Before you can be approved for a payday loan, your lender will carry out a series of checks to ensure that you will be able to repay your loan.
What Is A Credit Check For A Payday Loan?
As a responsible lender, Pheabs performs credit checks before approving payday loan requests. A credit check is an automatic part of the loan request process, which gives the lender access to your financial details. This helps the lender decide whether you are eligible and if you will be able to afford the loan. Read our guide on how credit checks work.
Am I Eligible For A Payday Loan?
Pheabs makes it easy to find a straightforward same-day loan anywhere in the US. There are only a few simple requirements to be eligible. Firstly, you must be a US resident, and you have to be at least 18 years of age. You would also need to have a consistent income with earnings at a minimum of $800 per month. Lastly, you are required to have a checking account that your payday loan can be deposited into.
You can submit an enquiry for a payday loan with Pheabs online in just a few minutes. You will need to provide some basic personal information such as your address, date of birth, and bank details to prove that you are eligible. Submit a form today to get the, and you could see the money in your account in one lump sum in just one hour!
Will My Credit Score Affect My Ability To Get A Payday Loan?
A bad credit score does not necessarily mean you won’t receive a payday loan. Pheabs considers all credit histories, including poor credit. When you submit a form for a payday loan with Pheabs is 100% online, completely free, and will not affect your credit score.
Why Are Checks Carried Out For A Payday Loan?
All responsible lenders try to ensure that their clients can afford the loan that they are requesting before approving it. Pheabs carries out these checks to prevent the difficult situation that arises when you can’t repay the loan and fall into gathering debt. If you become unable to meet repayments on time, this could negatively impact your credit score, cause wage garnishment, or create a lawsuit. The checks carried out are important to protect both the client and the lender.
How Long Do Checks Take With Pheabs?
With Pheabs, the loan request process is completely online. All credit checks are an automatic part of the loan enquiry process, which allows us to provide an instant decision on your loan. Banks can take weeks to come to a decision and often deny poor credit scores when reviewing your loan.
If your loan request isn’t approved, you’ve wasted time and effort, and still don’t have the cash you need. Our results come back almost instantly to help you get a running start at getting your finances under control. Once you have been approved for a payday loan with Pheabs, your money will be in your account in one lump sum the same day you are approved!