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Cash loans for bad credit are searched constantly by borrowers with poor credit history or those who have suffered bankruptcy, to tide over their urgent cash needs. The no credit check variety of payday loans is an attractive option as it provides loans in the range of $50- $500 without any credit check, for a short-period of time. This is because online cash advance loan companies, usually; don’t consider the credit history of borrowers while assessing their loan applications.
The requirements for payday loans are minimal. A borrower must fulfill the following conditions:
- He\she should be over 18 years of age
- Must have a regular job and be earning over $1000 a month
- Must have a checking account and should have used it for at least 90 days
- May have bad credit history or past bankruptcy but should not have a bankruptcy in progress
- Must not have other unpaid cash loans
In addition, some lenders advancing cash loans for bad credit may require that the borrower have a driver’s license and live in the area in which the lender operates.
The Loan Process
You will need to fill an application form and submit your latest paycheck stub and identification proof. On approval of your loan application, you will need to sign a loan agreement and give the lender a post-dated check for the principal amount and fees. The company will hold the check until the due date of your loan and upon that date, it will deposit the check in the bank for repayment.
Available Payday Loan Alternatives
Since they are high-risk loans, finance charges range from $15 to $30 per $100 borrowed which is equivalent to 390% to 780% as the annual percentage rate. You may find it tough to repay the loan in full, which could leave you with a worse credit rating than what you started out with.
Therefore, people looking for cash loans for bad credit need to explore other alternatives as well. These include:
- Credit union loans with lower interest rates but more stringent terms
- Bank overdraft protection
- Cash advances from credit cards
- Emergency community assistance plans
- Direct loans from family and friends
- A car title loan secured by the borrower’s car