Bad Credit? Payday Loans With Less-Than-Perfect Credit


Sometimes the long stretch from one payday to the next can seem like an eternity, especially if you have any unforeseen expenses to pop up - like car repairs or medical bills. With the economy in a slow down and gas prices soaring, your daughter's chipped tooth may not be in the budget this week. Or perhaps you suddenly need extra money to pay the plumber for the unanticipated pipe that burst under the sink, you overlooked your utility bill and have received a shut-off notice from the power company, or even the death of a loved one has left you in need of extra cash for a trip out of town. Or maybe you have a last minute itch to see your favorite band playing and you need money for last minute tickets to the event of the year. It is in these situations that a payday loan can help borrowers meet these expenses until their next payday.

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Short Term Loans Offer Quick Cash Even With Bad Credit

Payday loans, which are also known as payday advances or paycheck advances, are short-term loans that can cover the borrower's expenses when they find themselves in a pinch. Loan amounts may vary, but are typically from $100 to $1000, and are usually repaid within two weeks. Certain lenders may offer repayment on a monthly basis to those borrowers who are paid only once a month. Even those with less than perfect credit will find the payday loan a great option for short-term cash.

Payday Loans Are Easy To Apply For

The process of obtaining a payday loan is quite simple. The borrower presents a post-dated check to the payday loan store in the amount of the loan, plus a modest fee to cover the servicing of the loan. The borrower then returns to the store to pick up the check on his next payday. If the borrower does not return to pick up the check, then the payday loan store will automatically deposit the check into the borrower's checking account to receive payment.

The payday loan store will usually ask for a recent pay stub to prove that the borrower is working, and a picture identification of the borrower is kept on file. Recent bank statements are typically required as well.

Convenient Online Payday Loans

A more convenient solution to the payday loan is now available online. There are many excellent creditors who offer loans on the internet for life's little unexpected expenses. A borrower will simply fill out an application on the website of the lender, or fax the application to a specified number. The application will ask for personal information - including bank account numbers and verification of social security numbers, as well as employment information. The borrower submits a scanned or faxed copy of recent pay stubs, current bank statement, and their signature for the application. Once approved, the funds are then deposited into the borrower's checking account via an electronic funds transfer. The loan payment and the loan servicing finance charge are withdrawn electronically from the borrower's account on the date that is agreed upon when the loan is originated.

Payday loans are a very beneficial means to bridge the gap from payday to payday without needing to turn to a traditional loan. Because payday loans are for a small, manageable sum, borrowers tend to borrow only what they need and can afford to repay. Payday loans are also readily available to borrowers with all types of credit, which makes them the easiest to get approved for.


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