A payday loan is a personal loan made to the employed at a high interest rate to provide cash until payday.
A Bad Credit Payday Loan is the usual Payday Loan: an advance on your paycheck, which you can borrow for a fee. The main difference between Bad Credit Loans and the others is that lenders don't care if you have bad credit. No credit check is done. This is a great option if you can't get a bank loan, and need extra cash right now.
The interest rate is high because the loan is unsecured.
Most would be better off to borrow funds from other, lower-cost sources, such as a credit union, but these payday loans often go to those who have no credit rating and cannot qualify for other loans.
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