Payday Loans for People with Bad Credit

My friend has really bad credit. This was due to years of missing payments on bills and rent payment. He has also racked up a sizable credit card debt. Because of this no lenders are willing to lend him any money. He can no open up any more credit card accounts. It is really unfortunate because sometimes he needs a quick loan to pay his bills. This time he came to me asking to borrow some money because he needed to pay his rent otherwise he would be evicted. I told him that I did not have the money to lend to him. I told him that he could get payday loans for people with bad credit if he wanted. There are plenty of payday lenders online that he could go to.

Usually payday lenders want to see that you have a steady job making a certain amount of income before they will lend to you. They are not so worried about your credit score. They typically charge a very high APR which can be anywhere between 15 to 30 percent of the amount that you borrowed. You would then have to pay back the loan within two weeks or whenever your next payday happens. If the lender deposited the money directly into your bank account, then they would automatically withdraw the money when the due date is up.

I told my friend to read the terms of the loan carefully. Each lender has different terms regarding bad credit payday loans. Some lenders have a shorter repay period while others have a longer one. Some will have a higher interest rate on the loan while others will have a lower rate. Still, some lenders might not even lend any money to you for whatever reasons. I also reminded him that since these payday loans are loans, he should be diligent in paying the lenders back on time unless he does not care about his credit score getting even worse.