Looking to borrow cash in the form of a payday loan? If so, you might be concerned about the lender performing a credit check on you. This concern is justified because your credit score can be negatively damaged by too many audits in a short time frame.
As with anything, payday lenders vary in their ways of doing business. While one company may check your credit standing, another may ignore it completely. As a rule|Oftentimes payday companies will look at a borrower’s standing with any current loans they may have along with their work history. Another decision point could be the applicant’s net income.
The primary reason a borrower should be concerned about a credit review affecting their credit score is whether they’ve had their credit history reviewed recently by another lender. If you haven’t borrowed money within the past several months, a credit check should not have a lasting effect on your score.
High risk borrowers should not make credit reviews their first consideration however. If you think you run a high risk of not being able to repay the borrowed cash on time, you might want to consider other loan sources. You don’t want to further harm your credit rating if you can’t pay back a loan.
It may be possible to obtain cash without any credit check whatsoever, but the chance is slim. You’re better off discovering a reputable company and just making sure you pay off the cash on schedule.
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