Answers to questions about easy cash loans and bad credit
If you need to borrow cash loans until payday, but you have bad credit, you can apply for easy cash loans at Personal Money Store. In many cases, funds can be deposited to your bank account very quickly.
What are the minimum requirements?
If you have a valid social security number and a steady job, you may qualify for easy cash loans. Online payday lenders typically require that you:
- Have a valid social security number
- Be at least 18 years old
- Have a permanent street address
- Be currently employed
- Be employed at your current job for three to six months, depending on the lender
- Have a minimum income of about $1,000 a month, depending on the lender
- Have a valid bank account with direct payroll deposit
What about credit checks?
One of the main goals of payday lenders is to provide short-term credit to people who might not otherwise be able to meet lending standards because of credit problems. Credit reports are sometimes required for easy cash loans, although many payday lenders do obtain consumer reports from Teletrack.
What is Teletrack?
Teletrack is a consumer reporting agency operating under the Fair Credit Reporting Act, the same federal law that governs the three major credit-reporting agencies. The consumer information provided by Teletrack is obtained from payday lenders, rent-to-own businesses, furniture stores that provide financing, cable and telecom companies, non-prime lenders and credit unions.
Will a Teletrack report show up on my credit history?
Unlike reports from Equifax or the other major credit-reporting agencies, a consumer report from Teletrack will not show up on your credit report and will not affect your credit score. Payday lenders use Teletrack to verify the information provided by borrowers and to avoid fraudulent applications, but they don’t use them to access credit histories or to determine credit scores.
Should I apply?
Yes! What is there to lose? Remember that payday lenders are in the business of making easy cash loans to people with credit challenges just like yours. Some lenders even offer installment loans for bad credit. When you apply at Personal Money Store, you’ll instantly be matched with the best payday lender for your needs, and you’ll find out right away whether your application is approved. If you meet the lender’s minimum requirements and your application is honest, chances are good you’ll soon have the extra cash you need.