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The actual definition of “bad credit” seems to change as the economy changes. When the economy was great and all the banks were giving out loans, someone with bad credit was someone who had a score in the 500’s. Nowadays, if your score is even as high as 700, a banker may ask you why your score is so low! People are continually getting turned down for mortgages, even when their score is in the low to mid 700’s.

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Simple. Make your payment by direct debit from your bank on payday. Make sure that the direct debit is dated for your payday, or as close as possible to it, and you will always have money in the bank when the payment is due. If you are paid on a certain date each month, make the direct debit for that date.

If the person comes in and does not have the money owed, then they have the option of paying the finance charges and get a “roll” of the loan which means a new deadline to payback. However, they have new fees and a new interest rate. This is where the trap sets in. If one cannot pay off the amount in full, and they keep rolling the loan, they wind up paying more in interest in fees just to borrow a small amount of $100.00.

Traditional loans take a long time to process and require a lot of work on your part, but a payday loan is quick and simple. You never need to get a credit check, so you do not have to worry about being denied because of credit problems. You also do not need collateral, so there is no risk of losing any of your property. The benefits of this type of loan are easy to see when comparing it to a traditional loan.

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