Bad credit same day loans are for people who have a bad credit history, which would include cases of default payments, arrears, bankruptcy or county court judgments. A credit score of below 600 is regarded as a bad credit by lenders. It is well understood that higher the credit score, lower the interest rate. However, a bad credit does not mean the end of the world.
There are many lenders who specialize in bad credit secured and unsecured loans.
When in need of instant cash, a person with a bad credit history has to apply for a bad credit same day cash loan. The internet is the easiest medium of getting a bad credit same day cash loan. There are several companies available online that evaluate your score through simple tests and grant you loans with the appropriate interest rate.
The borrower needs to fill up an application after which the cash is delivered within 24 hours. One major advantage of a bad credit same day cash loan is that there are no credit checks required. There are no credit ratings, so anyone with a bad credit can apply for such a loan.
There are however a few eligibility conditions. The borrower must be at least 18 years of age. The borrower must be employed; he has to submit last three months income statements and must have a personal checking account. Same day cash loans are available for small amounts usually under ?1000.The loan amount will be deposited directly into the borrowers account. There is however one downside, the rate of a bad credit same day cash loan is generally high, between 9-20%, and the period in which it must be repaid is 15 to 30 days. The repayment is done by deducting the account automatically from the borrower's account of from cheques made in favor of the lender. Everyone needs financial assistance at some point of time. These bad credit same day cash loans are a boon in emergency situations when money is needed desperately upfront and a person's credit rating is questionable.
However, one must read the fine print before applying for a bad credit same day cash loan to check for hidden costs. One must also look for companies that abide by the consumer credit and data protection acts which protect the consumer.
