Do you have a bad credit history but you still work? So, getting any kind of loan is a big problem for you because you are a high-risk debt borrower for many loan services. It's great if you have money saved up for hard times or if you have good friends and family who can lend you money. But if you don't have any savings and a rich friend or family member needs cash quickly, it could be a real disaster for your finances. Well, if you need cash quickly, bad credit payday loans (also called bad credit cash advances) are often the only way to get it. In addition to being easy to get, one of the best things about bad credit payday loans is that they are approved almost immediately and the loan amount is transferred electronically to the borrower's savings account the next day.
All salaried people who haven't paid back loans on time or have other credit problems are instantly approved for bad credit payday loans! In fact, no lender for people with bad credit even checks your credit history. There are also no credit checks for these loans. This is possible because the lender knows that the person with bad credit will be able to pay back the loan and the fee when he gets his next paycheck.
These loans are sometimes given in exchange for a postdated check from the borrower. Post-dating check has the amount of the loan and any fees for using it. So checks are a way for people to show that they can pay back a loan. You could get between $100 and $1500, depending on how much money you make every month. Most of the time, this loan is given for one to two weeks, until your next payday. However, you can extend the loan for longer by paying an extra fee. In reality, extending a payday loan is a very bad idea because it can put you in "debtor's prison."
It looks very simple, useful, and easy, doesn't it? It's not that simple. As you can see, lenders don't even look at your credit history, so bad credit payday loans work in a high-risk area of finance. They run a big risk that the borrower who uses their service will be broke or try to scam them out of money. Bad credit lenders have to charge you a very high fee for the loan because they are taking on a lot of risk. This rate is usually between 390 and 900 percent per year. So it's not a cheap way to get money. If you have another way to borrow money, use that instead of this type of loan. If you look around the Internet carefully, you can find a service that gives cash advances at a lower rate. And another very important thing to remember is that if you pay back the loan on time, your credit history will improve. So a bad credit payday loan is a way to improve your credit history and use a regular loan with a low fee rate in the future!
