You are wondering how to sort out your financial worries and regain a peace of mind? Online cash advances can work to your advantage. If you need a loan right away but have nobody to ask for help, why not apply for an overnight loan with a legit lender? It’s very simple to get and very convenient. There is no faxing, no paperwork involved. They can also be used for people with poor credit score. No background credit checks are run by direct lenders, so even if you have poor credit score you can still get a loan.
How to Receive a Fast Loan with Bad Credit Score?
First see if you are eligible to apply for a loan. There are very few requirements:
- Currently employed and steady income
- Active checking or savings account is a must
- Being of legal age
- Internet and email access
Once you make sure you meet these criteria for applying, you are ready to start your application process. What does it look like? You will need to submit personal details such as your home address, social security number and others. Then specialists will process your application to see if you meet the requirements. It usually takes about an hour. Then you will learn if you’ve been successful. Once you provide your bank account number, the funds will reach your working account the next business day. It’s that simple.
Repaying the Poor Credit Cash Advance
You are expected to pay off your direct payday loan with your next paycheck right away on its arrival. You can also apply for an extension if you see that it will be difficult to pay the loan back in full on its date when it’s due. This will mean you will have to pay a fee or make the minimum payment on your fast and easy loan.
Why are Payday Loans for Bad Credit Criticized?
The basic reason is actually their design. They are designed to meet the needs of people who are unable to apply with their bank. Most lenders don’t expect you to have any credit history with them either, which means they risk some people won’t pay their debts off. To minimize their risk and make business, they will charge a lot for quick and easy cash loans. Interest rates vary from 15 to 30 dollars per every 100 borrowed. If you look at the APR, annual percentage rate, it may be depressing how much you owe in the end when you compare to other loans. It can be more than a few thousand dollars! Another thing is fees charged for every extension and increasing rates for that as well. All in all, taking overnight cash advances with poor credit may mean you will end up in bigger debt than even before. Best things would be to use it only for real life emergencies and only once in a while.