Bad credit payday loans have become very popular in recent years. Have you ever wondered why? These loans have gotten such a bad rap it is surprising that anyone would consider such a loan. So why have these loans become so mainstream and so popular in the face of rising criticism from some critics. I suspect it can be summed up in a couple of words. Convenience and speed. These loans can be secured in a matter of minutes or, at least, hours, and they can be secured even with poor creditl. In this day and age where money is tight many people find themselves in a cash bind without many alternatives. Well, one alternative short of a personal savings account is a bad credit payday loan. These loans have many different names including payday loans, cash advance loans, bad credit payday loans and of course many others. These loans are very short term in nature and they are for a small amount of money. Most lenders will loan up to six hundred dollars for no more than four weeks. Annual interest can run between three hundred and four hundred percent and effective interest, the actual percentage the borrower pays for the loan is about twenty five percent. The reason for such a disparity between annual interest rate and effective rate is the fact that the loan is for such a short period of time. This is because the actual effective rate is the interest times the principle times the number of days you the loan is outstanding. Qualifications for bad credit payday loans include residency in the UK, a steady job, a bank account and, of course, the applicant must be at least eighteen years of age. The application can be filed lout in about five minutes and the answer will be forthcoming within minutes. It is always a good idea to apply with more than one lender so you can compare loan offers. It is also a good idea to check the lender you plan to use by being sure that previous customers were comfortable with the lender and that the lender is in good standing with the business community More and more people have experienced lower credit scores over the past few years. Due to the worldwide recession these credit scores are not likely to improve anytime soon. This writer would suggest to those who are experiencing poor credit should begin to work on improving scores as fast as possible. While you are working on your credit score and if you experience a cash emergency then a bad credit payday loan can be effective. If you decide upon a bad credit payday loan then be sure you borrow only what you need and absolutely be sure you pay the loan back on time so you can avoid additional later charges.