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Payday Lender - Pay Day Service
Payday Lender Information:
There are many pay day loan services a person can go to for a loan. These lenders normally offer loans from
$100 to $1500. The amount a Payday Lender will loan will vary based on state laws and their own lending
requirements. Most first time pay day loan borrower should only expect loan amount to be in the $100 to $300 range.
You may be asking yourself, "Why are they saying they will loan $1500 when I may only get $300?"
Here are the 2 main reasons why.
- Most Payday Lenders do not do check credits. The asumption here is, the borrower has bad credit.
- A Pay Day Loan is unsecured. So, there is a higher risk to the lender for this type of loan.
Here is the Payday lender's thinking on these 2 points. The person applying for a pay day loan most likely
has no other sources of credit. It is then assumed, the borrowers most likely has poor or bad credit. This
points to a poor repayment history. This equals high risk to the pay day lender. (This is also why your interest
rate will be high) The pay day lender wants to be sure you will pay on time before they will borrow you
$500 or more.
The only way for you to have access to these higher credit limits is to create a positive history. It may mean 2, 3,
or even 4 completed pay day loans before you will qualify for these higher amounts.
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