Sometimes you need help with an instant cash advance from other sources besides conventional banks and financial agencies. People with bad credit usually have no choice but to look for alternatives. One type of business that is ready to help, regardless of your credit score, is a payday lender who offers fast cash loans. Payday loans are often an effective solution for unexpected expenses.
A news report published in 2014 stated that there are more payday lenders in the U.S. than McDonald’s outlets. Following on, the year 2015 had witnessed significant growth in the number of payday loan borrowers across America. And the same is expected to continue in 2016 as well. This proves that online payday loans are highly popular amongst the Americans. The only reason for its popularity is the simplified and hassle-free application and approval process which helps the borrowers to a large extent.
Bad Credit Payday Loans
Payday lenders are much different from conventional financial institutions because they don’t require credit checks and you can be approved for a loan within a day. It’s an ideal solution for people who lack savings or experience an emergency. If you have bad credit, you will most certainly be turned away from most banks, which have tightened lending restrictions in the recent years.
If you have filed bankruptcy or are deep in debt, then you will no doubt find it difficult to get a cash advance from anyone but a payday lender. While conventional banks make lending complicated, payday lenders make loans simple, even if you have bad credit.
Online Payday Loans
While you may have seen several payday lenders in your neighborhood, there are many more to choose from online. So it’s a good idea to shop around since each company has its own policies on how much money they lend and what your requirements are. One universal requirement is that you have a steady job, which you can prove with a paycheck stub.
Typical payday loans must be repaid by your next payday to avoid higher fees. Many lenders will ask for a post-dated check that they can cash the date the payment is due. These loans tend to be under $1000 and cost a fee, such as 15 percent of the loan amount. Other lenders simply accept an electronic payment on the due date after they have collected your banking information.
You can fill out an online application and be notified of approval through email. In addition to the loan fee, you will pay an interest rate, which will not have a big impact if you repay the loan on time.
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