It might read like a shock tactic, but the headline above is accurate when the circumstances of many people are taken into account. For most of us, a fast loan of $1,500 can be enough to clear critical debts just as the pressure is becoming too much to cope with. Through payday loans, this kind of sum is possible to get, fast and with the minimum of complications.
With the state of the national economy, it is not very difficult to find ourselves with a poor credit rating. This directly affects our chances of getting approval on a loan, so if a sudden financial emergency crops up, life can become extremely difficult. The fact that payday loans for those with bad credit are easily accessible means that these emergencies can actually be dealt with immediately.
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Of course, no loans are free and there are specific terms that should be checked out before anything is signed. However, since they are loans approved against pay checks, compromise also needs to be made.
Payday Loans Explained
In case the idea of a payday loan is a little unclear, we will explain. The mechanics of it are actually quite straight forward, with the loan approval based on an upcoming pay day - thus the name. Repayments of the loan are generally 14 to 30 days, but can sometimes be extended to 90 days.
Since the only item of real interest to payday loan lenders is the paycheck, there is never any reason to check the credit history of the applicant. This is one of the big advantages of payday loans for those with bad credit ratings, with the fact that approval can be given and monies received within 24 hours.
With everything happening so quickly, it is important that all of the necessary documentation is properly in order, but as loans approved against pay checks the chief concerns are proof of employment and confirmation on monthly income.
Points to Consider
Nothing is for free, and this is especially true when it comes to financing. The fact is that while payday loans may be fast to get, they are quite expensive in terms of the interest rate charged.
The high rate is down to two reasons. Firstly, because a credit check is not applied, there is a larger perceived risk to the deal from the point of view of the lender. Secondly, the term of the loan is short, so the high rate is to ensure the highest profit possible can be made.
The principal point about payday loans for those with bad credit, is that the loan usually needs to be repaid in full very quickly. And like all loans approved against pay checks, the full amount may be taken from your income. That could leave very little with which to pay other monthly bills and debts.
Criteria to Meet
Payday loans may be available without credit checks but there are still some criteria that need to be met before there is any hope of approval.
Firstly, proof of age must be supplied, through a passport or government issued ID card. Secondly, payday loans for those with bad credit can only be approved if the applicant is a citizen of the US or a long-term legal resident.
Lastly, it is only possible to get loans approved against pay checks when the income of the applicant is proved to be large enough. For that reason, proof of employment and income are required.
And, of course, since most payday loans are offered by online lenders, there is also a need to supply bank details so that funds can be transferred into the account, usually within 24 hours.
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