If you have bad credit, you may still be eligible for an instant payday cash loan of up to $1500.00. There are various online sites to choose from, therefore, terms and conditions may vary depending on the lender. Some sites make it possible for you to receive acceptance in as little as one hour with the funds the next day, if not sooner.
Those with bad credit are generally accepted and approved, providing they meet certain criteria. As a matter of fact, many payday lending services do not check credit. To be eligible, you must have a bank account in good standing and be employed. However, many will require that you have been employed or have had an active bank account for a specified amount of time. Usually, six months to a year.
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You must be able to show proof of income when applying. This is typically faxed to the particular institution in the form of paycheck stubs or award letters for those that may receive a guaranteed monthly check such as social security or disability. The amount you can borrow is directly based on your income.
Interest rates are fairly high with most payday lending services. However, I have found that many sites charge a flat dollar amount per $100 to $150 borrowed. This flat fee is usually about fifteen to twenty dollars. This means if you were to take out a payday loan of $1000 at the rate of ten dollars per unit, the interest paid on the loan would be $100.
For this reason, some may find themselves getting in over their heads and paying too much for a payday loan. Payday lenders who offer the least restrictive terms, in the sense of the length of employment, ect. will generally charge more interest because these loans are deemed higher risk.
If your credit is less than stellar and you find yourself in a pinch, an instant payday loan may be able to help you. The application process tends to be quick and easy. Lenders will generally offer the option to apply online or by phone and the approval process tends to be short.
