Many people make decisions in their lives that can ultimately affect them in the future. Decisions and bad planning are the root cause for the millions of people who have a bad credit problem. With their history in shambles it is often hard for them to receive loans, mortgages and other financial products. However they are not at a loss; this article will look at the bad credit loans and how it can benefit people.
A bad credit payday loan is often known as a paycheck advance. The loan is often a short term, unsecured loan that is usually repaid on a person's next payday. The purpose of the loan is to make available, emergency funds for people who have bad credit. These types of loans as mentioned above are short term and are meant to last the length till the person's payday. This is usually 2 weeks to a month. These types of loans are very small and the typical range in which a person can borrow the money is around $100 up to $1500. The interest rates associated with these loans are extremely high, due to the fact that they are giving unsecured money to someone with bad credit. The interest rates are usually in the range of 400%-900% per year.
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Applying for a bad credit loan is a fairly simple process. You can either go into many of the payday advance stores that are around the city or you can do it online. Whichever one you choose, you will have to fill out an application form that will require you to give out some person information. The information contained in these forms will be used to determine if you will be eligible to get the credit loan. The majority of people are approved, regardless of their credit history; this is the basis for this type of loans. Once approved the money is deposited into the individual's checking account.
The requirements for a bad credit payday loan are fairly standard. Typically to receive this loan you need to have a job or you are getting regular income from social security or welfare. You need to make a minimum of $1000 a month if you work and $800 if you are on social security. This is to ensure that you have the means to repay the loan. You also need to be at least 18 years old and are a US citizen. To receive the loan you also need to have a checking account that allows for direct deposit.
Repayment of the bad credit payday loan can be done in many different ways. You can pay it off as you get your paycheck, which is the most common way, or you may pay the finance fee and a portion of the principle on or before the maturity date. There is also the option to have the outstanding money owed drawn from your checking account. Whichever way works for you, it is good to pay off the loan quickly as the finance charges are sky high.
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