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Can I apply for payday loans considering I have bad credit history?
I overestimated my salary for this month and thus, I ended up spending my full pay this past payday. I am wondering if I will be accepted for payday loans when I still have issues with other creditors.
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Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
I don't advise taking out a payday loan. They are generally extremely high interest with high penalties for late payments as well. Payday loans are loans of last resort for people who have no other alternative for fast credit type loans.
As to your question: In general payday loans are high risk loan companies thus the reason for the high interest. Each loan center has their own criteria for how much and to whom they will lend. So you really have to apply for the loan to get an answer. I would say your chances of getting a small loan are probably good.
Just make sure to read the find print on the loan documents. Ask questions on anything you do not understand before you sign any document as they are legally binding.
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