A payday loan can help you make it from paycheck to paycheck, but is it possible if you have less than perfect credit? Payday loan companies usually don’t check the credit of the customer because the loans are short-term. Bad or no credit will not stop you from getting a payday advance since most companies only require paystubs for you to have access to loans.
Keep in mind that payday loans can be quite expensive if used on a regular basis due to the high interest rate. Online payday advances typically have the highest interest rates. Although payday loans can have interest rates in the triple digits, their short-term nature should keep you from stacking up a ton of interest.
Additionally, while it may not affect your credit to get a payday loan, defaulting on the loan will impact you negatively. Payday loan companies can send a defaulted payday loan to a debt collection company, which then reports on your credit negatively—which brings down a bad credit score even lower. This is why it’s important to choose a good company that is trustworthy.
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