However, I recently found a company that I like a lot. I like what they are doing in offering loans for people with bad credit – they are actually giving them loans at decent interest rates. So, how does Billfloat.com work?
Basically, the companies goal is to help you get an extra 30 days before you have to pay your bills. Their process is quite simple:
1) You tell them about the bill that you need to pay. No, you can’t use this company to go on a vacation (as you shouldn’t), but you can use them to pay a myriad of bills – the company is affiliated and works with over 3,500 billers nation wide.
2) They ‘pay the bill’ for you. In other words, they extend you a short-term loan, pay the bill with that loan, and you then pay them back.
3) You pay the company back on a pre-determined date, which can be up to 30 days later.
So why do I like them so much? The answer is simple – I like how much (er…how little) they cost. Instead of paying what equals to over $400% APR, you pay up to a $14.99 upfront fee, plus 3% per month. So, if you take out a $200 loan, you will pay the following:
1) $14.99 Upfront
2) 3% interest each month = $6.00
Total Bill = $20.99, which equals about 10% on such a loan = much better than other payday loans!
If you need a small payday loan to pay a bill, then this is the first place you should check. The company is very legitimate, well funded, and is doing a great job servicing people who suffer from bad credit and lack of access to capital (loans).