People with bad credit are not the only individuals who have a difficult time getting approved for a traditional loan through a bank or other conventional lending institution. People who have not had time to build up their credit and who have no credit history also can find it a challenge to find someone willing to lend them money. Sometimes, having no credit can be just as frustrating as having bad credit when a person is going through the process of trying to qualify for a loan.
Payday loans can give people who do not have any credit history access to money when it is needed. There are many hardworking adults who hold down full time jobs and who are responsible with bills, but have never taken out a loan or a credit card. Because these things have not been done, it is likely that the person does not have a credit rating. To have no credit history can result in a person struggling to find access to a loan when one is needed quickly.
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