From various studies, it is common that the number of customers that payday loans, as well as payday loan companies, is increasing. If you are a person getting the payday loan with bad credit for the first time or you want information about a payday loan with bad credit then this article will be of great help to you.
Get the best payday loans for very bad credit
A payday loan is a very short term loan. The term is usually 1-2 weeks. There are also other names of payday loans like – “Cash Advance”, “Paycheck Loans”, “Check Loans” and “Payroll Advance Loans”. After you have your paycheck, the loan will be repaid. If you don’t repay the loan, plus the cost of the lender payday loan on your payday, you can get the rollover loan by paying additional fees to the lender if you have additional payment of interest along with the rollover period. So, payday loans can be called “loan sharking”.
By the end of the month, you can face some problems in maintaining some urgent family expenses that pay off, such as your phone bills, and electric bills, home rentals, or other bills. These things happen when you usually don’t have to keep an orderly budget in time, your paychecks or not, to limit your costs to your income. Therefore, to get such costs urgently you need a payday loan for very bad credit.
Payday Loan Company
There are so many companies promoting online check cashing facilities. In addition to banks and other financial institutions, you can also use a payday loan. You can apply online for a payday loan or you can physically get a payday loan available from an institution.
Conditions to be met to get an instant payday loan:
The Criteria of Different Payday Loan Companies
1. You must have a job or it should be a regular source of income.
2. You should take an A / C exam in a bank.
3. You should be a US citizen.
4. You should be at least 18 years old.
5. Your monthly income should be at least $ 1000 a month.
The best application of payday loans
If you apply for the loan Monday through Thursday, you will get the loan the next business day, ie Tuesday through Friday. If you go for the loan on Friday then you will get the loan on the coming Monday and if you go on Saturday or Sunday you will get the loan on Tuesday.
So the best time to apply for the loan is Monday through Thursday.
When will you get the money?
Since the process is very easy to get the loan you usually get your loan within 24 hours after applying. Companies will view your documents and check your data using an automatic system called VPN software, and then approve your loan. The entire process of checking identity and depositing money Checking your A / C takes 24 hours. There are some companies that deposit the loan in less than 24 hours.
Cost of Payday Loans
Usually, a payday loan company borrows costs from $ 15 to $ 30 per $ 100. So if you borrow $ 100, you will have to pay $ 115 to $ 130 on the next payday. The APR of Payday Loan Interest advance increases to 391%.
Maximum limit of payday loans
If you get a payday loan for the first time, you can get up to $ 500 for the first time. After you make your first repayment back the loan amount in time, you stand over $ 500 if you loan the company to another payday loan.
Before taking out a payday loan, think about:
1. You should consider the APR factor of the loan before it. You should consider the company charging a lower APR than its competitors.
2. You should pay attention to the confidentiality of your documents and information. So if the tendency of the company is the applicant’s process information in an encrypted page, you should think that your data will not be leaked, and then you can click on it.
3. You should read the company’s political and legal questions before submitting an application to them.
Repayment of Payday Loans
The lender will control the money from your A / C at the time of the payday. You should be ready and aware of your payday and the amount to be repaid. If you are unable to repay the loan on the day then you may be asking the lender to rollover the amount of your loan.