Cash advance loans for people with bad credit
Unexpected bills can happen to even the most dedicated and
hard working people. Have you ever run out of money before
you wrote all the checks that were due for the month? Of
course, we all have at one time or another. In most cases
we are able to slip by and continue to live paycheck to
paycheck until the unthinkable happens and we are faced
with a sudden unexpected financial crisis. Before you find
yourself in this sort of predicament, you should take it
upon yourself to learn more about payday cash advance loans
and what they can do to help get you through a rough money
crunch.
What is an Online Cash Advance Loan?
An online cash advance loan is quite simply a small loan,
typically between $100 and $500 that is given to you by a
third party company. The loaning company uses your current
wage earnings and checking account as evidence that you
will be able to repay the loan in a timely manner. Most
online cash advance companies will require recent check
stubs, which prove that you earn a minimum amount each
month; this amount varies from company to company. They
will also need to see evidence that your checking account
has been open and in good standing, which means they'd like
to see that you have no returned checks for at least a
month to a maximum of about three months. There are also
companies in the marketplace today that offer a no fax
option to their clients, making the entire process of
applying for a loan even easier for you. An online cash
advance can often be the quickest route to getting the cash
you need for an emergency and get yourself out of a
potentially bad financial situation.
What do I need in order to be approved for an online cash
advance loan?
While the eligibility requirements vary somewhat from
company to company, the most common requirements are:
- You must be at least eighteen years old to apply for a
payday loan
- You should be earning at least $1,000 a month at your
current job
- You must have been at your current job for at least three
months
- You should have been living at your current residence for
at least three months
- You must have an active checking account that that has
been open and active for at least three months, with no
returned or "bounced" checks on the account.
If you meet these minimum requirements then you will be
eligible for a cash advance loan through most companies.
Getting a cash advance loan despite bad credit
People with less than perfect credit would be naturally
hesitant to apply for a cash advance or payday loan, but
really, there's no need to be. The majority of cash advance
loan companies provide their service without running a
credit check. What most of them do in order to do a
cursory check is to communicate with other payday lenders
to make sure that you haven't defaulted or fallen behind on
a cash advance loan with someone else. Some of them may
also use a check verification service to ensure that your
check writing history doesn't show any returned or bounced
checks.
In most cases, you can have your loan advance in less than
24 hours and the money won't be due for repayment for about
two weeks on average. The exact amount of money you can
borrow and the fees associated with these loans are company
specific and the only way to determine these details is by
checking with each payday lender to find out their terms
and stipulations. When you are talking to a potential cash
advance company, be sure to ask in advance about all the
possible fees and penalties. It is equally important to
find out about the possibility for extending the loan
beyond the original term should you be unable to repay the
loan as quickly as you had anticipated.
If you are careful and you read the fine print and think
you can repay your cash advance loan in the time allowed,
there is no reason why bad credit should stand in the way
of you getting the cash you need with a cash advance loan.
Just don't agree to anything until you understand how it
can affect you in the future. If you have any questions
whatsoever, do not hesitate to ask them before you sign on
the dotted line. The choice to take or not take a payday
cash advance loan is yours and yours alone. Don't be
pressured into making a financial decision that is not the
best choice for you. Always trust your instincts and go
with your gut feeling.
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