited into my savings or checking account.

Learn Why Consumers With Bad Credit (or None at all) Have Nothing to Fear

If you're applying for a cash advance and you've got a shaky financial past, there's no real need to worry about your current status. One of the most attractive qualities about this industry is the standard practice of not performing checks prior to issuing funds. This means that your financial history will not impact the total amount of money offered to you in the form of a short-term loan. The advantages to a customer with financial blemishes of choosing a lender that does not run checks is huge, if for no other reason than the fact that the company will never know if the person submitting the application form has encountered financial issues, or otherwise.

The Effects Borrowing Has on Your Report

Every time you apply for a credit card or loan (with few exceptions such as an unsecured advance) it gets noted on your report. Issuing banks like to know how often you're applying for new credit, increases, or even extensions so they can better understand your current monetary situation. This is why it's incredibly important to limit the number of things you apply for, since it could be interpreted as a desperate search for free money and could mean that you have a diminished ability to repay the amount owed. Creditors will opt not to take a chance in most cases, so it's in your best interest to research your options completely rather than apply for loans or cards all over the place.

Since the three main reporting bureaus and unsecured lenders don't really exchange information with the regularity that other types of companies do, this means you're free to apply for a number of advances as often as you want. Keep in mind that the industry itself has a system that tracks the number of loans you sign up for, so even though completing a number of applications won't impact your ability to qualify in the future, it will limit the number of these kinds of transactions you will be eligible for in the short-term.

Will I Benefit?

A common misconception is that borrowing will always improve a person's rating; in other words, that a person with no history could frequently request a short-term loan and pay them back on time and, in doing so, establish a history. This is not the case, since unsecured lenders do not report to the various bureaus unless a customer has defaulted on a payment. As you can see, choosing this route has both benefits and consequences if you have financial blemishes (or no history at all) - it increases your eligibility to actually receive funds, but at the same time it will not benefit you in terms of establishing a history that shows your ability to pay debts back on time.

Pros and Cons to Think About

Because the majority of unsecured lenders out there don't employ a stringent approval process, you are essentially going to receive funds guaranteed if you meet the other basic requirements. This means you can rely on these services to meet any kinds of monetary shortcomings that might arise unexpectedly. The lenient approval process allows you to get approval lightning fast, which means you get the money you need faster because the time consuming process of waiting on the bureaus is bypassed.

Though the convenience factor of having access to all this money is tempting, you must offset this by planning your budget for the following week(s) appropriately. Brick and mortar lenders and online providers alike make most of their money when you are not able to pay back the amount you owe on the date listed within the contract. This action (known as rolling over your balance) can be extremely costly, so if you've decided that this service is the solution for you to be sure to plan a budget!

Since there are so many different lenders out there, systems are being developed that track where you request any type of online short-term lending solution - no matter what company you do it with. These companies cooperate with each other (sometimes) because they want to know if Joe Nomoney has more than one payday loan outstanding somewhere else. If this fictitious character did, it would lessen the chance that the new provider would ever get a repayment, so it would logically be safer to reject Mr. Nomoney's application. In order to ensure that your application is approved on the first try, it's important to research your provider so you know that their product is the right one for you. If you submit more than two or three applications in one day, you are pretty much guaranteed to get rejected for your request - so choose your vendors wisely!

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