Bad Credit Cash Advance
Bad credit cash advance loans are available from many lenders that deal in payday type loans. The loans are available despite the applicants credit score and are sometimes the only loan option for those with questionable credit.
Bad credit cash advance loans can be found on the Internet through a simple web search for “bad credit cash advance loans.” Bad credit cash advance loans are usually short term, small cash loans that can be obtained to cover an unexpected expense when the applicant is between paychecks and cash flow may be a problem.
Bad credit cash advance loans are available to applicants over the age of 18 who are employed and have a steady income and a bank account that accepts electronic transfers. The application is simple and can be filled out and submitted online. Most bad credit cash advance lenders process loans very quickly and the applicant can be approved for a loan and have the funds transferred electronically to their bank account within 24 hours.
Bad credit cash advance loans come with a higher than a standard bank loan finance charge. The interest rates vary from 15% to 35%. That is $15 to $35 for every hundred dollars borrowed. Calculate the APR, or the annual percentage rate, and it hovers somewhere in triple digits.
Most bad credit cash advance lenders advertise “no fax” loans. That means if the applicant is approved with just the information on the application, no other information is necessary to be provided to the lender. If the application information needs additional verification, the applicant may be required to fax additional information to the lender. The information that might be necessary might be a copy of the applicant’s identification such as a state issued driver’s license or identification card, a copy of the applicant’s latest paystub or bank statement. Some lenders require additional information be submitted by fax the first time the applicant applies for a bad credit cash advance loan.
The payback of the loan is timed to coincide with the applicants next payday, unless other payment arrangements have been made. Most of the time, the loan and the finance charges are paid back in one lump sum payment. However, some lenders will allow the applicant to make payments according to an installment plan. The finance charges will have to be paid each time an installment payment is made along with a minimum payment that will be applied to the principal.
Bad credit cash advance lenders do not check an applicant’s credit score as part of the loan approval process, but most report late payments, default loans as well as timely payments and successful discharge of the loans to the credit bureau. Bad credit cash advance loans are sometimes a good way for those with questionable credit and even with no credit to repair and even establish credit.
Used responsibly, bad credit cash advance loans can be helpful and allow the applicant to get through a temporary cash flow crisis and be a stepping stone to a healthy financial future.