Have Bad Credit? - You Can Still Get A Payday Loan
If you have ever tried to approach a lender with a bad credit record, then you have probably had the unfortunate experience of being rejected for a loan. While certainly not pleasant, you do not have to worry about being rejected for a payday loan, as long as you are employed and have been there a few months. Here is how you can get a payday loan for those emergency cash needs.
Your credit record really has no bearing on your ability to get a payday loan. In fact, they will not even check your credit record - or the amount of indebtedness you have now. This means that your bad credit will not effect your ability to get the money you need.
They will, however, consider carefully your ability to pay. This means that they will need to know some information about where you work now, and how much you make each month. What they are looking for is that you have been employed for at least six months at the same place - some will only require two months. Another thing they will want to know is that you make at least $1,000 per month (some require $1,500 per month). In order to verify this, you may need to provide a faxed copy of your pay stubs, or they may contact your employer.
Payday loans usually offer a maximum of about $1,000 in cash, and some go up to $1,500. Your first payday loan, however, will usually be under about $400. Paying it back on time will enable you to get more the next time.
Another thing you will need when you apply is a checking account. You will be asked to fill out a postdated check for the full amount, or you will need to give them permission to take it out of your account electronically on the date due.
As long as you pay the full amount on time, then you are good for your next payday loan. You can roll them over for another pay period by paying the interest that is due. This will, though, mean that another interest charge is applied - but you have more time. Certainly this would not be something you would want to do if you could help it, but the option is there if needed.
Other lenders may offer different repayment options. Although still rather new, there are some that will now allow you to pay it back in several payments. You may have to do some searching to find this option ? but it could be worth your while.
Be sure to take the time to look around for the best deal on your payday loan, before you apply. The interest rate can range anywhere from 15 up to 30%. The time that you have to repay the loan also varies from one lender to another, too. Make sure you look around enough to get a good deal if you have need of that emergency cash.
Joe Kenny writes for the personal finance site http://www.rebuild.org/ for payday loans, http://www.rebuild.org/payday-loans.html
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