payday loans for bad credit The first advantage of a pay day loan is that it is short term in nature. This means that no matter when you take the loan, you pay it off on your next payday. Pay day loans are similar to salary advances. You take an advance on your next pay and when your salary is credited on your next payday, the advance loan amount is debited from it in advance. The only difference in the case of a pay day loan is that you get your full salary and then the loan amount is deducted by your lender.

payday loans for bad credit The second advantage of pay day loans is that they are easier to get. Banks today are very tight fisted in doling out loans. And if you have a negative credit rating you can forget about a bank loan. When you apply for a pay day loan online, you almost obviously have your application approved, regardless of what your credit rating is.

payday loans for bad credit Banks have a minimum income requirement to give you a loan. However, to get a pay day loan you must be a resident of UK above 18 years of age. You also need to show a regular income but you can get a loan no matter how much you earn a month. The providers of pay day loans calculate your eligibility and then offer you the loan amount. payday loans for bad credit