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Did you know that over 61 million American consumers have a "subprime" credit score? A subprime FICO score is one that is under 640 according to the three major credit reporting agencies. Having a less than perfect (or even decent) credit score can be due to a bevy of different reasons: job loss, health issues, divorce, or the mismanagement of finances. For many people it's the last of those and is a direct result of over borrowing and overextending one's budget.

Direct payday loan lenders understand that for whatever reason a person has subprime credit, we all make mistakes. They also know that bad credit comes with a price which can mean paying higher interest rates on credit cards, mortgages and car loans, as well as being turned down for credit and even the loss of employment opportunities. That is why they don't look at a person's credit score when applying for a payday advance loan. Taking out a short-term loan for a cash emergency is fine and will not affect your credit but you still need to consider how you are going to rebuild your credit score and get out of the sub-prime category to afford yourself more financial borrowing opportunities in the future.

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ayday Loans have been criticized by many as a poor financial choice. These loans are also called Payday Advances, Salary Loans or Payroll Loans. Critics say that the interest is very high and that people can get into trouble once they begin to borrow money that way. Both of those statements can be true, but are not always the case. Just like anything else in life, if someone chooses to misuse assistance or abuse many other options that they have that normally are good, things can still end up to be bad!

Let's address some of the concerns. The first concern is about the high rates of interest. It is true that the Interest Rates on these loans would seem astronomical compared to most traditional loan rates. But let's take a closer look.

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lendup.com prequalified code With Payday loan companies coming into the regulator's sight, more and more people are being forced into other forms of borrowing.

The Financial Conduct Authority has taken responsibility for the oversight of the Payday loan companies. They have already demanded better scrutiny of applications and soon they propose to have a cap on the amount that lenders can charge.

The change to the way lenders can charge clients will have a dramatic effect on the business model of these companies. They will have to change how they vet potential clients more than ever before. They need to be more certain that the person they are lending to has a reasonable chance of repaying the money.