A
bad credit score can be a hurdle in your borrowing during a financial
emergency. However, you can opt for cash assistance from outside
sources such as online lenders that are aware of your situation and
lend you cash despite your low. So, to resolve any such situation you
can rely on short term bad credit loans, which mainly depends upon
your current repaying ability.
These
loans are specially designed to provide funds to borrowers that have
a poor credit history in the past. Such loans provides funds for your
small expenses to pay off repair cost, pending bills, fee, old
debts, credit card bills, etc.
Before
applying for short term bad credit loans you need to fulfill certain
pre-conditions:-
-
You should be a permanent citizen of Canada.
-
You should be above 18 years of age.
-
You should be earning a regular income of at least $1000.
-
You should have an active bank account with the facility of direct deposit.
Such
loans allow all kinds of borrowers despite their credit history. The
lenders are only concerned about your current income and repaying
ability. These loans have high interest, as the lender compensates
the risk of giving loans to bad creditors and that too without any
collateral placement obligation. The lender however secures the loan
against a post dated pay cheque.
These
loans are influenced by your situation and your current employment
status. You can borrow an amount ranging from $100 - $1000, for 2 to 4
weeks. It is advisable to pay off the loan once the term ends as any
kind of default during repayment can cost you extra. The amount that
you get from these loans can be freely spent for resolving your small
money issues.
The
loan market has now advanced with its wide network of online lenders
and financial institutions. You first need to select a genuine lender
after comparing it to other lenders. The next step is to fill up an
online form with your basic details and send it to the lender. If the
lender accepts your application, the amount gets credited to your
account within a short time.
Short term bad credit loans are specially designed for the low creditors to
help them in troubled times. It is advisable to go through the cost
and terms of the loan before signing the loan contract with the
lender.
