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How Can You Get a Payday Loan After Being Denied?

February 26, 2012 | Comments: 0 | Views: 186

Ordinarily, being rejected for any kind of credit or loan would make it exceptionally difficult for you to be accepted elsewhere. With all applications recorded on your permanent credit history, lenders will clearly be able to view your previous activity, which can count against you.

However, payday loans are far from normal. The first and most important difference is the fact that many lenders choose not to employ credit checks. Those who do certainly won't be seeking the same kind of score that a bank or other long-term lender might.

For those who have chosen to do without this popularly employed risk assessment, the reason is usually one of simple necessity. Credit checks take time and they also require resources, which invariably costs money. As such, if it's not entirely necessary, then there's very little point in employing it. Some form of verification will be required instead, often in the form of faxed documents or a phone call. This shouldn't unduly slow down the process and will only be required for first-time applicants.

Returning to the issue at hand though; the key benefit of applying with a payday loan company that doesn't use credit checks is the fact that it won't matter if you're declined. In the event of a failed application, you can simply try again elsewhere without any negative repercussions.

In fact this is why brokers have become so popular within the industry. Ordinarily, if you were to apply for a loan through multiple lenders simultaneously, it would be extremely difficult to process, let alone gain acceptance. However, with payday loans you can simultaneously check as many companies as are available without worrying about negatively impacting your credit score or, consequently, your ability to get a loan elsewhere.

This is particularly beneficial for anybody who has a poor credit rating but earns a decent salary. After all, it doesn't take much to damage your score, but it can take months, if not years to remedy any such issues. Therefore even if you have been careful with your cash in recent times, previous issues may thwart any hopes that you may have at getting any form of loan.

Outstanding CCJs or bank and credit card accounts that are in arrears also won't count against you in these circumstances. However, it is important to stress that some lenders do carry out checks and you should never take on more debt than you can comfortably handle. So if you are just trying to get from one month to the next without a view of how you're going to break the debt cycle, it might be a good idea to take stock and review your financial position before committing to any form of additional loan.

The important thing to remember though is that rejection from one lender shouldn't be viewed as the end of the world. It's easy to panic and desperately seek alternatives, many of which may actually cause more harm than good. Even if you're in an extremely tight situation, take the time to evaluate other payday loan companies who may be able to help. Whatever you do though, do not look to pay a broker upfront in the belief that this will speed up the process. This is a highly unethical practice and you're unlikely to benefit in any way.

So in short, it should be relatively straightforward to get a payday loan, even if you have been rejected for another form of credit. Other factors, most notably your salary, will be taken into consideration with any kind of short-term borrowing, which can effectively nullify any issues caused by previous rejections. As different companies have their own unique criteria for accepting applications, you can approach any number of lenders or brokers to find one that can help.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power Loans.

Source: EzineArticles
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