Fail to comply with the T&C’s of a credit agreement and it will be far more difficult to get a cash loan today or in the future. An adverse credit history regularly precludes formerly excellent customers from getting approval for finance for up to 7 years. However, it is still possible to get a bad credit fast cash loan, albeit at a higher APR, for up to a month. Subject to approval, loans with poor credit for up to $1,000 will be provided within a period of 24 hours. Although rates do vary considerably between bad credit lenders, a $100 fast cash advance loan costs about $25 for a month.

Payday Lenders Offer a Fast Cash Loan Today

An easy payday loan can be used for any purpose, including paying the rent or even covering the cost of a foreign holiday. The eligibility criteria for a bad credit fast cash loan are that the customer is a U.S. citizen, over 18, in full-time work, has a valid checking account and two forms of identification. The customer provides the bad credit lender with a postdated check for the amount borrowed plus any interest that will accrue. Provided that the application is submitted prior to 2.30 PM, the money will reach the customer’s checking account within a few hours.

Bad Credit Fast Cash Loans from a Pawnbroker

Although pawn shops go back centuries, they have enjoyed something of a resurgence in recent times. In return for the provision of collateral, such as gold, jewellery and electrical goods, they offer quick cash today. An agent appraises the collateral in order to determine a maximum fast cash advance loan amount. Once the identification has been verified, a pawn shop loan and a receipt for the item will be provided to the customer. In order to ensure that the item isn’t sold to recover the debt, the borrower is expected to redeem the item by clearing the principal and any interest that has accrued.

Instant Bad Credit Loan Alternatives

  • Credit card cash advance. Individuals who have an existing agreement may be able to withdraw a defined percentage of their credit limit from an ATM machine.
  • Bank overdraft. Many customers have bank accounts that they thought had been closed down years ago. An overdraft facility provides a convenient, affordable way of borrowing money.
  • Family loan. It may be possible to borrow money from a family member at a preferential rate of interest. This would mean that the term of a bad credit fast cash loan can be extended.

Advantages and Disadvantages of Instant Bad Credit Loans

An easy payday loan or a fast cash advance loan from a pawnbroker provides a convenient way of meeting an urgent financial need. Taking out a bad credit fast cash loan today means that there will be less money to pay the bills tomorrow. Many customers return to bad credit lenders time and again because they become trapped in a dependency cycle. It is important to avoid loans with poor credit for goods and services that aren’t really essential.

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In recent years, college has been seen as a necessary extension of learning after high school. Most guidance counselors in high schools, and certainly the ones where I went, emphasized the importance of getting a college education in order to secure a good job and a good future. No other options were discussed. Even our homework assignments in English class were to write admission essays for the colleges to which we were applying.

I consider myself lucky. I worked through high school and was able to save several thousand dollars towards my first year of college. However, it may have been wiser if my parents were the guardians of my savings. I learned during the financial aid process that all cash that a student has available is used to decrease their financial aid package directly. However, the cash (or other assets) that a student’s parents have only fractionally decreases their financial aid package.

Needless to say I didn’t get much aid my first year and had the honor of requesting a student loan for my first year. Although my aid did increase for the rest of my years at college (4 years in total – a traditional B.S. path), my student loans also increased dramatically. That’s simply because it’s hard to save up a lot of money just working one summer. At the end of my college education, I had a B.S. in Accounting, and $16,000 in debt (plus the back interest).

Accounting is one of the few majors in college that pretty much guarantees you’ll have a job after graduating. It’s been 5 years since I graduated, and I still know English and History majors who are looking for jobs that actually use their degrees. My loan didn’t require payments until 6 months after graduation. But I took advantage of that free time to pay off all the interest that was accruing (my college didn’t accept federal loans) and to even make a dent on the principle. I would suggest that students with interest free loans still take advantage of this 6-month grace period to make a serious dent on the principle before interest starts kicking in.

I had made a personal goal to pay off my student loan by the time I finished paying off my new car, which was financed for 5 years. Initially, I didn’t bother signing up for my 401(k) in my office and just threw all my extra free cash at my student loan. It helped that since I was still in college mode, I roomed with 2 other girls in a townhouse and shared rent and utilities. Many of my friends wanted a place of their own and a new car to put that big college graduate degree to work! Trust me that it’s better to be frugal while you’re used to it than to be paying off your loans over the maximum 15-year period. You’ll find that within a few years you’ll want that loan to be gone as you consider buying a house or having children.

Is all the time and effort and money worth getting a college degree? I think a better question is, does anyone really know what he or she wants to do for the rest of their life before having any practical experience in the field? It turns out that even though I did enjoy my accounting classes, this did not correlate well with enjoying accounting jobs.

I’m beginning to realize that my guidance counselors had it wrong. True, I do have a job that pays more than I would earn with just a high school degree, but I also had to give a lot of that extra earnings to pay off my loans. Not only that, but I was stuck in that job until I had my loans paid off, because I couldn’t afford to take a lower paying job. Now my prospects are, well, not so good. I can’t just start at an entry level position for a field I think I might like better, because companies won’t hire people that are over-educated for the position, even if it’s in a different field. No, instead the work force encourages you to go back to college, incur more debt, and hope that you get it right this time around.

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