What are bad credit payday loans? This is a small loan that nearly anyone
can get regardless of their credit. People with bad credit or no credit can
qualify for a payday loan, or cash advance. The usual amount that is borrowed
will be 100 to 1500 pounds. Some pay day lenders will allow you to borrow less
or more depending on the company. When you get a payday loan you are expected to
pay the full amount plus interest with your next pay check. The usual payment
date would be about two weeks after getting the loan. You want to make sure you
do not borrow more than you get the next time you are paid.
To get a loan without a credit check you will need to bring in a pay stub so the loan company is assured you will make enough to pay them back with your paycheck. You will also need to have a checking or savings account that allows direct deposit. When you get this loan the money is deposited directly into your checking or savings account. You do not have to go anywhere to pick up a check or wait for a check to come in the mail. Usually it takes 24 hours for the money to be deposited into your account. When it is time to pay back the cash advance amount is automatically withdrawn from your account. All you have to do is make sure you deposit your paycheck into your account. The amount you borrowed plus the interest fee will be withdrawn on the date specified when you got your loan. Sounds simple right?
There are a couple things you need to be aware of with regard to loans for people with poor credit. They have excessive interest rates. Although you will pay a set fee, the APR on can be over 2,000% with some lenders. You borrow 100 pounds you pay back 140 pounds. That is a lot of money to have to pay back for borrowing money for two weeks. If you fall short and do not have the funds in the bank you will be charged extreme interest and late fees.
Another problem with cash advances is the fact that people do not always leave enough money to live on until their next pay check. This could end up with you getting another loan and another until you are in deep trouble with interest rates and payments. Eventually this will all catch up to you. Should you get a pay day loan? If you are careful and do not mind the high interest you will have to pay then it can be a handy loan to get. It is recommended that you only use a cash advance of this sort when it is an emergency. If you have to have money to buy a new TV wait until you have the cash. It you need to pay utility bills and your pay check is not enough; maybe a payday loan could be called for. Never borrow more than you can afford to pay back and remember to leave enough of your pay to live off of.
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