Are you in need of immediate financial aid and are your low credit score and bad credit record turning out to be huge obstacle to unravel your financial trouble? What can you do in these circumstances? Well, now you can easily apply for short term payday loans for bad credit and have the liberty of cash. At the moment, you do not have to borrow cash from friend and relatives and go through embarrassing situation. There are now a number of payday loan lenders available in the virtual world, which is working to help people with bad credit record.

This monetary arrangement provides fast cash help in the middle or during the end of the month. Salaried class people can simply have a loan of cash for short term period. This line of credit provides with fast cash which can range from $100 to $1500 with repayment periods of 7 to 21 days. The loan amount can be used for a number of reasons which take account of small finance needs like paying off the pending utility bills like telephone or electricity bills, the rent of the home, settling credit card dues, a surprise anniversary party for your spouse, repairing car or home appliances, medical bills and school fees among others.

There are a few criteria though before you lay your hands on the payday loan amount. These take account of, the applicant should be permanent resident or citizen of US having a valid social security number and his/her age should be above 18 years. Apart from this the applicant should have stable job with a reputed company and his/her job should provide him/her with a monthly salary of $1000 or more as a minimum. Besides, he/she will need an active checking account to receive this cash help directly from the lender and as well to repay the loan amount when it is due.

Coming to the interest rates, payday loans are short term unsecured loans and do not require any collateral, hence, the lenders do charge very high interest rates to compensate for the risk taken. Besides this, the interest rates and the loan amount will mostly depend upon your repayment ability and monthly income. Although, the interest rates remain very high however a comprehensive research on the internet will help you in getting lower and reasonable interest rates. You can always ask for free loan quotes which will be useful to know the things in healthier manner.

In view of the fact that payday loans are in particular planned for the bad credit people hence bad credit reputation is not an issue. So, people who having several bad credit records such as bankruptcy, delayed payments, defaults, arrears, CCJs, and so on can apply for this financial aid and can obtain fast cash help. Besides, every time these bad credit record holders pay back the loan on time they benefit from improved credit score as these repayments show on their credit record. Finally a word of caution, always pay off these payday loans on time, as late payments incur heavy penalties that can lead to defaults, which will further push down your credit score.