The task of finding the necessary funds to help clear financial problems is complicated by the fact that some lenders still take a close look at credit histories. This is no good when the situation is an emergency, so as personal loans for bad credit go, a payday loan is not a bad option.There are great advantages to fast loan approval, and accessing the required cash quickly, but it is important that the consequences of all loan agreements are known before signing up to anything. All personal loans have terms and conditions that affect the affordability of the loan, so it is essential that the terms of a payday loan are carefully considered.What Are Payday Loans?As the name suggests, a payday loan is an unsecured loan that is granted on the back of an upcoming paycheck. This means that the loan is paid back in one sum on the very next pay day. This might seem like an ideal solution to getting personal loans for bad credit, and they are certainly useful. But there are conditions that need to be considered before applying.On the positive side, because these loans are approved with the paycheck in mind, the lenders are not interested in your credit history. This means that whether an applicant has a bad credit score or a terrible one, they can still get the loan if their income is enough. What is more, fast loan approval is assured because there is no time wasted checking on a credit history.However, the loan limit is small, usually no more than $1,500 and the interest rate is very high. Married to the fact that this personal loan must be repaid in 30 days, it means that a payday loan can be very expensive.Making a Payday Loan WorkSo, if it so expensive, what use is a payday loan? Well, they are particularly useful in financial emergencies, when raising money fast is more important than how much interest is repaid. In that way, it is a perfect personal loan for bad credit management, with small debts repaid one at a time. The only issue is the repayment of the loan.Because of the fast loan approval service that is offered, an applicant can get the green light within an hour and the cash deposited into their bank account by the end of the day. It means that within 24 hours the whole problem can be dealt with. So, a final notice on a mortgage payment or an outstanding credit card debt can be looked after.What is essential is that the personal loan is less than the income due to arrive. A $1,500 loan at 30% interest requires a single repayment sum of $1,950, which will be taken directly out of the bank account. If the paycheck is only for $2,500, however, this creates a major problem in meeting general monthly obligations.Finding the Right LenderThe best place to find payday loan providers is online. This is because the lenders there are experts in providing personal loans for bad credit management, offering the lowest interest rates in the market, and best repayment terms. However, always be sure to check out the reputation of online lenders with the Better Business Bureau website before agreeing to anything.While fast loan approval is a great positive, and the no credit check approval process, the most important details are to be found in the small print. A payday loan is expensive, but missing that single repayment will be met with serious consequences. It may be worth exploring other personal loan options to find the most suitable loan deal.