There are no credit checks made on the borrowers, as they are supposed to repay the loan through their next paycheque. The loan amount is also so small that it is usually easily repaid on the due date. It is only when the borrower goes on extending the loan that he or she incurs debts. However, the borrower must be a US citizen and must be holding the current job for last six months, with a minimum monthly salary of $1000. Such people should also hold an active bank checking account for past three months.
Without providing anything for security, the borrowers can avail poor credit instant loans in the range of $100 to $1500. Its approval comes for 14 days only, until your next payday. However, you can even rollover the loan for couple of weeks on making interest payments. A post-dated cheque, consisting of the borrowed amount and interest, may also be required from the borrowers against the loan amount.
Besides using these loans for any purpose like avoiding a late payment, repairing your car, paying off an urgent bill, the loan can also be used as a tool for repairing your Credit rating in the coming days. To do that, you must repay the loan on time.
A disadvantage is that poor credit instant loans are of very high rate of interest, which makes the repayment burdensome for salaried people. However, it is possible to find these loans at comparatively lower rate of interest once you search the internet extensively. Ensure repaying the loan on time.
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