Bad credit cash advances: Pros and cons

A bad credit cash advance is designed to assist people who've been rejected for credit by their bank. If you can't pass a credit check due to missed, or late payments, during the last 7 years, low credit loans are the ideal solution. Find out the advantages and disadvantages of cash loans for adverse credit.

Advantages of bad credit cash advances

Easy application process Applicants need only comply with a very basic list of eligibility criteria. You just need to prove that you're a U.S. citizen, over-18 and have a full-time job. For verification purposes, you'll need your own checking account and two forms of identification. Bad debt help You don't need to pass a credit check. Provided that you've complied with the criteria alluded to above, your application for pay advance loans is guaranteed to be accepted. Financing with bad credit is available when you've been declined elsewhere. Fast poor credit loans Provided that you apply for a loan early enough in the day, the cash will be sent directly to your checking account before the close of business. If your application is submitted after 2.30 pm, you'll receive the money within a maximum of 24 hours. Paycheck loans for any purposes Specialist poor credit lenders aren't concerned regarding why you need to borrow money. It doesn't matter if you need a bad debt loan to pay your mortgage or want to buy some of the latest designer clothing.

Disadvantages of bad credit cash advances

Impulse buying Regularly advertised as a source of easy cash, it's very tempting to spend the money that you've borrowed in the sales or on a foreign holiday. It's far more difficult to repay the money you owe to the lender. Cost of borrowing The main criticism levied against bad credit loan lenders is that they charge customers a usury rate of interest. You should expect to be charged up to 25% interest per month by a payday store or pawn shop. Bad debt credit Unless you have sufficient resources to repay a poor credit cash loan on the due date, you're going to find yourself knee-deep in high APR debt. Interest and charges accrue very quickly. Dependency Many customers become trapped in a cycle of dependency. You may not be able to clear the principal, but you may be able to pay off the interest and carry the debt forward for a further calendar month. Debt collection agencies If you fail to repay the money you owe, your account will be passed to a collection agency. They'll contact you several times a day by phone, post or in person to recover the money you owe their client.