When You Need Cash Advance Loans
When you have an emergency and you need cash fast, it can be super stressful, especially if you don’t have the money you need. One option is cash advance loans. These loans can give you access to the money you need quickly so you can take care of your emergency right away. Even better, you don’t need to have good credit. The lender isn’t going to look at your credit score and bad credit is okay.
If you have bad credit, it is impossible to get approved for a conventional loan or credit card. Lenders don’t want to look at you if your credit is bad. Having bad credit can cost you loans, even a job. You have to pay more to buy a car and you often have to put down security deposits for utilities. You might feel like many loan options aren’t available to you and you would be right.
The great thing about these loans is that your credit score isn’t an issue. It doesn’t matter if it is good or bad. The lender won’t look at it. The main requirement for the loan is that you have a job and a checking account. The size of the loan is based on your monthly pay and the loan money goes straight into your checking account. You pay it back as you get paid.
The interest rate is higher on these loans, so you want to pay them back as quickly as you can so you don’t have to pay so much interest. You will get your money the same or next business day and the lender deposits it right into your checking account. You won’t have to wait weeks for a decisions. When you need cash fast, cash advance loans are the answer.
Bad Credit Options
Do you have really bad credit? Is this keeping you from actually talking with a bank to get a loan that you need? Even if it is, if you were to go down, it is likely that you would be denied. Banks rely upon credit scores and ratings to determine whether or not they are going to lend money to anyone. If your credit is bad, then your only other option is to talk with people that you know that may lend you the money from their checking account, or talk to a payday loan company. Personal loans for people with bad credit options are available for most people. Here is what you need to do to find the best company for your situation, a business that will lend you the money in as little as a few hours.
Where Do You Find These Businesses?
These companies can be found in your local town or city. They usually have an office that you can visit. However, if you would like to do this online, you can access these businesses over the web, and submit your application. The information that they will be looking for will include how much your next paycheck will be, and when it will be coming in. Based upon this timetable and amount, and not your credit, they will determine how much they will lend you.
How Quickly Can You Get Access To The Cash?
You can get access to this money in as little as four hours with many of the businesses that offer this service. Payday loan companies are very flexible. As long as you can pay the loan off in its entirety in the next few weeks with a paycheck coming in, plus the interest that you will owe them, you will be able to handle your financial situation right away using these reputable services. Contact a personal loans for people with bad credit company right away and see how quickly they can help you out.
Get Personal Loans
Even if you are persistently in need of cash, the worst thing you can do is to get personal loans for people with bad credit. Now you might be asking why, and we are going to answer your question here in the rest of this article. First and foremost, personal loans for people with bad credit are a bad idea because of the ultra-high-interest rates.
If you would do a simple game of mathematics, you will see that taking out a cash advance from your credit card is actually cheaper than if you were to apply for a cash loan from bad credit lenders. Most of the time, lenders charge 20% interest rate for the lifetime of the loan. Now, not all cash loans last for one month. There are actually lenders out there that require you to repay after two weeks. Now, if you pay after a month on your 2 week-old, you will actually be paying 40% interest rate. If that’s not a high-interest rate, we don’t know what is.
But aside from the usurious interest rates, there is one issue that we have against bad credit lenders and it is this: They only offer a small amount. If you have taken out a bad credit loan before, you know that it’s difficult to find a lender that will extend over $1,000 to you. The typical amount is between $100 to $500. We know that that is a really small amount but if you consider that most borrowers borrow money because they need to buy groceries, the amount makes sense.
But with the high-interest rates as the norm, you can’t help but think why people who are already in deep financial stress would still borrow from bad credit lenders. But to each his own, I guess.
Cash Advance on Credit Card
Sometimes, when you take out a new credit card you will be offered a cash advance. Most credit card companies allow you to pull cash out at the ATM too, or you can ask for cashback when you are conducting credit card transactions in supermarkets.
Cashback can be OK, since it is usually offered as an addition to a purchase, but pulling out cash from an ATM is something that you should not do unless you have no other option. This kind of cash advance can work out incredibly expensive because there is a high chance that your card issuer will charge you for the privilege of withdrawing cash from the ATM. In addition, cash withdrawals are usually charged at a higher rate of interest than purchases or balance transfers, and this is then compounded by the fact that when you make a payment to the credit card, if you don’t clear the whole balance, the payment usually goes to the part that sees the lowest interest charges – so you can end up paying interest on that cash withdrawal for a long time to come.
So, try to avoid using the advance feature unless you really, really need it – and even then look at other options first. An agreed overdraft is a good option, and one that will not cost you a lot of money. In addition, depending on the type of revolving balance you have on your credit card an installment loan from a reputable company could work out cheaper – this isn’t always the case though, so check your options carefully.
Look at ways to ‘snowball’ your debt, paying off the highest interest rates first and working your way down until you are clear. This will help you to take control of your finances in the best way possible. Avoid borrowing unless it is for an asset that will give you more value than the total cost of the borrowing – not just the amount you’re paying, and be pragmatic about your finances. In the long term, you’ll find that you are far better off if you shop sensibly, save money, and cut costs where you can. Credit cards are a valuable tool if you use them for rewards and pay them off in full every month, but its easy to end up deep in debt with them.