Have you been wondering what a bad credit payday loan is? Do you feel like you’re barely keeping your head above water with your bills, and one extra expense could make your whole house of cards come tumbling down?
If you have a bad credit score, you may find that it’s virtually impossible to get a bank loan. Almost everyone has been in a bad situation with unexpected expenses causing our cash to run out a few days before payday. Often we need money ASAP just to fill up the car, pay a bill, or put food on the table. While some people can borrow from family or friends, rely on a credit card, overdraft, or bank loan, this is not the case for everyone, and banks have very strict requirements for loans- meaning it can be very difficult to get a personal loan.
If you’ve thought about applying for a personal bank loan, you may have realised that your credit score may make this impossible. Often a borrower’s credit score will be too low, which would mean that if they were approved for the loan they would be paying super high interest. People needing a loan may also find that they have no credit history since they’ve avoided debt like credit cards in the past- something that can be a sign that you’re managing your money well but since the bank can’t see that you’ve managed any debt in the past you may be out of luck.
In both of the above situations, your ability to get a personal loan will be directly affected by your credit score (or lack of previous credit) and it may mean that you end up in a much worse financial situation due to the amount of interest you would need to pay if you did get a loan.
Bad credit payday loans can solve this problem. These loans are granted to people who have bad or low credit scores, and the loan is then paid back on their next pay day (including an interest charge).
Applicants can apply online, giving details of their expenses and income, and once the application has been submitted they’ll quickly receive the money in their bank account. Since lenders aren’t using your credit history or credit score to decide whether or not you can get a loan (or how much interest you’ll be charged), they’re a lot fairer for many people.
While these loans are known as payday loans, you don’t actually need to use your loan just to get you through until you get paid. You can do whatever you like with the money, but the amount you’re able to borrow will depend on your earnings which is why you need to provide the lender with proof of your income.
If you find yourself in a situation where you need some money but you can’t go to a bank for a loan, check out the to help get you back on the right track.