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Bad Credit Loans – Advantages and Disadvantages - CushteeCash.co.uk

Bad Credit Loans – Advantages and Disadvantages

If you’re thinking of applying for a payday loan, then this brief guide should answer a few of your questions. Specifically, we will consider the advantagtes and disadvantages of this type of loan – and how you can get one. When you’ve finished reading, you should know whether this form of borrowing is right for you. So let’s begin.

The Advantages

Firstly, these loans are available to virtually anyone with a regular wage. This means it is ideal for the person who may have a poor credit rating – and can’t qualify for a different form of loan. You can easily borrow an amount ranging from a few hundred dollars, to a few thousand. This means it can help you to cover bills until your next payday – and relieve you of from some of the financial stress you may be enduring right now.

The key advantage of these loans is that they can help you cover an unexpected financial crisis – and it’s possible to get one even if you have a poor credit rating.

Disadvantages

While payday loans are a quick and easy way to get money when you need it – there are still a few things to be aware of. Typically, these loans have a high interest rate. This means your financial situation can become worse if you fail to pay the loan in time, because you will owe the interest rate on top of your original debt.

It is often recommended that you only use these loans in real financial emergencies. Depending on them too regularly can ultimately lead to your situation becoming much worse.

How To Get One

Getting a payday loan is usually a quick and simple process. You simply fill out a short application form, and send your application by mail or via the internet. You should hear back from the company quickly, and you will have an answer within a very short time frame. In some situations, you will be required to leave a check with your lender – and they will cash this check once your payday comes around.

To conclude, this overview has given you an overview of the pros and cons to taking out a payday loan. While they do have their drawbacks, they are the perfect solution for getting you out of a tight financial bind – when no other options are available. Now that you’ve finished reading, you should have a better understanding of these loans, and whether it’s the right course of action to take.

 

Rise in loan applications due to financial climate

 

With the current economic meltdown, people may seek financial assistance in the form of loans. A majority of people fear taking loans as they regard it as a burden which can take years to offload. When it comes to selecting which type of loan to take, payday loans are the best option due to their numerous advantages. Bad credit pay day loans have a short and easier application process compared to other types of loans. Generally, payday loan agencies usually require proof of identity and proof of steady flow of income. This is in contrast with other loan application processes that may require lots of documents including people to guarantee the loan.

Secondly, approval of payday loans is fast. Whereas other loan applications may take days or even weeks to get approved, payday loan approval can take less than an hour.Once one has applied for a payday loan,the agency can immediately tell them whether they have qualified or not.

Taking payday loans is considered the best option as one doesn’t have to have collateral. Whereas other loans require one to deposit valuables such as jewelry, title deeds and car title, a payday loan agency won’t need anything from applicants apart from application attachments.

Another advantage of taking payday loans is that they do not show up in ones credit history thus one is able to maintain a good credit rating. In addition, payday loan agencies do not generally look at ones credit history when determining whether to issue them with a loan.

Because people view loans as a financial burden that can take years to repay, payday loans are usually repaid within a short period. This is advantageous as one doesn’t have to take years paying back loans which they used years back.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk