How many people have excellent credit in the country? It is difficult to say for certain because the definition of excellent credit or credit history is itself inconsistent. Some banks consider a score of eight hundred to be good enough. Some would be willing to offer home loans to those who have seven hundred or above. Some premium services providers will only offer their packages or luxuries to those who have a credit score of nine hundred and above. For ordinary people, being free of debt is a good enough credit history.
At any given point in time, more than half of the working population would have a credit history that can be considered poor, bad or any other synonym of the two words. This has been the case throughout history, ever since modern economics have dictated the terms. This will remain the reality as long as people run into debts. When you don’t have a good enough or acceptable credit score, how can you meet sporadic, unexpected, uncertain and substantial expenses that you haven’t prepared for or cannot afford. You cannot go to your bank and ask for a loan. You may not have a security or any collateral to use to get a loan. You would get turned down by every traditional lender. They all would suggest that you repair your credit score but that is not happening for a while now. It takes years to repair credit.
This scenario is the reality for millions of Americans. Even Britons, Canadians or Aussies are not experiencing it any other way. The reality is at the crux of why payday loans with bad credit have become popular. They aren’t just an option at your disposal. Payday loans with bad credit are the only choice for millions of people who need some short term loans.
There are many private lenders that claim to offer you loans despite poor credit. However, many of those lenders conduct a credit check. Such checks often reveal a very poor score and the applications may get rejected. In case of payday loans with bad credit, there is not a check on your credit. You don’t need to furnish your credit history. You don’t have to worry about a purchase gone wrong or a certain debt settled in a rather complicated way. All you have to be is employed and must have proven income to get payday loans with bad credit.