Can You Get a Payday Loan With No Credit?

It’s difficult not having any credit. It isn’t necessarily wrong to have no credit. It merely means you haven’t partaken in borrowing money and paying it back within the last seven years. It may be that you don’t borrow very often or that you are just new to the loan process and haven’t taken one out before.shutterstock_169186895

Having No Credit is an X Factor

This raises a flag among financial institutions who lend money, largely due to the fact that they don’t have any information on your lending habits. To them a borrower with no credit is an X factor, a mysterious individual whose habits and financial behavioral patterns are unknown. A borrower with no credit might always make payments on time or may make only occasional payments sporadically. In this case, a bank lender usually chooses not to gamble on the borrower without a credit score making for a frustrating situation when one needs to borrow money.

Slow Build to Credit

One could always work to build credit. It’s usually a lengthy process that involves taking out loans or applying for credit cards with high interest rates and building credit over time through purchases and payments. This method can take a long time and doesn’t help much when you need money right away.


Getting a Payday Loan Without Credit

Another alternative to a bank loan would be to check out a payday lender. Online payday loans allow you to borrow money online quite quickly. Most payday loans are ready the same day or the day after applying. They may be small manageable amounts or, if more is needed, a payday lender will work with you to best determine how much the loan should be for and how long it will take to pay back.

The really great thing about getting a payday loan is the fact that rarely is your FICO score even checked. Many direct lenders of payday loans ignore a candidate’s credit score in favor of doing business and meeting the demand for payday loans.  Can you get a payday loan without a credit score? It is more than just possible, it is very likely if you know where to look. Some lenders even offer bad credit personal loans for folks with poor or bad credit.

Choosing a Direct Lender

Choosing a direct lender for your payday loan is another important decision to consider carefully. Not all payday lenders are direct lenders. Some are merely go-betweens that collect information to sell to telemarketers and spammers. Direct lenders, on the other hand, are directly tied to the loan and the interest and therefore, won’t resell the information. Using a direct lender for your payday loan is a valuable step in keeping your personal information safely out of the hands of those who might.

So now, when you get into a situation where you could really use cash fast but don’t have any credit you know what to do. Find a payday lender that is a direct lender and don’t worry about not having any credit. The money can be as fast as same or very next day after applying and can be applied for online. You’ll be on your way to building credit.

About Kelly Stone

Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. Kelly has 20+ years experience in the short-term lending industry since 1996, having owned 50 storefronts offering payday loans. As President of Snappy Payday Loans, Kelly has built a large network of lenders and is dedicated to ensuring consumers nationwide can find the loan they are seeking. View More