Things To Know About A Bad Credit Loan

Even though your credit may be bad, you can still borrow money. There are a myriad of companies available to you today that will give you a bad credit loan when you need it.

There are two forms of loans that are very common for people who’s credit is less than perfect. These are the pay day and high interest installment.

First is the pay day type loan and the requirements are usually as follows. You have to have a checking account that is in good standing as you will be asked to write a post date check for the repayment. If you do your loan on line, you will need at least a credit card account that uses deposits to work. This is so the bank can get the money back on a pre determined date and they can get it out of your account when it is due. Sometimes, you will have to have your pay check direct deposited into your account.

You will be able to borrow a small amount of money, for example, two hundred and fifty dollars and it will be payable in full on your next future pay day. You will be offered the opportunity to extend the loan for another pay day if you pay the interest, which by the way is somewhere around one hundred percent. So two weeks will cost you around forty dollars. No one said that bad credit was cheap!

Installment loans for a small amount are the other type of bad credit loan. These carry the same requirements as far as bank accounts. The biggest difference is you will pay the loan back in installments over a six month period.

In a time that you need a couple of extra bucks, this credit is great. Just do not miss your payments or you will have no where to go in the future.

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