So you’re a little short on rent and you need some cash right now. Don’t fret. This is what payday loans are for.
“But my credit rating is abysmal!” No worries: There are plenty of payday loans for bad credit borrowers out there if you know where to look.
If you want to make the process easy on yourself, there are a few things that you need to look for in any payday lender:
1. Faxless Payday Lending
Many payday loans for bad credit borrowers force you to go through the extra hoops of faxing your information to them. In the digital age, this is just absurd. Most of us don’t even know anybody who owns a fax machine. One of the first things you should look for is a payday lender who doesn’t require you to fax them anything.
Ideally, you’re looking for a company who doesn’t really require all that much more than some basic information: Your identification info, some payment stubs or bank statements and so on. They really don’t need so much information that you should have to fax them anything, and if they do, you’re better off looking for a lender that is a little less demanding.
2. Reasonable Rates
The payday loans for bad credit industry has gotten a bad name in some circles regarding their lending rates, which is really unfortunate because the vast majority of lenders who offer payday loans are actually quite honest. Payday loans for bad credit do often demand higher interest rates, but you shouldn’t expect to be paying more than 10% or 15% on what you’re borrowing.
Your best bet is to keep shopping around and keep looking specifically at lenders that specialize in payday loans for bad credit borrowers. These specialty lenders will generally, if not always, give you a better deal if you have bad credit in comparison to the guys who offer a more general kind of service to the public.
3. Transparent Contracts
Payday loans for bad credit borrowers should come with easy to read contracts that don’t force you to wade through several pages of fine print to see what you’re actually agreeing to. An honest lender should have absolutely nothing to hide.
4. Instant Payoff
Sometimes a payday lender will keep you waiting for so long that you may as well have simply waited for your paycheck to clear. If this is the case, then the question is why you’re bothering with that lender in the first place if all they’re going to do is take 10% out of your paycheck to give it to you a day early.
Many lenders offer 24 hour delivery on the loans you take out with them, while others even go for 1 hour. There are enough companies out there that can get you your money in a reasonable time frame that there’s no reason to fool around with the ones who can’t or who refuse to do so.
The power is really in your hands as a consumer to borrow from the lenders that seem upright and transparent to you. Don’t feel that just because you have bad credit, you need to accept whatever you can get, because that’s not the case: There are a lot of lenders who specialize in bad credit and can get you a fair deal.