A fast cash advance payday loan is the ideal way to borrow money with bad credit as there are no credit checks at any stage of the application process. Payday loan lenders offer a short term cash loan for up to a month or until the customer is paid. It is possible to borrow up to $1,000 for any purpose, including fixing the car in order to get to work, paying for a cheap foreign holiday in the sales or even getting some emergency dental work done.
Fast Cash Advance Payday Loan Eligibility Criteria
The overwhelming majority of applicants for quick cash advance loans have an adverse credit history. If payday loan lenders used a credit scoring process to determine eligibility, they’d have to reject the bulk of their customers. Instead, lenders are looking for applicant’s who can prove their identity and can afford the monthly repayments. In order to receive approval for a short term cash loan, it’s necessary to be a U.S. citizen, be at least 18-years old and have a full-time job. It is also necessary to have a valid checking account and to provide at least 2 forms of identification.
How No Credit Check Finance Works
Provided that the above eligibility criteria have been met, a guaranteed cash loan will be approved within a few minutes. The customer subsequently provides the payday loan lender with a postdated check for the principal and any interest that will accrue. For verification purposes, the money needs to be sent directly to the customer’s checking account and cannot be provided in cash. If an instant cash payday loan is applied for prior to 2.30 PM, it will reach the customer’s account on the same day. Should the application be made later in the day, it will arrive the next working day at the latest.
The Cost of Guaranteed Cash Loans
Payday loan lenders offer bad credit unsecured loans to people who have been rejected by the banking sector. As there are no credit checks and the default rate is high, the cost of a fast cash advance loan is very high. A $1,000 quick cash advance accrues $250 of interest in just 30-days. It is vitally important that the customer considers how this debt will be repaid the next month or a short term cash loan could actually exacerbate financial difficulties. A guaranteed cash loan should only be seen as a way of bridging a financial shortfall for a few weeks. It is not suitable for performing debt consolidation, but there are other options.
Alternatives to Instant Cash Payday Loans
The leading alternative to a payday cash advance is a guaranteed short term loan from a pawn shop. It involves putting up collateral, such as gold,silver or jewellery, in order to secure the loan. This is a popular loan for unemployed people because there are no employment or income checks. It is important to appreciate that failing to repay the debt punctually will lead to the sale of any collateral. The advantage of this are that there are no credit checks and subsequent interest and charges aren’t an issue.