No. Payday lenders don’t always check credit scores before making decisions on payday loan proposals. In some cases they might choose to check your credit score/history before arriving at a decision. However, you can rest assured that your credit score alone, irrespective of whether it’s good or bad, cannot make or break your payday loan application. A number of other factors are usually taken into account by payday lenders.
Yes, it is somewhat risky for payday lenders to grant loans without checking the credit score.
If payday lenders were to check credit score of each and every applicant, the very quality that makes payday loans useful – easy and quick access to money – would be sacrificed.
Hence, in most cases, payday lenders don’t check credit scores.
Yes, it is indeed possible for you to get a payday loan even with a bad credit score, provided that a lender finds your case strong enough in terms of regular income and need for the loan.
Not really. Even though payday loans are mostly sought by individuals who have a bad credit score, nothing prevents people with a healthy credit score from applying for a payday loan.
Yes, there is. If you have requested credit requests or there have been some changes to your credit score that you want to examine, you can get a free copy of your credit score by contacting a Credit Reporting Body (CRB).
By examining your credit score file, you can also check how a lender might see it.
To get a copy of your credit score and history mailed to you (either physically or electronically) free of charge, you need to file in an application stating your full name, date of birth, permanent address and driver’s licence number.
You can contact any one of the following CRBs for more information: