LendNation (2024)

FAQs

Does LendNation check your credit? ›

At LendNation, we don't solely rely on your credit score to make our approval decision. We also take into consideration factors such as your prior loan payment history, income and employment history.

You might not get approved for the best online payday loans due to several reasons. The common ones include insufficient income, lack of a bank account, not meeting age or residency requirements, or having an outstanding payday loan with another lender.

LendNation offers personal loans in our store locations or online, in certain states. You'll simply fill out an application and once you're pre-approved, we'll let you know. Then, you can decide how you want to receive your cash: through a debit card, check cashing or in your bank account.

Lenders use your credit score (or credit rating) to decide whether to give you credit or lend you money. Knowing this can help you negotiate better deals, or understand why a lender rejected you.

Does Taking Out a Personal Loan Hurt my Credit Score? Your credit score will take a slight hit when you apply for a loan, as the lender takes a hard look at your credit. However, if you make your payments on time, your credit score should improve.

Use Collateral To Secure The Loan

If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.

Not all Cash App account holders can use this feature. Currently, users who make direct deposits into their Cash App account can borrow. You might also be disqualified if your account balance is negative or if you're an unverified user.

The easiest payday loan to get would be an online payday loan. But keep in mind that whether you get one online or in person it will likely come with extremely high interest rates, and a very short repayment term.

Payday lenders' business model relies on making loans borrowers cannot pay back without reborrowing – and paying even more fees and interest. In fact, these lenders make 75 percent of their money from borrowers stuck in more than 10 loans in a year. That's a debt trap!

Can I get a payday loan with a cash app account? ›

Yes, most lenders provide access to loans via Cash App for borrowers with bad credit, average credit, or even no credit history. Short-term lenders rely more on income than credit scores. Just expect higher interest rates than those advertised for good credit borrowers.

LendNation or third-party lender does not perform traditional credit checks as part of its credit transaction approval process, but does verify applicant information via national databases.

There is no hard pull to show up on your credit report. Loan decisions are based on the personal information you provide about your income and employment. LendNation has several basic application requirements for people that want to borrow money: An active checking account.

LENDNATION Trademark of QC Holdings, Inc.

Payday loans don't require credit checks. Applicants only need a bank account and the ability to verify their identity and income. Since payday lenders don't check your credit, they're taking a gamble on your promise to repay — as such, they charge high interest rates and fees to offset the risk in case you don't.

Lenders look at your credit score to determine your risk as a borrower. In general, the higher your credit score, the more creditworthy you are and the more likely you are to pay back loans on time. On the flip side, a lower score could mean that you haven't been consistent with paying back loans on time, or at all.

However, we do obtain information from a credit bureau used to validate your personal information. The request for information does not affect your credit score.

How Applying for a Personal Loan Affects Your Credit. Applying for a personal loan affects credit scores much the same way applying for a credit card does: The application triggers a credit check known as a hard inquiry, which typically causes a small, temporary decline in your credit score.