Things do happen. Any number of reasons exist for you to suddenly need cash with payday days away. And, you have a bad credit history. You might want to consider getting a bad credit payday or cash advance loan. Cars break down at the most inopportune times. Forgotten utility bills can suddenly appear with a threat of cut-off from the utility company. Your doctor may want you to start a health-saving new medication. A kid needs money for school equipment or tuition. Any number of reasons can crop up that require a cash infusion. And you usually need it fast.
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Shop Around for Your Bad Credit Payday or Cash Advance Loan
Store front lenders or online lenders exist willing to lend you the cash you need without running you through the credit check rigmarole. Many borrowers nowadays have bad credit but many lenders have seen the need in this market to lend funds to folks with poor credit histories.
Because of the number of lenders, you will be able to pick and choose to find the best interest rates and the most comfortable repayment terms. Do not be afraid to ask questions. Never deal with a lender who says he or she is doing you a favor by giving you a loan. You are doing them a favor by giving them your business.
What You Will Need to Provide
In spite of the fact that you will not need to have a credit check, you will be asked to provide some documentation. These papers can usually be faxed or scanned to your lender. They include:
1. Government issued i.d. – usually a drivers license, military i.d., or passport. Some other identification may be required. You will need to lodge a query with the lender to find what will work.
2. Proof of employment – this can usually be in the form of pay stubs or bank statements showing a pay direct deposit.
3. Proof of a bank account – not only does this show some stability on your behalf to your lender, it also allows the lender the convenience of depositing your loan funds directly into your account without having to cut a check.
4. Proof of residency – this can usually be a utility bill with the same address as on your i.d.
What You Will Pay
Interest on payday or cash advance loans can vary widely from lender to lender. You may find lenders that will offer discounts to first-timers. Lenders may even offer discounts to repeat customers. Beware of lenders who ask for upfront or processing fees before they grant a loan. These lenders are fraudulent and should be reported. Any fees incurred for a loan should be included in the loan and therefore the loan payments.
Understand that bad credit payday or cash advance loans employ somewhat of a risk to the lender. They have no real proof you will pay and they have no collateral to back up the loan amount. Therefore you must pay higher interest rates to cover that risk. Also, be careful to scrutinize the fine print. You may find fees in there that were not really discussed but that you will be obligated to pay once you sign on the dotted line.
Once You Get a Bad Credit Payday or Cash Advance Loan
You already have bad credit. You can improve those scores by paying as agreed in the loan contract you sign. Do not default on this type of loan.