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.