Bad credit payday loan is almost the same as a payday loan i.e. it is a form of an advance pay for which you have to pay a certain fee. The difference between the two is that bad credit payday lenders do not check your credit history. Therefore, it as a good option for those who require money urgently and cannot get a credit card or other loans due to bad credit rating.
Amounts for Bad Credit Payday Loans
The amount for bad credit payday loan ranges from $200 to $1000 depending on your income and other criteria that the lending company requires. The lender will then review your application and decide whether to grant the loan or not.
When can I expect to get the money in my checking account?
Mostly, you can get the money into your account within 24 hours or the next business day. But its better to check with your lender after you have been approved for the loan about when you can get the cash. Also, some banks take as long as 5 days for the money transfer so its better to with your bank too.
Are credit checks run by Bad Credit Payday Loan lenders?
Bad credit payday lenders do not check your credit history and as you are already applying for a bad credit payday loan, they will know that you have a bad credit history and don’t need to recheck.
What is the time period for paying off a Bad Credit Payday Loan?
A bad credit payday loan can be considered as an advance payment of your upcoming income as the time duration for payback is not very long. It varies between 14, 21 or 28 days after which you are required to pay the fee and the loan in full amount. If you are unable to do so, many lending companies will simply ask for their fee and extend the time period of the loan. You will then have to pay new fee until your loan is paid off but it is better to check with your lending company if you are unable to payback in time.
Are Bad Credit Payday Loans available to everyone?
As the bad credit payday lenders do not run a credit check, it is more appealing for many people to a take a bad credit payday loan. All they require is that their criteria should be fulfilled, i.e. the person acquiring the loan should be at least 18 years old, should have a job, a checking account, some proof of income, a government issued ID, and some amount of monthly income to show.
Interest Rates for Bad Credit Payday Loans
Different lenders charge different fees for the loans. Also, depending on the amount borrowed and the borrower’s income, the fee may vary from customer to customer. Generally, it is around $10 to $30 for every $100 borrowed. Being a bad credit payday borrower, you should expect higher fee. Also, if you’re unable to payback in time, the fee may increase. . A fee of $15 for every $100 that is borrowed is equal to an Annual Percentage Rate (APR) of 391.07%.
Restrictions for Bad Credit Payday Loans
In most of the cases, there are no restrictions on the use of instant payday loans which makes them more attractive.
Multiple Bad Credit Payday Loans
Many companies allow a single person to take multiple bad credit payday loans, but it is entirely up to the lender. Check with your lending company to find out their policy regarding multiple loans.