Why are lenders willing to give people with poor credit payday loans faster than a regular loan?
Question by Kandice M: Why are lenders willing to give people with poor credit payday loans faster than a regular loan?
I mean a person can open and close a checking account faster than lighting and you go into the credit bureau if you do not pay and the same thing happens with an unsecured personal loan. Why the risk? What is the difference? Bad credit is bad credit.
Best answer:
Answer by Jeuteau
It’s a racket for real. No credit activity is also bad credit rating.
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Their tag line usually is if you need quick cash people can get it there. Yes, these lenders are willing to give people the quick cash. Problem is that it will throw them deep into the hole if they do not pay off that loan in a timely manner. The lenders will also give them a ridiculously high interest. They will end up paying back double the amount they borrowed.
They charge more and a longer payments.
In other words the lenders get to the customer who has bad credit.