Although often seen as a source of emergency money for paying the rent or fixing a car, a fast cash payday loan provides an easy cash advance for absolutely any purpose. It is perfect for customers with an adverse credit history as it is a quick same day loan with no credit checks at any stage. Bad credit loan lenders offer guaranteed fast cash to customers who have already been rejected by the banking sector. Whilst it should only be considered a short term loan, it can get someone out of a huge financial hole.
Qualifying for an Easy Cash Advance from a Payday Loan Lender
Although getting instant cash today doesn’t involve a credit check, it is still necessary to meet a bad credit loan lender’s requirements. Essentially, the lender is trying to ensure affordability and prevent fraudulent bad credit loan applications. The criteria for a quick same day loan are as follows:
- Must be a U.S. citizen.
- Over 18 years of age.
- In full-time employment – minimum monthly income is $1,000 per month.
- Valid bank checking account so that the money can be wired to the bank.
- Two forms of identification, one of which must be photo I.D.
How to Get Instant Cash Today
Provided that the above lending criteria have been complied with, a fast cash payday loan is guaranteed to be approved. The customer will be expected to provide the bad credit loan lender with a postdated check set to clear on payday for the principal and any interest that will accrue. Once all the administrative requirements have been met, an emergency cash advance will be wired to the customer’s account. Although considered a next day loan, the funds will often be received within a few hours if the application is made prior to 2.30 PM.
Rate of APR on a Fast Cash Payday Loan
It is possible to borrow $500, but it will attract $125 of interest in just 30 days. There are two main reasons why the rate of interest is so high. It is a short term emergency cash advance which leaves little time for a bad credit lender to recover their administrative costs. The main reason for the usury APR is that the majority of customers have a history of poor credit so the default rate is far higher. In order to make it worth the lender’s while, the rate of interest needs to be sufficiently high.
Advantages and Disadvantages of Guaranteed Fast Cash Loans
A fast cash payday loan with no credit checks is available for anybody. Bad credit loan lenders regularly accept applications when the banks have already rejected that person. An easy cash advance can help someone out of a genuine financial emergency, such as paying the electricity bill. However, there are a number of dangers associated with a next day loan. Although unsecured, the rate of interest is usury so paying back the debt can place a further strain on a family just a month later. There is also a strong temptation to use the money for ‘wants’ rather than genuine ‘needs’. Failing to repay the money borrowed punctually will lead to interest and charges accruing quickly.