Despite the popularity of several recent fiction series, we know that nothing is truly immortal. Yet when you're applying for loans, it can seem like your bad credit history is! If you really need a payday loan, bad credit can seem to hold you back, but don't worry – it doesn't always affect your case. This is why there came to be invented a certain breed of payday loan: bad credit loans.
If you're applying for a payday loan, bad credit loans will give you all the benefits of a payday loan without you having to suffer through the embarrassing and revealing process of a credit check. These are sometimes called "no credit check" or "no telecheck" payday loans, and they can be found in most loan stores, on the websites of many online lenders, or by phone.
There is little difference between the requirements for regular loans and the requirements for this breed of payday loan, bad credit loans. You still have to be over eighteen, and in most cases you have to be currently employed, but that's nearly all the requirements there are. Without the credit check, just about any employee today can get a payday loan quickly and easily. Of course, this means that the interest rates for bad credit loans are higher, due to the greater risk for the lender of having some of the loans defaulted and not repaid.
A typical payday loan (bad credit or not) involves having to apply by filling out your details on an application form in paper, over the phone or online. Then, the lender will typically take a little time (from a few minutes to a few days) to evaluate your application. If you meet their requirements, they'll offer you a loan, which you are generally not obligated to accept.
This means it's very easy to compare different loan offers. Many people find two or three lenders they trust and send applications to all of them (checking the fine print to ensure there is no obligation to accept any offers they send). Then, they compare the terms and conditions of each loan to find the one that's right for them.
You can use the same process to get the best possible deal on a loan and ensure that you will receive at least one loan, in case a lender doesn't get back to you in time. If you really need a payday loan, bad credit can't hold you back. There are options specifically designed for you that will ensure it's possible for you to receive one. Read more...
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