Suppose a person has a bad bank credit history. Will any lender creditor come to his assistance when the person needs a Payday Advance? The answer is yes. There are many financial institutions that accept applications from such individuals. These institutions study the application without a credit check. Can they afford this approach? How do they view Bad Credit applications?
Lets imagine two people, Abe and Alison. Let both of them borrow $100 from a lender creditor that charges $10 per $100. [Usually financial institutions charge at least $10 to $20 per $100]. Abe has no Bad Credit experience, as reflected in his bank statements and other relevant documents. Alison couldnt repay a previous loan and has a Bad Credit history.
How much will the lender charge them, say, by the ensuing payday? $110 from Abe and $125 from Alison. That is, the interest accrued on the amount lent to Abe and Alison would be $10 and $25. In other words, though both borrowed the same amount, Alison repays a higher amount.
If for any reason, the repayment is not done on the due date, steps are taken to get back the entire advance amount [principal plus interest...
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