Payday loans

Quick payday loan despite negative Credit Bureau

You are looking for a quick payday loan despite a negative Credit Bureau and are not sure whether you can get it. A look at the details of lending and also the calculation of conditions shows that loans are not only given to officials with absolutely perfect credit ratings, but also to borrowers who may have made one or two mistakes. After all, the “negative Credit Bureau” is not a killer criterion for a loan, but only one of many indicators of lending!

The structure of the Credit Bureau entries: Several facets become visible

The structure of the Credit Bureau entries: Several facets become visible

If you want a quick payday loan to be paid out despite a negative Credit Bureau, it depends on what exactly is in the Credit Bureau entry. A single, small negative entry will most likely not lead to the exclusion of all loans! Instead, the lender will either look at a summary summary (the scoring value or a rating) or go into the details. In particular since the existence of credit cards and cell phone contracts, there is a much more detailed view with multiple facets: For example, if you have been paying a smartphone contract regularly for years and have other so-called “permanent obligations”, this can give you some plus features thanks to the data exchange.

Your solution for the possible disbursement in the case of a quick payday loan despite a negative Credit Bureau is therefore as follows: Look that a first negative entry is followed, for example, by an unpaid claim for more than 1,000 USD. If the lender of the quick payday loan contacts you by telephone despite a negative Credit Bureau, you could point out that the claim was not justified, for example, and that you have already contacted the claimant because of an exchange or non-performance.

However, you could supplement the non-positive image of a Credit Bureau entry with a targeted improvement of your other credit rating data: With many mail order and online retailers, you sign a type of data transfer clause to credit reporting agencies. The dealers then report to the credit agencies about punctual (!) Or late payments. So if you always pay these bills on time or a day in advance, you collect a few positive features there.

Smooth, fast process when presenting multiple documents

In the case of a quick payday loan despite a negative Credit Bureau, the processor of the bank issuing the online credit does not really have much time to look up and manually process the individual information available. The available raw data from proof of income, Credit Bureau entry and credit agency information can result in a “green light” for a loan with slightly higher conditions or a different credit limit. You might be “good” for a loan of 5,000 USD, but not for 8,000 USD. Therefore, in addition to proof of income, it doesn’t hurt to upload or send, for example, the previous year’s statement of a Riester contract or similar. This is another sign of creditworthiness and long-term reliability.

The loan officer can draw on the experience of many private customer loans and in many cases will weight this information and take it into account when making a loan or interest rate decision. In contrast to the almost fully automated processing of loans with absolutely crystal-clear creditworthiness, you should enter or apply for the loan as early as possible in the day. Then there is more time for a decision on the same day or the next day.

Avoid no-gos when it comes to quick payday loans: pay attention to exclusion features

Avoid no-gos when it comes to quick loans: pay attention to exclusion features

Especially with the current cheap refinancing of the banks, the lending criteria can be more customer-friendly than if we were in a boom phase with a lack of liquidity. However, there are some customer characteristics where the bank is likely to no longer grant loans. If you can be found in the federal debtor register or if you have sworn an affidavit (disclosure oath), then each lender will require that the loan be secured, for example by a guarantor. Then you move in the very complex world of loans with you as the debtor and another person, so to speak, as the fallback level.

You should avoid this in any case, because otherwise no quick payday loan will come about despite negative Credit Bureau. And not because of a negative feature there, but because of the overshadowed state finding that there is a lack of resources here and has even been documented by non-payment of state taxes and duties. As a bank, you probably wouldn’t want to choose a borrower with so much post-processing and debt collection effort as your preferred customer.

Therefore, you should always pay attention to the creditworthiness and, in the event of any outstanding claim, seek contact with the person who issued the open invoice. Partial payment comparisons or reduced monthly payments do not appear in the credit rating data, since it is a mutually agreed contract change and not a one-sided non-performance by the customer!

In summary it can be said: If you pay a little attention to the creditworthiness data, then despite the negative Credit Bureau, the quick payday loan can be processed and paid out promptly.

Payday loans

Google prohibits payday loan advertisements

Image result for google officeNot long ago, Google made the announcement of “… banning its system of advertisements regarding payday loans and other related products.” Collectively, the internet in general and the financial world more specifically, have let out a sigh of relief. Later, after reading the official report and taking a moment to think about it, some began to question this decision. Did Google make this decision based on its moral code? Is it up to Google to decide what is morally right or wrong?

Opinions vary greatly on the subject. Ours are falling in the middle of this issue, payday lenders are misleading predators and their ads target those who have low incomes or are desperate to get the money they need.

Convenient and timely access to any financial assistance is something that many Canadians are looking for. We believe that this is a service that must exist and we are working hard to offer it and improve it every day.

Google declaration

In a recent statement, Google wrote “… today, we want to share with you an update that will take effect July 13, 2016: we will ban payday loan advertising and other related products from our advertising system. . We will no longer advertise loans where repayment must be made within 60 days of the date of grant. In the United States, we also want to prohibit loan advertisements with an APR of 36% or more. ”

Advertising with Google is a big part of any marketing campaign. Millions of people use Google daily and if your company’s advertising is seen by even a tiny fraction of people, it will dramatically increase traffic to your website, blog or store. Google is a recognized name and the company knows it, we quote “This change is intended to protect our users from unfair and dangerous financial products and will not affect companies that offer loans such as mortgages, commercial loans, auto loans , student loans or revolving lines of credit (credit cards). ”

The company does not intend to get rid of all alternative lenders; it is only trying to protect its users from the dubious and predatory practices of payday loan companies.

What is a payday loan?

 What is a payday loan?

In case you were not aware of the new debate about payday loans and are not sure of the definition of such a loan, here is a brief overview:

  • Payday loans are usually $ 1,500 or less
  • An approval the same day is usually guaranteed
  • They are short term loans, which can be repaid with your next paycheck
  • Their interest rates are extremely high; some have a rate up to 500%
  • They have very little reasonable diligence, you just have to prove your income and your address.

Payday loan borrowers often fall into what is known as the payday loan cycle. It is a borrower who borrows on his salary to be able to repay the first. Often this will take months and the borrower will have to re-borrow until he can no longer take loans to repay the previous ones.

Why are payday loans so popular?

You are probably wondering why someone would like to have a payday loan when these are very expensive. The fact is, payday loans are convenient and relatively easy to obtain. When you are faced with a personal or financial emergency and you do not have surplus money, a payday loan may seem like the only option available.

This is why a payday loan advertisement can be very damaging, it directly targets those who are desperate with nowhere to go.

Alternatives to payday loans

 Alternatives to payday loans

There are countless and excellent alternatives to payday loans. The online loan industry is constantly growing. This year alone, we have witnessed the success of some of our peers, helping many Canadians who, like you, have been approved for a loan when traditional banks close their doors.

At Prêts Québec, we are proud to be one of the best alternatives to payday loans in Canada and we will continue to listen to our clients by ensuring that they have all the financial tools they need to succeed in their financial goals.