An alternative that has become very popular in the last couple of years are payday loans. These are short term loans designed to run no more than thirty days before they are paid back in full.
Basically, they are a stop gap loan to help tide you over until payday. Because they are such short term loans the interest rate is very high. However, if you pay them off on time then it is manageable. The high interest rate on a payday loan only becomes an issue if you let it run longer than the agreed term.
When you apply for any of the many payday loans you will be walked through a simple application process, whether you do it online or over the telephone. This is how the process works with the average payday loan lender. The big advantage to you is that the process is quick. Once you have completed your application you will get an instant decision on whether or not you have been approved.
If you are approved then you will usually find the money in your account within an hour of approval. This makes payday loans ideal if you need cash fast.
Most payday loans are for low sums of money - usually only a few hundred dollars. Because of the target market and the low sums, there are rarely credit checks, making a payday loan an ideal method of short term borrowing for people with poor credit.
If you are struggling with a poor credit rating and need to get a small loan quickly
, then a payday loan could be the best solution for you. In most cases you will have the money in your account within an hour of completing your application.
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