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.
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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