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Loans for People with Bad Credit

Short term loans are often needed in today’s world, but what about short term loans for people with bad credit? Short term loans for people with bad credit provide a sum of money which usually needs to be paid back by the next payday. They are designed to be used for when you are facing a costly bill and unexpected repair, and by their very name, loans for people with bad credit help those who are trying to better their credit rating and cannot get credit from anywhere else. Loans for people with bad credit are now very popular, and definitely worth checking out, but how do they work?

The Details

Otherwise known as payday loans, loans for people with bad credit are short term credit options whose interest is based on a two-week period. It is common for these loans to be around 650% APR, which is over ten times the amount of interest you would expect for a normal bank loan or credit card, but this percentage is based annually, so let’s do a little calculation. If we assume that two weeks is 1/24 of a year, then the amount accrued over two weeks on what you borrow is equivalent to 650%/24, which is 27%. So if you borrowed $400 on an APR of 650%, then you would pay back $400 plus 27% of the amount, which totals $508. There are no better loans for people with bad credit which might offer a lower percentage.

Qualifying

Thankfully, if you do find loans for people with bad credit to be your only option then the chances of you being approved are very high. No thorough credit checks are performed, which means that when you enter your information, you will be notified in seconds whether you have been approved. If you are approved then the money will be in your bank by the next working day, which makes loans for people with bad credit a really speedy solution.

There are a number of prerequisites to getting approved with loans for people with bad credit. You must be over the age of 18, and you must be in regular employment usually earning over a specified amount. You need to prove you citizenship and living status, and hold a valid checking or savings account. Some lenders only allow permanent US residents to apply, and not citizens who live overseas.

Loans for people with bad credit are subject to the specific terms of each state, so make sure you check your own state laws. Loans for people with bad credit give you a real lease of life when you need it most.