A Fast Easy Loan from a Payday Lender: How to Get a Bad Credit Payday Loan
When a fast easy loan is needed, a payday lender may provide the answer. They offer no credit check cash for any purpose regardless of the borrower’s credit history. In order to reconcile the greater risk of default, the rate of interest is considerably higher than that offered by a bank. Whilst this may seem punitive, banks won’t deal with customers who have an adverse credit history without the provision of collateral. A bad credit payday loan is only suitable for short term borrowing (usually a month), but this helps to ensure that the repayment of the principal and interest remains affordable.
Qualifying for a Fast Easy Loan from a Payday Lender
- Must be an American citizen.
- Over 18 years of age.
- In full-time employment and have a minimum income of $1,000 a month.
- Able to provide at least 2 forms of identification – 1 form of photo I.D.
- Have a personal checking account.
How Bad Credit Payday Loan Work
Provided that the above criteria are complied with, it may be possible to receive approval for a fast easy loan for up to $1,000. It costs about $20 to $25 to borrow $100 for a month. Once the agreement is in place, the customer provides the payday lender with a postdated check that is set to clear when they are paid. The check will be for an amount that is equivalent to the principal and any interest that has accrued. If an application is received before 2.30 PM, a quick cash advance will be received the same day. The worst case scenario is that the money will reach the borrower’s checking account the next day.
Alternative Forms of No Credit Check Cash
- Credit union loans. Although it is necessary to become a member first, a credit union may be able to offer a fast easy loan. The lending terms are similar to bad credit payday loans, but credit unions are more likely to be understanding in the event of financial difficulties.
- Pawnbroker loans. It is possible to borrow money based on the provision of collateral (gold, jewelry). Pawn shop loans are available for those who aren’t currently employed or don’t have access to a checking account. However, failure to redeem the item will lead to its sale.
The Dangers of a Short Term Loan or Quick Cash Advance
Whilst a fast easy loan from a payday lender can help a customer who faces financial emergency, it also provides a temptation to make a series of impulse purchases. Regardless of how the money is used, a bad credit payday loan is expensive. The interest payments alone will leave the borrower with less money to pay household bills in later months. Think carefully before borrowing money with a low credit score as it is all too easy to get caught in a cycle of dependency.