If you need a temporary solution to pay a medical bill or help out a family member than bad credit payday loans is something that could save your day. Bad credit can happen to anyone, in any social class, and sometimes it is nice to know that there is help available in case you ever need a helping hand. With all the economical turmoil out there, it is not hard to find yourself in need of some extra cash.
Many people have been turning to these short term loans because they either need money quickly or they do not have the credit to get a traditional bank loan. The purpose of a payday loan is to fill in any gaps that may come between you paying your bills and getting your paycheck. These loans should never be considered a way to earn money.
With different companies, different requirements may exist. There are some requirements that are standard business practice with all bad credit payday loans. Although the amount of the loan will depend on your income, the loans usually fall in between $500 to $1000.
You must be employed or be bringing in a verifiable income. If you are receiving social security benefits, you can still qualify for a loan. An established bank account, either checking or saving account, is needed to receive your loan. Some companies will then get their payment form your account, as well. Bad credit payday loans are illegal in some states. And the military will not permit any of their active service people to get a payday loan.
How the loan company makes its money is through the fees that you pay for the convenience of a payday loan. A standard fee is about $25 on every hundred that is borrowed. The loans are designed to be repaid on your next payday. Some companies may extend that time if you qualify, if you are unable to repay the loan.