Some Facts about Bad Credit Payday Loan

A Bad Credit Payday Loan resembles to any other type of payday loan in a way that it is an advance that you can borrow on your next paycheck against which you have to pay a small fee. The difference between Bad Credit Loans and other types of loans is that in Bad Credit Payday Loan lenders do not perform a credit check so they do not care if the person to whom they have given loan money has bad credit or not. This could be a good option for those who are in need of some quick cash and they are unable to get a credit card or a personal loan.faq

Up to what amount I can get from Bad Credit Payday Loans?

On an average, the beginning amount for Bad Credit Payday Loans is around $200 which can increase up to an amount as much as $1,000. The Bad Credit Payday lenders will consider your income when they review your loan application. On the basis of your income the lenders will make their decision as to lend you money or not.

After how much time I can see my funds in my checking account?

Usually you can get the money in your checking account within 24 hours. Bad Credit Payday are processed on exactly the same day in which you submit your loan application, and the money for which you have applied for could be directly deposited into your account the following business day. After you have been approved for the Bad Credit Loan you should check with the lender to make sure that when you can see the cash in your account. Sometimes it might take up to 5 business days for you to receive the funds, but that Depends on the bank with which you have an account.

Do the Bad Credit Payday Loan lenders run the credit checks run by?

Credit checks are not run by Bad Credit Payday lenders. The lenders assume that as you are applying for a Bad Credit Loan so you must be already having a bad credit. The lenders considering it has no bearing on the loan do not need to spend time on running a credit check.

How much time is given by the lenders to pay off a Bad Credit Payday Loan?

Generally, 14 days is the timeframe given by Bad Credit Payday Loan lenders to pay off a Bad Credit Payday Loan, or they may give you time up to when you receive your next paycheck. And if you need some more time so that you can pay off the loan, you have got a couple of options for that; these are that you can have loans of 21 days or 28 days. In such cases, you will have to pay higher fees to the lenders. If, due to any reason, you are unable to pay off the Payday Loan in full, it is allowed by most of the lenders to pay off the loan’s fee. For this case, an additional finance fee will be charged form you and you must pay off the loan within 14 days. For every Payday lender there are particular repayment guidelines.

What is the eligibility for the availability of a Bad Credit Payday Loans?

Bad credit loans are available to all those who are able to meet some basic requirements. Those basic requirements for the availability of a Bad Credit Payday Loans are: the individual must be at least 18 years old, he must be a citizen of the United States, he should have steady employment, he should have an income of at least $1,000 per month, and he should have a checking account.

What are the Interest Rates for Bad Credit Payday Loans?

There is a difference in the finance fees issued for Payday Loans among various companies. The additional fees that are charged depending on the amount that is borrowed and the income of the borrower will vary from customer to customer. Generally, the range of fees is $10 to $30 for every $100 that is borrowed. A higher fee should be expected by you since you are a Bad Credit Payday Loan customer. When the timeframe is over for repayment of an extended loan, the fees are renewed by the lenders. A fee of $15 for every $100 that is borrowed by a person equalizes to an Annual Percentage Rate (APR) of 391.07%.

What are the restrictions for Bad Credit Payday Loans?

As such there are no restrictions imposed on a private Bad Credit Payday Loan by the lenders. You can use the money from the loan for anything you want. It is up to your own choice.

Can I have a Multiple Bad Credit Payday Loans?

This decision will be maid by the lenders that if they can give multiple payday loans at a time to their customers. You may be able to increase a loan for a higher fee, but that depends on the policy of the payday loan company. There are some companies that are not willing to give out multiple loans or increase the loan until the primary loan is fully paid off.

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One Response to “Some Facts about Bad Credit Payday Loan”

  1. Avoid these thing like the plague if you can! However if you really need one, then look around for the best one that suits you and your ability to repay.

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