Small bad credit cash loans are disbursed by the banks even if you have a bad credit history in the past. The basic requirement for these loans is that you should be above 18 years of age, having a savings account at least for the last 6 months, the account should have a direct debit facility and should be on a permanent job for the at least a year's time. However you have changed your job in the same field then this requirement can be bypassed.
The application process for these loans can be completed very easily by applying online or by visiting the branch of the banks personally. The amount of the loan varies anything from $100 to $1500. This principal amount may be higher or lower than the standards depending on your financial situation and also on your repayment ability. But it is better to keep the amount of the loan small, so that you have no difficulty at the time of repayment.
Usually the repayment period varies from 14-30 days time or on the next payday whichever is convenient to you. These loans are both secured as well as unsecured. In case of the secured the rate of interest is on the lower side while in case of the unsecured loan the interest rates are high. In usual cases the rate of interest is 40% of the monthly available income, but it can be higher according to your financial situation.
The main reason behind this is that the lender give you loan without any kind of collateral and that is why the risk factor involved with the loan is much higher than that of the secured loan. The rate of interest varies according to the lenders and that is why it is highly advisable that you make a detailed search about the loan quotes. This will help you to get the best deal in terms of the rate of interest as well as the repayment period.
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