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By: Ikedi Ani-okoye
Payday loans are exclusively meant for those borrowers, who are in requiring of urgent cash before their payday. Anybody may have the requirement of urgent cash before their payday, but it is the fact that availing a payday loan is not easy for the borrowers with bad credit score. Now, with bad credit payday loans, availing a payday loan despite having bad credit score has become easier.
All kinds of bad credit scorers including CCJs, IVAs, arrears, defaults can apply for bad credit payday loans. But meeting some pre-requisite criteria is necessary in order to avail the loan amount. The criteria are as follows:
•Fulltime employment
•Borrowers’ regular income should not be less than £1200
•Having a current and active checking account is mandatory
•Borrowers’ age should not be less than 18 years.
As payday loans, a borrower with bad credit score can borrow the money ranging from £100-£1000. In this context, it is necessary to mention that borrowers’ income plays a significant role to decide the loan amount. Mainly these loans are short -term loans, uncommitted for 14-18 days and the loan period can be offered up to one month. Usually, borrowers need to pay £15 to £30 on per £100 borrowed. So, in case, when anyone’s borrowed amount is £100, then he has to pay off £115-£130 on the listed date.
Swift approval process has produced payday loans an appropriate option of urgent cash requirement and this is the most significant feature of these loans. The loan lending process is simpler and easier. Altogether, it takes barely 24 hours to get the account credited. Moreover, in case of getting a payday loan, borrowers require not face the hassle of excess paperwork.
Now there is a special trick for the borrowers, who are willing to apply for a bad credit payday loan. Always try to apply for bad credit payday loans between Mondays to Thursday. As it is mentioned before that the amount is credited to borrowers’ account within 24 hours, hence when anyone applies for bad credit payday loans between Monday to Thursday, then he can get the amount on the next working day and it will facilitate the person to avail the cash instantly to meet his personal requisites.
At last some advice for borrowers’ favour. Do remember that due to the short tenure, payday loans are available at a higher interest rate. So do not forget to negotiate with the lender. And last but not the least, a bit search for getting the best deal will enable borrowers to get bad credit payday loans at a competitive interest rate.
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