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Fast Bad Credit Loan: Help To Get Your Bills In Order
The first thing I would definitely advise anyone who wants a loan fast to be sure you are aware of the alternatives to borrowing money and think about whether getting a fast bad credit loan really is the best solution for your problem. It may be that your circumstances are such that a fast loan is in fact the thing that will best fit the bill, but many people experiencing debt problems turn to fast bad credit loans when there are other options that would definitely be more beneficial in the long term.
Fast bad credit loans are offered to you regardless of your bad financial crunch, your funds defaults which may have resulted out in a bad credit report. No credit checks are followed and this makes it easily accessible. The cash is approved the same day or the next business day. Get your advances faster than ever if you have your required particulars inserted carefully.
Pay back easily your medical bills, electricity bills, grocery bills, car bills, credit card bills, tuition fees etc. Access your secured cash advances and execute your demands all with just a few clicks on your mouse. The financial experts can prepare you for your unpredictable expenses for which you are not financially prepared.
Applying for fast bad credit loans and being approved for a fast bad credit loans is simple thanks to the convenience of the online market place. fast bad credit loan company are offering cheap rates and up to 60 months repay repending on the amount borrowed. By answering a few simple questions, supplying your employment and banking information, and perhaps faxing a few documents, you can be approved and have your cash as soon as the same day you apply. Start your online process right away!
Your online application is the one thing you need to submit. Apart from that you should provide several things:
* You should be a citizen of US.
* You should be at least 18 years of age.
* You should be employed and should be earning at least $1000 a month.
* There should be a valid checking account in your name.
* All these things are required to be fulfilled to assure the repayment of the loan in time. it defines your power to payback and your ability to repay the loan in time.
If you opt for unsecured loans, you can have up to $50,000.00 dollars available to you, based on your repayment capability. In case you need more, you may have to place some collateral. This may raise the amount borrowed by several times. Dont let bad credit create hurdles in achieving your dreams. Opt for a fast bad credit loan now!
Are Payday Loans Good or Bad?
When it comes to Payday Loans there is divided opinion on whether they are a good thing or a bad thing. But why are they perceived by some as a bad way of worrying? To look at this we first need to look at exactly what are Payday Loans?
The clue is in the name. They are a short-term loan designed to paid back on the borrowers next Payday. Therefore, the loan is designed only to be borrowed over a few days or at a maximum of a few weeks.
The key with any borrowing that is taken out is that the borrower is always keen to know the APR. This is understandable and this is why Payday Loans are sometimes criticised. The APR on a Payday Loan is high very high. However, the key with a Payday Loan is remembering that you borrow the loan only over a matter of days. APR stands for Annual Percentage Rate so is therefore a percentage rate over a year. It is therefore deemed a little unfair to judge a payday loan over a year as nobody would borrow the loan over that length of time.
It is common knowledge that if you were to borrow an unsecured loan over a few years you can expect to pay back sometimes double of what you initially borrow especially if the length of time the loan is taken over is a few years. So how does this compare into the Payday Loan world?
It is hard to give a specific figure on the amount of interest you will pay on a payday loan as there are many lenders that have different rates. It would not be unfair to say that you may pay back £30 of interest for every £100 borrowed. So, a £300 loan would cost you a total of £390. This would be at an APR of 2000%+ Sounds high? Well, remember the APR is if the loan was borrowed over a year but you will only borrow it for a few days/ weeks.
On the above Payday Loan model you are paying about 1/3 of the amount borrowed in interest. How would this compare to a £5,000 unsecured loan borrowed over 7 years? A 1/3 more of the amount borrowed would be a total payback of about £6,650. This could be achieved at a monthly payment of around £98. So the APR would be similar as the Payday Loan? No. The APR on this example would be about 12.4%.
I hope the above example highlights the “APR argument” when it comes to Payday Loans. You can pay the same split of interest on a Payday Loan as an Unsecured Loan and the APR is massively different the sole reason for this is that a Payday Loan will only be paid back over a matter of days.
Do Payday Loans deserve their bad reputation? Probably not. If they are used correctly, as a short-term financial product instead of a long-term financial solution, and they are paid back on time then they are an excellent form of short-term borrowing in an emergency.