If you have bad credit and are currently in need of some fast cash then you might be tempted to apply for what are known as fast cash loans, otherwise known as payday loans. These kinds of bad credit fast cash loans are becoming more and more popular throughout this country, and they can provide you with quick cash but at a price. These kinds of bad credit cash loans come with extremely high interest rates and fees, and when I'm talking a high, I'm talking exorbitantly high.
The standard interest rate you'll be charged for one of the types of loans is somewhere in the neighborhood of three to seven hundred percent per year. The standard finance charges you'll have to pay can range anywhere between fifteen to thirty dollars for every hundred dollars you take out. Sometimes the lender won't charge you interest and will only charge you fees alone. This is usually just a trick they use to get you to apply, and you will still have to pay the same amount for your money because the lender will compensate for the no interest via more fees and finance charges so you shouldn't think for a second that you are getting a good deal if this is the case.
Those figures I listed are in reality correct and this is why you should probably stay away from these kinds of loans unless you are experiencing some extreme circumstances that are forcing you to accept financing at such a high cost. These types of cash loans should not be used when you are not confronting an emergency situation and when they are used for more everyday needs the borrower will typically get hurt in the end. You don't want to default on these types of loans and then have to deal with the mounting finances charges and penalties so it is best to avoid these types of bad credit loans if you can-you've been forewarned!