. They do not come with any prior notice. When this happens, the person finds himself in a fix. Only an external source can help him escape this situation. He can apply for bad credit payday loans to avail instant cash facilities.
Bad credit payday loans are those services which cater to the urgent needs of people. The person can return the amount back once he gets his next paycheck.
The lending institutions can lend out any amount which lies in the range of 80 to 1500 and the borrower can pay the amount back in a stipulated time period of 1 to 30 days.
The speedy receiving of funds is a major advantage of this loan. This is because the lender does not require the borrower to do any paperwork or faxing in the entire process. The borrower can easily avoid debt if he pays the money back on time.
People who suffer from a less than perfect credit history can also apply for this fund without any further complications of any sort.
However, there is a major disadvantage as well. The lender charges the borrower with a slightly higher rate of interest due to the short-term nature of the advance. If there is failure to pay the borrowed amount back on time, the borrower will be forced to pay a penalty and his credit rating may also be negatively affected.
The online mode of application is a very helpful way of availing this aid. The online application form can be filled by anyone. Once the form is filled, the borrower can send the form to the lender for approval and then, the money will be transferred to the borrowers bank account as soon as possible.