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If you are running out of resources for borrowing money, you can give a bad credit guaranteed payday loan company a try. These lending institutions understand that having a poor credit rating does not necessarily mean that you are not managing your finances properly or that your intentions are not honest. We know that there could be several reasons for having landed in such a situation - arrears, late payments and county court judgments and so on.

What Is The Procedure For Applying?

First of all, you should search for the best bad credit payday loan companies on the internet. You will find a plethora of them today. Recent survey revealed that this industry has crossed the multi-billion-dollar mark in America! With such cut throat competition amongst the lenders, you will be able to hunt around for a cheaper interest rate.

Once you have a list of guaranteed bad credit personal payday loan companies in front of you, it will be easy for you to compare the best rates and deals on offer. Take a while to study them and their terms and conditions properly. Some companies will offer you a minimum of $100 sum, while some will start at $500. The latter won't be of much use to you if you need just a couple of hundred dollars to take you through the rather immediate rough patch.

Then there are some companies, which have a minimum lending period of 2 weeks. But if you are just 1 week away from your next payday, you should look for a company that gives you a bad credit cash advance for a minimum period of one week. You don't want to pay the high weekly interest on money that you don't really need and neither would you want it to be sitting in your bank account unnecessarily, when you have already got your salary!

The Cost Of Acquiring Such Loans

These online no fax bad credit payday loans come at a very high interest rate, charged weekly or bi-weekly! For every 100 dollars that you borrow, you end up spending 10-15 dollars as interest per week! And that can amount to a lot of money if a bad past credit guaranteed payday cash loan is taken for a longer period of time!

For this reason, it is always advisable not to use these quick money options for anything other than the very absolute necessities! And you must always make it a point to clear off these loans right on schedule. By doing so, you will not only save yourself some precious few bucks as interest, but timely payment of a bad credit guaranteed payday loan can also help you recover that lost credit!