We often find ourselves in difficult situations where we are short of the cash needed to cover bills or other expenditure we just didn’t see coming – like medical expenses. Though we may not have the money in our pockets right now, we know we could pay it back if someone were to lend it to us. However, if you have a bad credit rating, you may think there’s nobody out there who can help you. Well luckily now there is! If you look into it, you’ll find a competitive market with lots of providers willing to offer payday loans with bad credit. These loans are approved really quickly and deposited into your account in no time. And, as the name suggests, you could get one of these loans, even if other lenders have turned you down.

What is the procedure for applying for a payday loan?

Applying for your payday loan with bad credit couldn’t be easier. Simply fill out an online form providing details of your income, address, credit score and some other brief details. The lender will take a look at your application and once it has been approved, the money you need will be in your checking account within 24 hours. Bear in mind that applicants must be over 18 years of age and in full time employment with a monthly income not below $1000. You must be a US citizen and will need to have been living at your present address for at least a year. You will also need to have an active checking account.

How much could I borrow with a payday loan with bad credit and how much interest do I pay?

The amount you can borrow will depend on your current income and your ability to repay the loan, but it could be as much as $1,500. Your credit score will not go against you, but it will be a factor in determining the amount you can borrow. You can improve your credit score by repaying your loan on time. This means you will be able to borrow more the next time you apply for a payday loan.  Lenders don’t charge interest on payday loans with bad credit; instead they charge a fixed fee. Do shop around to find the best fee and make sure you’re not over charged.

A payday loan is a short term loan which you will have to repay within a week or two of borrowing. You can defer repayment by a day or so, but this means you’ll have to pay a late fine and some interest on top of the fixed fee. You can usually arrange to make your repayment to coincide with your payday.

So if you find yourself short of cash just before payday, consider a payday loan. It’s a hassle free way of getting the money you need to tide you over and, remember, it’s available to you even if you have a poor credit rating.