Do Bad Credit Payday Cash Advances Cost More?
Generally speaking, yes. Bad credit cash advances cost a bit more in interest due to the lack of a credit check. Because the lender is foregoing the need of a credit check, he/she is making up for that “risk” with a slightly higher interest rate. Typical interest rates for these sort of loans range between 15% and a whopping 30%. What Happens If I Don’t Pay It Back? Since the process is normally automated, allowing the lender to withdraw the loan payment directly from your checking account the day the loan is due, the first thing that will happen is you’ll be charged an overdraft fee by your bank. If you fail to repay the bank, your accounts at that bank may be closed and you may get a permanent black mark on your record for the incident. The option of paying the loan off early to save on interests is often available. However, if a person plans to do this she has to make sure her loan does not have a penalty for early payment. If it does, she should continue shopping around or ask the
One of the most attractive feature of cash advance no credit checks is that your credit score is not checked by the lenders to determine your eligibility for the loan. Even if your credit score is zero, you can still have a chance to qualify for a payday cash advance as long as you meet other eligibility requirements that are very simple. In general, loans are approved on the basis of just two criteria – your employment status and whether you have a bank account in your name. Actually, instant payday loan for bad credit is sounds "Hey can I borrow a few pounds until my next wage day?" Which means in about one or two weeks later the full amount of money that you borrowed, plus the fee, must be paid back to the lender. It is no doubt that, if you compare those regular loans you would get at your bank with payday loans then the interest rate of the second will appear extremely high.
