Instant cash loan lenders are not lending money to people out of the goodness of their hearts. They earn an income from doing so. They need to safeguard their money or they will be robbed blind. That is no way to do business. We all do a job in order to earn money and in so doing be able to provide for our families. The roof over our heads and food on our tables do not grow on trees as most of our parents (no doubt) reminded us repeatedly (like when we refused to eat our broccoli or when we displayed ingrate or destructive behavior). This is the same for a lender. In order to protect what they have earned they need to be sure that they will see a return on their ‘investment’ and achieve this they have to do credit checks. A credit check tells them what kind of a lender you are, whether you repay your dues as you should and if you will be a good risk to take on.
In the eventuality that your credit score had been affected by a situation you were hit with at some time you may feel that you shouldn’t even try to apply for a loan because your bad credit history will disqualify you from being approved. This, however, isn’t true at all. There are lenders out there that may still give you the loan you need, regardless of what your credit history shows. They still need to safeguard their loan amount and this they do by checking out what your recent financial situation looks like. They take this into account more because they understand that your financial situation may have improved. You may have gotten a better job or increase or you may have done some growing up recently which enables you to better afford debt or just be more responsible about it.
It doesn’t matter why you need to get a loan, you may get it in the amount you need if you can prove that you can afford to repay it without putting yourself in a position where you’ll starve. You just need to keep in mind that due to your credit history you will most probably be slapped with high interest rates. This is another way in which the lender attempts to protect themselves from losing a lot of cash when you fail to pay them back as you have arranged. In the end it is just a numbers game and the winner is the one left with higher numbers that they started out with. Remember that there are no winners if you don’t pay what you owe. The lender loses the money you didn’t pay and you will be responsible for paying back extra interest unnecessarily. Apart from that you will do your credit rating even more damage which will see you struggling to get any form of debt to help you out of a tight spot in future.