Depending on your circumstances, a bad credit payday advance can be difficult to obtain. If your employer permits payday advances, you probably don’t have to worry about your credit profile or your FICO score. Otherwise, you may be forced to look elsewhere, and a bad credit payday advance is not a service most lenders provide.
If you’re desperate for cash, you may be tempted to turn to a payday lender. But a payday loan almost always a bad move. In many cases, LoanNow can provide the cash you need without trapping you in a cycle of endless debt.
The Cycle of Payday Loans
Many payday lenders would have you believe that a bad credit payday advance is yours for the asking. Simply provide your income and banking information, and money will appear in your bank account in a matter of hours, or overnight while you sleep. What they don’t tell you is that you’re very likely walking into a trap.
That’s because payday lenders expect repayment in full for your bad credit payday advance on your next payday. Depending on how often you’re paid that could be just a few days after you receive the money. When the short repayment period is added to the outrageously high interest rates charged by payday lenders, the result is often a loan that can’t be repaid on time. But payday lenders have a solution: in exchange for a
token payment, the loan will be rolled over – essentially renewed with a new set of interest and fee charges. It shouldn’t be difficult to figure out that only a few rollovers could produce a debt many times the amount of the original payday advance.
Substitutes for Payday Loans
If you can’t get a payday advance from your employer, many of the remaining options for a bad credit payday advance are undesirable. If you only need a modest amount of money, you could borrow from a family member or a friend. But you could be putting your closest personal relationships on the line if you are unable to repay the money. Pawn shops are another option, provided you have property that is considered valuable. Gold and diamond jewelry or new electronics tend to fetch the largest loans. But pawn shops also charge high fees, and expect repayment in full, usually within 30 or 60 days. And if you don’t pay, you can say goodbye to your possessions.
The LoanNow Difference
LoanNow understands that you can’t always wait for your money, so we process most applications within 24 hours. † And once approved, you could have your money in as little as one business day. *
We provide a real alternative to a bad credit payday advance – with manageable repayment periods and no collateral required.
Why not try us out today!
Category: Payday loans