At least once in their lives, everyone has an unexpected financial situation that occurred. Sometimes, however, your payday doesn’t come fast enough to satisfy your financial obligations. You may need help. Read on for ways to make payday advances work to your advantage.
Is a payday loan right for you?
If you have bad credit, walking into your local bank and asking for a personal loan may not be a viable option. The credit score restrictions, debt to income ratio or even employment status can stand in the way of you getting approved for a loan thru one of the major banking institutions.
Why so many people with bad credit apply for payday loans
Having bad credit won’t stop you from getting approved for a payday loan. But payday loans have a very bad reputation. Mostly because the industry grew HUGE very quickly due to the demand for them. Some companies took advantage of their customers and many people feel into deep debt due to these practices.
So many people could really benefit from a payday loan, but do not even bother trying to get one, because they have bad credit. Most companies will, in fact, give you a payday loan, just as long as you are employed.
Do your research
Make sure you check out all of your available options. Some companies will give you far better terms than another company will. This is a good way to keep from spending more than necessary. Your credit score as well as the total amount of the loan will be large factors in this decision. By taking the time to look into different loan options, you will be sure to find the best possible deal.
We have a list of REPUTABLE bad credit payday loan offers here – click here
Ask ahead of time what kind of papers and information you need to bring along when applying for payday advances. Proof that you are employed and actual bank information is usually mandatory. Find out what your prospective lender requires and shorten the time it takes to get your loan approval.
Read the fine print! Know the rate, fees & terms associated with your loan
Bad credit payday loan advances can have a lot of fees attached to them, so be sure to ask questions about the loan details. This will help you find out what you’re actually paying when you borrow the cash. Interest rate regulations have been created to give customers a level of protection. Payday loan companies avoid these regulations by increasing their fees. These fees can drastically add to your costs.
A lot of payday loan services will require the borrower to sign a contract that basically protects the lender in a disagreement. If your company goes bankrupt, you will not get out of paying. They may also require a borrower to sign an agreement to not sue their lender if they have a dispute.
Payday Loan Scams
Again we must stress the fact that you need to do your research! So many scammers prey upon people with bad credit. We have had clients that have been scammed using online payday loan lenders without doing their research. Stay safe:
- Don’t respond to unsolicited email!
- If someone calls you out of the blue, don’t give them your information! Research them first. A few months ago someone stole our site name, stuck it on a piece of paper and cold called a list of bad credit borrowers. They sell these list online. If you have applied for financing in the last 3 years, you are on someones list! We got a FLOOD of calls asking us if it was true. We told them no and posted a warning on our site. Within days the scammers moved on. Do you think they stopped? No, they just found another website to pretend to be.
- Get everything in writing. You can print off the rates and terms from their website. Make sure your print off has the date, time, and url that you are printing form. Some sites give you the option to print a “printer friendly” version their site. Often times this doesn’t include the above info.
Don’t abuse bad credit payday loans
Payday loans should not be abused. They are meant to be short term. If you find yourself constantly in need, you need to look at your budget and do some STRICT cutting back on your expenses. OR get a part time job to make more money. Some of our clients have even gone as far as to start their own small business to help them get out of debt.
If you are in need of fast money and aren’t sure how to get it, a payday loan might be right for you. Even though such loans often come with high interest rates, they can be the best solution to certain financial problems. Make a payday loan work for you by utilizing the information provided to you here.