Payday Loans For People With Bad
Credit To No Credit, How do Payday loans work?
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Payday loans for people with bad credit to no credit are given
based on a promise of return for the loan principal amount, plus
interest, when the borrower received his or her next or two next
paychecks. Payday loans are short term loans, and as such, their
interest rates are usually high.
If you have bad credit to no credit though, a payday loan might
be just what you'll need to pull yourself out of a nasty situation,
if you use it wisely.
Since payday loans are paid back on the borrower's next paycheck
issuance date, these short term loans are also referred to as
cash advances. Payday loan amounts can range anywhere from $100
to up to $1000 generally. Not all states offer payday loans, due
to their high interest rates.
Here's how a payday loan works: usually, you'd need some proof
of a steady income from a job that you've had for at least three
months. Note that your income can come from state or federal assistance,
like disability payments also. You'll also usually be required
to have a checking account. You must be at least 18 years old.
Payday loan lenders and financial institutions charge a fee (typically
ranging from $15 to up to $30) on every $100 borrowed. You would
essentially write a postdated check to the payday loan lender
- or give them authority to automatically and electronically debit
your checking account for the amount of the loan plus interest
in case you default on the loan agreement. As mentioned, you're
typically given roughly two weeks to pay the loan back in full.
The lender can choose to deposit the post dated check, or you
can pay the amount in person, or the lender could debit your checking
account automatically. As well, many lenders offer borrowers other
options, such as paying off the interest only at the end of the
two weeks, and buying a bit more time to pay off the principal.
However, that extra time comes at a price - you'll be paying interest
again when you pay off the principal.
Another option that might exist is that the loan company would
offer you to take out another loan that they'll tack onto the
first one. In this case, you'll be paying higher interest across
the entirety of the loan.
Under the right circumstances and if you're careful, a payday
loan might be the perfect solution to a sudden financial crisis
or emergency that could crop up unexpectedly. However, one word
of caution: don't fall into a trap of getting a payday loan in
order to pay off another payday loan. Too easily, this strategy
can backfire quickly, leaving you further and further into a muddy
pit of financial instability. Use payday loans smartly, and only
when necessary. In other words, be a responsible borrower, and
make sure to pay off your payday loan obligations when they become
due, and always keep your eye on those interest rates. Make sure
that payday loans work for you, not against you.
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