Quick decision loans are the preferred option for people who have been declined for credit elsewhere due to a bad credit history. Instant loans are widely available online and on the High street without the need to pass a credit check, but they aren't cheap. The cost of borrowing is high, but you can use the money for any purpose.
Eligibility for instant approval loans
Need for instant cash loans When an emergency situation arises, such as fixing your car or paying the rent, you need money fast. If you have an adverse credit history, low cost loans from your bank are no longer an option. Even customers who had previously developed an excellent working relationship with their bank will be declined for credit. This is because your credit profile no longer matches what the search of the financial institution. The good news is that there are secured and unsecured alternatives. Eligibility criteria A new breed of lender has emerged that offers quick decision loans with no credit checks. You can get a secured cash advance from a pawn shop based on the provision of collateral, such as gold or silver. You don't even need a job. However, the requirements increase if you apply for pay advance loans. You'll need to have a full-time job, two forms of identification and your own checking account. This is to protect the lender's legitimate business interests against non-payment and fraud.
Borrowing costs and restrictions
Cash loans APR The lowest loan rates aren't offered by bad credit lenders. This is because customers who have defaulted on a loan agreement during the last seven years are statistically more likely to default in the future. While you should get a few loan quotes from different poor credit lenders, you'll usually find that you'll pay approximately $25 per month for every $100 that you borrow. You may be able to extend the borrowing term, but instant loans are normally only available for one calendar month. Legal restrictions There isn't any major restriction on pawnbrokers, but payday stores and auto title lenders are expected to comply with state law. Restrictions range from complete prohibition to a cap on the APR or the size of your cash advance. For example, you're unable to borrow more than $500 in Iowa. It's also illegal to charge you more than $15 on the first $100 and $10 on the second $100. Each state has its own laws, so do your homework before signing-up for an instant cash advance loan.