Nowadays, there are many types of loans provided by lenders such as banks, credit unions or other financial institutions. Among those cannot help but mention payday loans for bad credit. What are payday loans for bad credit and what conditions are required for these loans?
In the previous article, we introduced you to the most detailed and complete information about bad credit loans. If you are interested in this issue, please visit the following article link: Loans for people with bad credit, Bad credit loans, Personal loans for bad credit and other articles on the same topic.
PAYDAY LOANS FOR BAD CREDIT
This our article includes the main four parts which are: “What are payday loans for bad credit?”, “How to get payday loans for bad credit”, “The interest of payday loans for bad credit?” and “The advantages and disadvantages of payday loans for bad credit”.
1. What are the payday loans for bad credit?
Payday loans for bad credit are personal loans designed to be taken out over a short period of time. The lenders who provide these loans will extend high-interest credit based on the customer’s income and credit profile. Payday loans for bad credit are arranged over days, so can be used as a stop gap until the customer’s wages arrive.
Eligibility criteria:
- Be a US citizen or permanent resident
- Be at least 18 years of age
- Have a steady income and regular source of income
- Full names
- An active bank account
Required information:
- A valid form of ID
- Your contact details
- Proof of income
- Your bank account details
Are Payday Loans for bad credit Safe? These payday loans for bad credit are financially dangerous. They can easily turn into an expensive nightmare for people who have bad credit or no credit.
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With a simple and secure application process from any device, first-time customers can have $500 – $2,600 cash in their pocket as soon as the next business day.
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2. How and where to get the payday loans for bad credit
2.1. Credit unions or other institutions
Traditional banks, financial companies, and credit institutions provide payday loans for bad credit holders. The amount of lender will be willing to share with different amounts based on your credit and whether the loan is secured (no collateral).
Note: Do NOT borrow from lenders who don’t thoroughly check your credit history, repayment ability, and other financial circumstances.
Secured loans can be a viable option. With this option, you’ll receive more favorable terms, such as a higher loan amount and a lower rate. However, you must be absolutely sure you can refund your loan on time or you could lose whatever collateral you’ve agreed to use (your home, car, or savings account…).
2.1. The online payday loans for bad credit
The process to apply for bad credit payday loans:
- Visit some payday lenders and choose a suitable payday lender
- Write a check to the lender and pledge to pay the borrowed amount by a certain date.
- The lender deposits the money in the customers’ bank account or gives them checks for the amount
- They hold the check you wrote for the term in two weeks of the loan.
Advantages of Online bad credit payday loans:
- Ease and convenience fuel the allure of online bad credit payday loans.
- Payday Online lenders have over banks is their flexibility.
- They also have more locations and longer hours than most banks.
- Payday online lenders rarely check customers’ credit.
- The loan application process is fast
3. The interest of payday loans for bad credit
- Rates range from 10% – 30% (high-interest rate)
- Failing to fulfill the repayment on time will consequence in doubling the interest for the next repayment schedule.
- The customers have 30 days maximum to pay back the loan with the interest.
- Borrow up to $5,000
- The low credit score is not a problem
- Rates starting at just 5.99 APR
4. The advantages and disadvantages of payday loans for bad credit
4.1. The advantages
- Provide an option when there are no others
- Easy to obtain
- Fast and convenient
- Easy online application
- Quick turnaround
4.2. The disadvantages
- More expensive than other loans
- Easy to fall into a vicious cycle
- Deception by lenders
- Disreputable lenders
- Short repayment terms
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Hillary (Team Content) – Payday loans for bad credit