Can I Get Payday Loans In Provo, UT With Bad Credit?
If you're interested in Provo payday loans, chances are you have thought about your credit and how it will play into getting such a loan. Loans generally require you to have good credit, do they not? Is it impossible to get payday loans in Provo, UT if you have bad credit?
We understand this concern, so today we'll tell you everything you need to know about it.
The Meaning Of An Unsecured Payday Loan
An important thing to understand about Provo payday loans is that they are unsecured. This means that a borrower does not put up collateral in exchange for the money they are getting in the loan. Some people perceive this as a good thing, and of course, it can be. However, it means something else as well.
Namely, it means that credit has more of an impact on getting approved for this kind of loan. After all, no collateral means a lender has less of a guarantee that a borrower is going to pay them back. In that case, a credit score is how they judge the reliability of a borrower
So, as opposed to secured loans where the collateral is involved, your credit score does play a role in whether or not you are approved for payday loans in Provo, UT. However, this does not mean bad credit precludes you from acquiring a payday loan.
How Do I Get a Payday Loan Even With Bad Credit?
Bad credit can make acquiring an unsecured loan difficult. So, why is it that bad credit doesn't completely ruin your chances of getting payday loans in Provo, UT? Well, it mostly has to do with the lender's ability to predict a return on their investment.
As you probably know, the idea behind a payday loan is that a lender offers you money to borrow, and you promise to pay it back with interest on your next payday. Of course, this means you have to be able to prove that you have a paycheck, to begin with.
If you have a steady income that you can prove, a lender has a way to know that you will have enough money to pay them back at the time that was agreed upon. Even if you don't have a good credit history, but you can prove that you have enough income to pay back the payday loan, a lender knows there's a good chance of getting a return.
Again, this doesn't mean that bad credit is going to help you get approved for payday loans in Provo, UT. It's still not a desirable thing to have, of course. However, just because you have bad credit doesn't mean you can't be approved for the loan in question.
What You Need To Apply For A Payday Loan
So, now that you know that you can still get a payday loan even if you have bad credit, let's talk about what you actually need in order to apply for a payday loan. Don't worry, the requirements are pretty simple, and easily accessible by just about anyone.
The following items are required to qualify: a state-issued ID, a recent pay stub, and a checking account in your name. If you are wondering, why you need these things, the reasons are pretty simple.
To apply for a loan in Utah, you need to be a legal resident of the state, so you need a way to prove your identity. A driver's license is the type of state-issued ID that almost everybody has in their possession. Therefore, the most common form of ID.
Because a payday loan requires you to actually have to receive a paycheck to borrow against, you need a way to prove you have a job with a steady income. That is why a pay stub comes into play.
Finally, there's the fact that you need somewhere for the loan money to go. For that, you'll need a checking account in your name. To prove that you have such a thing, you just need a blank check from that checking account.
Getting A Payday Loan With Utah Title Loans, Inc.
So, now you know how a payday loan can be acquired even if you have bad credit. The same is true at Utah Title Loans, Inc. Bad credit or not, you can get what you need with us, and with ease! Our payday loan process is super simple. All you have to do is submit an inquiry form on our website to get started.
A representative will then contact you to organize a place and time to meet. Simply bring the required items to that meeting so the rep can verify them and determine how much you qualify for.
If you are approved, you'll get your money either that day or the following business day. Needless to say, it's about as quick and easy as you can possibly get, so reach out to us if you need a payday loan here in Provo!
Why wait? If you are in need of emergency cash, complete the online form or give us a call now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.