Guide to Bad Credit Payday Loans
A bad credit payday loan may be able to help those with no credit or bad credit. PurplePayday Loans are all about speed and efficiency.
Once you send a request and application, we’ll forward it to our list of financial lenders. Afterward, it will only take a moment to learn if you got approval.
what you need to know about bad credit payday loans
It is not uncommon for many consumers to find themselves in the occasional pinch. Unexpected expenses are a part of life, but this does not mean that they can be any less devastating. A car repair, illness or other unforeseen costs can leave a person in a real jam.
While some individuals will have a credit card or other means to fall back on, this is not true for everyone; especially for those with less than perfect credit. However, a bad credit payday loan may be able to help.
What Can the Funds Be Used For?
Well, unlike obtaining loans from the local bank or credit union, this money can be used for anything. The applicant does not need to specify where it will be applied or what it is needed for, no questions asked.
There is no need to explain anything to anyone, it does not matter if it is needed to get through to the next paycheck or even groceries.
How Much Can Be Borrowed and is it all online?
The amount that may be received from a bad credit payday loan will vary by the individual. It is determined by the ability to repay, the duration of the loan and the amount of income, the person has from their employment.
It is typically based on a percentage of income available, this can help prevent the consumer from borrowing more than what they will receive on their next paycheck.
The lenders will perform a basic background credit check on who you are and if you have taken out any loans previously but if that is all good you will most likely get the loan
When do I get the money and how fast?
Once you apply for the bad credit loan it is often possible to get the cash on the same day, if not usually within 24 hours, and at most 2 days later. The money will be in the account you specify on the application form such as on this site.
Purplepayday can search a lot of lenders at one time, this also saves you time in the long run as it is much quicker than going to multiple lenders in your town or city.
Are the Unemployed Eligible?
Under certain circumstances, the applicant does not necessarily have to be employed. Those that receive certain types of monthly benefits may also meet the eligibility requirements, such as those that receive social security or disability for example.
Often people think that these loans are easy to get but if you do not have a job and cannot pay your bills the lender will also consider this when handing out the loan.
What About the Repayment terms?
Loans are repaid upon receiving the next paycheck or benefits. Once the individual has applied and been approved, the due date will be explained prior to the funds being received which further simplifies the process. The money can generally be deducted straight from a checking account.
What id I need to borrow more over a longer period of time
If you need to borrow a larger amount of a longer duration then a payday loan for bad credit does not make sense. It is supposed to be until your next payday so not such a good idea with a lot of interest to pay back. In this situation, you should consider an installment loan that is also for bad credit
This type of loan is paid back month after month and is better when you are paying down the deposit for a rental or some other type of loan of $1000-$5000. You can apply for our installment loans here
Other Important Considerations
The bad credit payday loan can be a real lifesaver when the consumer is in a tight spot from time to time. However, it is important to use this type of beneficial service responsibly.
In order to avoid additional fees, it is important for the money to be repaid on time, every time. Consumers should also remember that these services are not meant to be used as a means to regularly supplement current income needs.