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How to Get Payday Loans with Bad Credit

Updated on August 31, 2010
Money, money, money!
Money, money, money!

Quick Payday Lenders

Loans are not as easy to get as they once were since the credit crunch hit. Bad credit payday loans are getting more popular and its not so hard to get an online cash advance, especially if you have a job. Since the economy started going downhill I had to struggle keeping up with bills and trying to budget all the money that comes in. I've had people and companies telling me to sell my gold for a quick payday, I always ask how much they sell it for but I never get a response. Once you sell your gold its and there is no way of getting it back. I'll show you the best practices for getting some money prior to your pay check or wage slip.

If you want to apply for a quick online loan instantly with no faxing, make sure you research thoroughly and read the fine print. Some companies hide charges in administration or membership fees, allowing to make easy money off you. Sometimes the company might put in fine print that by you signing up automatically subscribes to some offer they going on. Don't make this fool you, they are only gonna charge you for sending a load of rubbish.


No Faxing Payday Loans means no hassle

You might often find bad credit loan companies that don't require the customer to fax any documents or ID to them. I would certainly not feel comfortable faxing off my passport to some financial company who I don't even know really exists. Avoid these types, you will normally get paid the next working day with these ones as it takes time for them to go through paperwook and approve your application. They totally forgot the meaning of "instant payday loans" and that some people need the cash right now. If you are in need of a loan, there is no way you can afford to pay some stationer  or post office to send that fax for you. Even if you want to send a fax online you would have to pay some money, there is no real way of even finding out if your application is received and approved immediatley. I'll list out the major advantages of going with a company with no faxing below:

  • no paperwork to confuse you or dig up, its much easier if you are not at home and need a quick loan approved in seconds
  • no extra costs of hiring someone to fax documents or faxing online
  • no risk of faxing your details to a random fax machine owner exposing your personal data
  • no worries of companies trying to sell on or forge your details

When applying for cash advance till payday, remember that there is a charge that comes with the application. They normally give you a flat fee regardless of the amount borrowed. You can sometimes borrow up to £5000 with very low interest rates, for them its a low risk investment because you pay it off when you get your wages. Some also offer payment plans and individual accounts so you can build your own credit with their internal systems.


Getting a lower interest rate

You can sometimes get a reduced interest rate on a bad credit secured loan. You can secure almost anything on the loan, from a car, house or even a cellphone. I recommend giving them something to hold that is of high value to them but low value to you, I had a collectible coin I sent off as security. It was worth nothing to me but was worth loads to them, even if I kept it there is no way I could sell it anyway. I got it back and its still sitting in my draw - it made my interest rate near to nothing with no risk to me whatsoever. One last word, don't take this up as a habit, only if you can be sure to pay off your cash loan on payday.


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