Perhaps the biggest benefit of a payday loan is that anyone over 18 with a checking account and a fixed source of income can get instant approval. Even people with bad credit ratings should have no problem getting approved for a fast payday loan. The best place to get this type of loan is online. You can find online no fax payday loans which will guarantee the borrowed amount to be transferred to your bank account within one day or less.
Bad credit Payday Loan Rates
If you are thinking about applying for a bad credit payday loan, don’t think that you will be quoted higher rates than the standard payday loan. As a matter of fact every payday loan is also a bad credit payday loan because; the company that lends you the money does not care about your credit history. All they want to know is that you can pay back the money you borrowed on time.
When you compare payday loan quotes don’t be frightened by the high rates. The interest rates you will be paying will be from 10% to 30% depending on the amount you wish to borrow and the repayment plan you choose.
Payday loans for consolidating debt
It is recommended that people in debt avoid applying for payday loans to cover debt or make a payment. The act of getting a payday loan will only worsen the debt status and eventually turn into a huge burden. If you are looking for a debt consolidation loan a good idea would be applying for a personal loan. Repayment is much more flexible and longer and the interest rates are substantially lower. If you haven’t managed to obtain a personal loan consider contacting a debt counseling organization for professional help.