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Payday Installment Loans: Get Financing Even With Bad Credit [Payday Loans]
Payday Installment Loans: Get Financing Even With Bad Credit
If you have bad credit and are looking for an easy way to get money, you should consider payday installment loans. With these loans, your credit background will not be looked into to determine your approval. The lender will usually want you to be employed and be receiving your salary through your checking account. Today, many lenders offer payday installment loans. When you search online for no credit check installment loans or payday installment loans, you can find online lenders that offer the service.
After applying for the loan, you can expect to have the money in your account within 24 hours. The typical maximum amounts that you can expect to receive range from $1500 to $2000. If you want higher amounts, the lender may have to carry out a credit history check. You can be approved for a higher amount if your credit score is 500 upwards.
What’s the Catch with Payday Installment Loans?
The main catch with the loans is that you will be charged higher interest rates. In some states, there are regulations that prevent lenders from charging above a certain percentage. But the rate is usually higher than that of loans offered to people with good credit.
Another catch is the repayment period. The maximum time that you have to pay back the loan is six months. If you take a smaller loan, you may be required to pay back within 30 days. Like is expected, you should research well about a company before you decide to apply for a loan with them. Check the Better Business Bureau website to learn more about the company and to check for any complaints made by other customers.
Why Installment Loans Are a Big Thing
Payday installment loans provide an obvious financial relief whenever you are strapped for cash. Their main advantage is that you do not have to be in perfect credit standing or have collateral for the loan to be approved. This means anyone can get approved for the loans.
Usually, if your salary is deposited into your checking account, are employed and are a legal US citizen, you qualify for the loans. Paying for the loans is also easy since you can schedule your salary to be deducted to pay the installments whenever your paycheck date reaches.
Another advantage of the payday loan is that you can apply for it online without having to fax any documents. The financing is also typically approved faster, usually within 24 hours and you can use the loan for anything that you want. Lenders will not require you to provide a business plan or regular updates on the project that you borrowed the money for.
Easy Financial Relief
When your payday check is days away and you need cash instantly, there is no better financial option than payday installment loans. Before you apply for the loans, it is advisable to compare rates of different lenders to get one that you can afford.