subject: Information About The Bad Credit Payday Loan [print this page] When someone has an emergency cash flow problem, and they find it difficult to access other forms of funding, then a bad credit payday loan may be the answer. These loans are typically made quite fast and are repaid on the borrowers next payday. Rather than interest these loans typically charge a set fee.
Loan amounts available can range from a high of $2,500 all the way down to a few hundred dollars. The most popular amount loaned is $500. How much an individual borrower can obtain will depend on a variety of factors. These factors include income and laws of the state. Most lenders can get the cash to the borrowers' bank account the next working day. Some lenders can work very quickly and make loans in around an hour.
To qualify for a loan a borrower must be a minimum of 18, have a working banking account and be in employment. Some lenders will have additional requirements. To get the loan an applicant will need to either call into a loan office, or apply online. If applying in an office the applicant will need to take various proofs with them. If applying online then the lender will need to make checks.
If a person with adverse credit gets has a cash flow problem then they are likely to become liable to a range of charges, such as NSF charges for bounced checks, late fees for utilities etc. When comparing the cost of a payday type loan to these charges the payday loan can look like a bargain in comparison.
When a borrower is unable to repay the full loan on the next payday then other arrangements can usually be made - as long as the borrower notifies the lender in advance. It is often possible to repay one loan and immediately take out a new loan.
A bad credit payday loan is ideal in a number of circumstances. The loan application and approval process is typically very fast, the process can usually be completed in minutes. This compares favorably with traditional loans that can have lengthy forms, credit checks and paperwork faxing to complete, all taking time that someone with an emergency to deal with may not have. This is also a very useful service for people who otherwise have nowhere else to turn.
