Rest assured you can find a genuine and legitimate payday loan online. Every lending network we’ve looked at today is real and works with real lenders to deliver legitimate payday loans online.
There are some things that separate legitimate lenders. These lenders must have a license to operate and lend money in your state. Not all lender networks operate in all states, so be sure to check the fine print and see if the network can help you.
If you aren’t sure whether a payday lender network is legitimate and can legally operate in your state, get in touch with the attorney general office for your state to learn more. Some companies establish themselves on tribal land or even offshore to skirt state laws.
You should never do business with a lender or network that doesn’t have a legitimate license to operate. These companies likely don’t follow consumer laws designed to protect you and typically have high interest rates or unfair penalties you can’t afford.
What Type of Loan is Easiest to Obtain?
Generally, the smaller the loan you request the more likely you are to get approved for it. Borrowing only a small amount of money puts less risk on the lender compared to a large loan. Lenders also consider your credit history and credit score when deciding to approve a loan or not. A low credit score generally means having to pay higher interest rates than someone with a good one. For example, someone with a bad credit rating between 300 and 579 could pay up to 32% APR while someone with an excellent rating of between 760 and 850 only has to pay 10-12% APR.
Almost every lending network we’ve looked at today has low minimum amounts for cash advance loans, often as low as $250. You shouldn’t have much trouble, if any, getting approved for a loan that small even if you have a bad credit rating. The most basic requirements are making at least $1,000 per month and having been working at your job for at least 90 days.
If you’re looking to borrow more than a few hundred dollars, you’ll typically have to demonstrate a little bit more. Lenders will consider your credit history and your employment history before approving a loan of greater amounts. This can include evidence of a certain amount of assets owned or income generated from a job. These documents may include a bank statement, pay stubs, tax forms, and other similar documents that demonstrate your financial stability.
If there are any questions about the reliability of the lender or your application, see if they will work with you to find solutions. Payday loans are always available for short-term funding needs so don’t let one setback put an entire loan project in jeopardy.
Can I Find a Loan with a Credit Score of 450?
A credit score of 450 is low, but the good news paydayloanstennessee.com/cities/gadsden/ is you could still find a loan with that credit score. The downside is that you’ll likely pay a higher interest rate than you would if you had a better credit score or better credit history.
Most people have a credit score between 300 and 850. A score between 300 and 550 is considered very poor, leading to the highest interest rates. A score of 450 is far below the national average for American credit scores.
Roughly 277% of people with a score of 450 have credit histories involving going 39 days or more past due on at least one payment in the past ten years. People with this credit score also have an average utilization rate of 127.9%, meaning they are using 29% more than their spending limit with credit cards and other credit lines. You need to keep your credit utilization below 30% to maintain a healthy credit score.