If you have a poor credit record then you may wonder whether you can get fast loans. You may look at people that you know who have bad credit records and notice that they do not borrow any money. Or you may see that people who can borrow money always seem to have a good credit record. You may also observe that organising loans takes a long time and may feel that it is not possible to get a loan quickly unless you already have one arranged such as with an overdraft or a credit card. However, there are fast loans bad credit available and it is therefore worth knowing a bit more about them so that you can get one if you think it will be right for you.
Fast loans are short term loans which are organised very quickly. The loans are usually for smaller amounts of money, so you can only borrow amounts that are more manageable to repay and do not need to borrow more than you need. They tend to need to be repaid quickly, perhaps in one or a few instalments so you do not have the loan for too long.
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
These loans are available for most people. You have to be over 18 and normally need to have an income and a bank account in order to get one. This means that they are available for those that may not be able to take out any other sort of loan. They tend to approve most applications that pass a credit check and therefore there is a large chance that anyone that applies will be accepted.
There are few things to consider when you are looking at any sort of borrowing. You need to think about whether you really need the loan. Borrowing money is expensive, however you choose to do it and so if you can avoid doing it, then it is usually best. However, at times we get into situations where we need money and a loan is the only solution for us. It is important though, to make sure that we are not only aware of the cost, but of how much the repayments are. This is because we need to ensure that we have enough free money to be able to pay for those repayments when it is necessary to do so. Consider how you will afford them and what you will need to do in order to get the money that you need. You may need to increase your earnings or reduce your spending in order to afford those repayments. Make sure that you think through your options and come up with a plan before you take out the loan, so that you are completely sure that you will be able to afford it.
If you do decide to go for the best payday loan, you will find that there are a lot to choose from. This is great because it means that you have plenty of choice, but it can mean that it is difficult for you to know how to pick the best one. It is worth thinking about various things such as –
This can be tricky, but there are websites like Omacl, which will match you to a lender. Some prefer no brokers, but Omacl is sure it can do a much better job and matching you with a loan than a direct lender could. You can tell them what you want to borrow and they will let you know if a lender can provide this for you. It will save you having to search yourself and check out the terms of every lender. Therefore this can save you a considerable amount of time and allow you to know that you are getting a good deal. It can take a little time, but is better than just going with the first company you find or one that you have seen advertising on the television or online and hoping that they will be the best for you.