While on the surface the term bad credit payday loans may seem like an oxymoron, it really isn't. These loans are actually great for those who have bad credit but are in need of some money fast, especially in an emergency. Bad credit payday loans are also very easy to obtain.
All you need is a checking account and proof of income and you can get smalls amount of money to borrow until your next payday. These are great sources for those who may not have the best credit but need a little money for whatever reason.
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Interest
When it comes to bad credit payday loans you should be fully aware of any fees or interest they may try to charge you. In most cases they will only charge you an upfront fee to give you the loan. If you do not pay back the loan on time they will take the check you left them, a post dated check, and attempt to get payment. This can result in bounced check fees from your bank and extra fees from the payday loan company as well.
So you are well advised to be sure that you are able to pay off the loan in a timely manner. The amount you can borrow is mostly dependent on your income. The amount that you are able to borrow is generally calculated in percentage of your weekly paycheck.
Basics
A little more information may be in order on bad credit payday loans if you are thinking about taking advantage of one. First of all they are only there for short-term financial needs, and not used as a supplement to your income. You only need to have a proof of your income and a checking account to get one. Usually the maximum amount allowed for borrowing is a thousand dollars. This type of loan is fairly quick and simple to get as well.
The way bad credit payday loans work is that you will find a company that you are going to borrow from. This can be done in many different fashions, the most common being an online search as there are several in most major cities. Although the fees may be a little higher than traditional banks, these loans are great for those who cannot get unsecured loans.
Once you find the company you will be required to offer your name, address, employment and banking information. When you apply for this type of loan, the lender will require you to show your most recent pay stub. They will verify the relevant information and can usually approve you within twenty-four hours, sometimes as little as an hour. Once they approve you they will send the money to your checking account.
Bad credit payday loans are a great option because they do not do a credit check on those attempting to get one. If you are in a financial bind between paydays and you need to get some quick cash, yet you don't have the greatest credit these are definitely a great idea.
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