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While you've tried to stay on top of your finances, a couple of rough spots in the road have damaged your credit rating. Some time back, you were late with a few payments due to a temporary work layoff or some time spent recuperating after a hospital stay. Even though you are caught up and working hard to regain your good credit rating, the task will take some more work. This is where utilizing a bad credit payday loan can come in very handy if some sort of unanticipated financial crisis should arise.
Avoiding Late Fees
One of the more common reasons for people to work with lenders who offer payday loans is the fact that an unexpected expense arises at the most inopportune time. For example, the brakes on the car you use to get to and from work fail. Unfortunately, that failure occurs a couple of weeks before you'll receive your next paycheck and the money that's in your checking account is already allocated to making payments on other bills. If you use those funds to pay for the car repairs, those other bills will fall behind. That means accumulating a bunch of late fees that you can ill afford to absorb.
Choosing to take out a payday loan to cover the costs of the brake repairs eliminates the problem. Even allowing for the interest that you pay on the loan itself, you will still come out way ahead by avoiding all those late fees and penalties. Best of all, you keep your current creditors happy and don't run the risk of a fresh batch of negative comments finding their way to the major crediting reporting bureaus.
Preventing an Increase in Interest Rates
Using the same basic scenario, assume that some of those debts that you must pay while still managing to have the brakes repaired happen to be credit card accounts. If you are late with making at least the minimum payment due by that due date, the damage will likely be greater than simply incurring some sort of late fee. There is also a very real chance that the credit card company will increase the rate of interest that applies to your open balance.
In this scenario, bad credit payday loans help consumers to avoid situations that end up costing them more in interest payments over an extended period of time. Think about how much more you would pay over the course of a year if the interest rate on a few of your credit cards increased by five percentage points. That additional interest will only add to the time it takes to settle those balances in full, making it harder for you to get out of debt. Why place this additional burden on your shoulders when a payday loan would allow you to prevent this from happening?
Keeping Your Finances in Order
There is no doubt that you've put a lot of hard work into overcoming past financial issues. Slowly but surely, those efforts are paying off. While your credit score is still low, it is better than it was a few months ago. You want to maintain that momentum, even in the face of some sort of unanticipated expense. In the long run, this will help to ensure that your rating gets back to a reasonable level and that your current debts are eventually paid in full.
Seeing payday loans as a financial tool that helps you keep moving forward is very important. Prudent use of these loans to deal with situations that would undermine your efforts will mean you are always moving forward, not backward. Further, establishing a solid track record with a local payday loan lender will mean that you can get a loan whenever you like. Most lenders of this type maintain a history of your past loan activity. This means that if you've been diligent in repaying the loans on time, you can walk in, ask for a short-term loan, and have the money in hand in a matter of minutes.