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Bad credit payday loans


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Bad credit payday loans

  1. 1. Page 1The Risks of Bad Credit Payday Loans
  2. 2. Page 2Bad Credit Payday Loans – The Good, theBad and the UglyNo credit check cash advance loan, or bad credit pay paydayloans as they are commonly referred to, are a very attractivesolution to an emergency situation that requires money urgently.Most people apply for no credit check payday loans not becausethey don’t have an alternative but because it is fast, simple, andyes, there usually are no credit checks prior to loan approval.Be advised that even though no credit check payday loans arearguably the easiest solution for nearly all financial emergencies,they have very many risks involved that you ought to be awareof.For one, no check payday loans normally attract a very highinterest rate (referred to as loan fees), which can range between10% and 25% of the total amount borrowed. In the event that youfail to pay the whole amount of cash borrowed on the agreeddate, the high rate of interest is always applicable to the remaining balance.
  3. 3. Page 3The fee will continuerecurring until you pay offthe entire amount, somethingthat can sink you deeper indebt than you currentlyare. Further, no credit checkpayday loans havesignificantly short maturityperiods based on your salarypayment schedules.Thus, your payday cashadvance could be due in asmany as 21 days or as littleas 5 days, depending on the date you applied prior to your payday and also the lender’s requirements,terms and conditions applicable. Because of the potentially short maturity period, it is no wonder manyborrowers fail to catch up on their payments.If you find yourself in a financial situation that requires instant money, you can consider a no creditcheck payday loan. However, it is highly recommended you do all you can to avoid it say by budgetingyour income to ensure all your debts are taken care of until the next payday.You could also be better off borrowing money from family or friend instead of applying for a paydayloan. But if you resort to payday loans, always weigh the risks involved and plan accordingly.Benefits of Online Payday LoansThe internet has revolutionized the way things are done nowadays and is one of the greatest places youcould locate a reliable online payday lender. There are very many trustworthy websites that you canvisit. Fill out a simple quote form and sit and relax as you wait for offers to start coming in, offers frompayday loan lenders competing to get your business.Perhaps the best thing about payday loans is that they areprocessed real fast, as fast as within an hour of completingall paperwork and getting approved.The other benefit that attracts many to online payday loansis that there usually is no credit checks needed meaningwhether you have this ugly credit, good credit or no credit atall; you are a prime candidate for an online payday loan.After you fill out the form, get your quote, compare therates and find a perfect lender, funds are transferred to yourchecking account like immediately. Details required includeyour phone and physical address, your SSN and of course bank information.
  4. 4. Page 4How Expensive Are Guaranteed Payday LoansWell as expected, the rate of interest could lean on the higher side as it always ranges between 25% and30%. However, if you are a new or a returning client, you could get a discount.Granted, people can apply for payday loans for the sake of applying, because they are readily available,however you should only go for them when you desperately need them as being a frequent borrower youmight end up losing a lot of money.Requirement for Same Day No Fax Payday LoansA same day payday loan, otherwise referred to as a 24hour payday loan, is as the name would suggest –approved and disbursed within 24 hours. Loan requirements for approval include having a stable incomeand being permanently employed with the same employer for a period of between 3 and 6 months.One should also have a net income of $1000 i.e. after taxation and all deductions for one to able toqualify for a same day payday loan of $250 and above. Note however that if you want $1000 and more,you must have a monthly income that exceeds that amount. Also important to note is that differentlenders will have different requirements so you should confirm with your lender for furtherinformation.Further requirements for one to be approved for the same day payday loans include permanentemployment which acts more or less as a security forthe lender. The applicant should also be 18 years andabove of age. You should clearly indicate the amountyou expect to receive in your next payday and proveyour potential to pay off the cash advance in your nextpayday.
  5. 5. Page 5This information above was compiled for you by: can visit the link for more information.