Bad credit can become a nightmare, especially if you have pressing or even urgent needs that must be attended to right away. Bad credit borrowers are often stuck between a rock and a hard place when it comes to borrowing money for even simple emergencies that arise. Luckily, there are lenders who are willing to work with these borrowers to get the money that is needed to them fast.
Bad Credit Loans For Troubled Times
When your car is broken, it is often more than an inconvenience, especially if you have to commute to work. Bad credit loans that are considered to be instant loans are available for the little emergencies that spring up during life. An instant loan is a type of payday loan that gives you fast access to cash that you need now, while waiting for your next paycheck to roll in. You can borrow money for any reason with an instant loan - whether it is for fixing your car or paying a late utility bill. They provide the fastest and most hassle free way to get the cash that you need.
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Instant Loan Benefits
The biggest and most obvious benefit is that it is written out for nearly every borrower who requests this type of loan, regardless of their previous credit performance or bad credit history. All credit scores are accepted; in fact, the lender does not even check the credit score. This means that even if you have the worst possible credit, including bankruptcy, divorce, foreclosure, civil suits and more - you can still qualify for the cash you need, no questions about credit are asked. In this manner, it is a life saver for many folks.
Applying For An Instant Loan
Applying for your instant loan is easy. You will need to complete a very brief application that will ask you for details about your ability to repay the lender, as well as current contact information. You may be asked for the names and phone numbers of three people to use as a reference if you fail to repay the lender. Also, many lenders require that you submit proof of income, either in the form of a pay stub or an income statement from your retirement plan or the Social Security office. If your only income is from retirement, you may qualify for a longer period of repayment; those who get paid every two weeks typically must repay their loans within one month of receiving approval for funding. Those who are limited to a monthly income usually have around two months to repay the loan proceeds.
Instant Loan Interest Rates
The rates on most instant loans are higher than for traditional loans that require a check of your credit score. With an instant loan, every borrower will receive the same interest rate regardless of their previous credit performance, thus the rates of interest are usually higher than most loans. This added interest is a small price to pay for the convenience and luxury of having money when you need it for emergency situations.
Repaying Your Instant Loan
You must present a postdated check to acquire your instant loan money. This check is held by the lender until the due date of the instant loan. Most lenders who do business online will allow you to make an electronic draft from your checking account in lieu of holding a paper check for the loan period. When the loan is due, the lender will either deposit the paper check or make an electronic debit from your account to be repaid.
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