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You can consider borrowing a bad credit payday loan, even if you have recently filed a bankruptcy. Bad credit doesn't stop you from getting some emergency cash from bad credit guaranteed payday loan companies. When we compare the process of availing this loan with other personal loans, we will find that it is much easier to obtain.

Your Current Earnings Are More Important

When you apply for the poor credit payday loan, lenders do not perform any type of credit check. They approve your application for loan on the basis of your present earnings. If you are getting more than 1,000 dollars as your take home salary every month, you have all the chances of getting approval. So, it is your ability to repay the loan on time that counts and credit rating has no importance at all.

Moreover, if you can find a lender that offers bad credit cash advance, then it is an even better option. In this case, you will not have to even look for pay stubs and bank records, because there is no need to fax them to lender. You can realize how beneficial this can be, only when you experience it, because these are most frustrating tasks when you are already facing some troubles.

However, like any other financial instrument, a bad credit payday loan also has its own merits and demerits. Therefore, it is advisable that you consider both positive and negative aspects, before jumping on to any conclusion. Major drawback of these loans is that, you have to pay higher interest rates as compared to other types of loans.

Lender of bad credit instant payday loans argues that they have to charge higher interest rates, in order to cover the risk factor, because these loans are unsecured. We cannot say that they are charging unreasonably higher interest rates, but you have to decide whether paying this much interest is feasible or not for you.

Repayment procedure for the bad credit payday loan is very simple. Your next payday is always due date for these loans. Whatever amount you have borrowed plus interest charges are automatically transferred to lender's account, as soon as you receive your paycheck. That is why, you should borrow only when you are sure that you will be able to repay on time.