Best Cash Advance Loan For Bad Credit

Introduction 

Cash advance loans for bad credit are the best short-term solutions to meet the needs in your emergencies. The banks might not lend you a loan when you have poor credit, but a cash advance can be a savior in such circumstances. However, advance loans for bad credit come with high-interest rates and fees. 

The Best Cash Advance Loans and Credit Card Cash For Bad Credit

You might be experiencing a cash crunch and require a loan instantly, but you have bad credit, so the bank won’t talk to you. Short-term loans such as Cash Advance Loans and Credit Card Cash loans do not discriminate against having poor credit. Therefore, you have the chance to qualify for cash advance loans for bad credit online. 

Listed are the best cash advance and credit card cash advance loan lending services that partner with networks of lenders to help the consumers get a loan, whether a short-term installment loan or a payday loan. These networks pre-qualify the request for the loan before matching it to a lender.

BadCreditLoans.com:

BadCreditLoans.com is based in Tacoma and was established in 1998. It is dedicated to helping consumers with bad credit and requires cash instantly. To qualify for the loan, the individual needs to be a resident of the U.S. The age of the applicant should not be less than 18 years. In addition, the individual needs to have a stable monthly income, a checking account in their name, a phone number, and an email address. To qualify for the loan, the consumers do not need a minimum credit score for the personal cash advance- the loan amounts offered by BadCreditLoans.com range from $500 to $5,000. You will be required to fill out an easy online application, and your application will be approved instantly, funding your account within 24 hours.

CashUSA.com:

You can qualify for a CashUSA.com cash advance loan with a bad credit score. It offers loans from $500 to $10,000. To be eligible for the loan, you will need to be a U.S. resident above 18 years of age with a monthly income of $1,000 or more after-tax. Additional requirements for the loan are an active checking account in your name, email address, and a valid phone number. You will receive the loan decision instantaneously, and they will fund the loan directly to your bank account. 

Money Mutual:

Money Mutual is headquartered in Las Vegas and has been helping customers with bad credit for over a decade. Within minutes, you can pre-qualify for a bad credit payday loan or a short-term installment loan. To qualify for the loan, you must be a citizen of the U.S. at least above 18 years of age, and must have a stable income of at least %800 per month. Money Mutual funds loan up to $2,500. You will just have to fill out an application which will take you only 5 minutes of your time, after which your bank account will be funded within 24 hours.

Understanding Cash Advance Loan

Cash advance loans for bad credit provide relief to the people needing fast cash. But before running towards the nearest lender or ATM, you must understand what a cash advance loan is and its types. You will learn about the essentials to qualify for a cash advance loan. Furthermore, you will also learn the pros and cons.

What is Cash Advance Loan?

A cash advance loan is a short-term loan. The bank provides this loan to the borrower. However, it can also be provided by an alternative lender or credit card issuers. It allows the cardholders to withdraw a certain amount of funds. It features higher fees and interest rates, but the borrowers find it a good choice because they feature quick funding and fast approval. But it does not involve cosigners or collateral to assure the lender to repay the money, which makes the fees and interest rate higher than other loans. The higher fees and interest ensures that the lenders aren’t taking big risks. The lenders lending cash advance loans also do not allow grace periods to pay the loans. That means you owe interest to the loan provider on the day you have withdrawn the amount.

Following are the types of cash advance loans:

Short-Term Personal Installment Loans: This loan does not require collateral but depends on the commitment of repaying the loan with the signature as the evidence on the loan agreement. This loan needs to be repaid in monthly installments. However, personal installment loans charge a lower interest rate than payday loans.

Payday Cash Advance: It is a safe and convenient loan that can find you even for a day. This loan pay your loan within half an hour. Payday loans do not rely on credit history. So you can receive the loan without a hard credit check. But you need a verifiable income source. Remember that it has a high-interest rate.

Credit Card Cash Advances: The credit card issuer issues to the borrower through the credit card issuer. You might have expenses that cannot be paid by credit card. For example, some retailers do not accept credit cards, but you urgently need their products. If you have a credit card with a cash advance, you can withdraw the needed amount through an ATM. 

How To Apply For Cash Advance Loan For Bad Credit?

The above-discussed lending services enable you to prequalify for the cash advance loans for bad credit online and connect you to a potential lender. To start, you must fill out a form requesting a loan. To get prequalified for a loan, you have the following requirements:

• You must be a permanent resident or citizen of the U.S.
• The applicant must be 18 years.
• You must have a Social Security Number.
• Have a stable income source, though the minimum amount for qualification varies from lender to lender.
• You must have an active bank account.
• You must have a phone number and an email address.

After being prequalified, you will be transferred to the lender’s website, which might ask you for additional information before offering you the loan. 

The lenders might not approve your loan on certain conditions:

• If you have provided incomplete or inaccurate information.
• If you don’t meet their requirements.
• Not choosing to sign the agreement.
• If your situation changes after the preapproval. For instance, if you have lost your job or received an IRS tax levy.
• If you have convictions for financial crimes.
• If additional events make the loan transaction impossible.

After they approve your for loan, you will need to accept the offer and read and e-sign the agreement, after which the lender will transfer the money to your bank account.

Pros And Cons Of Taking Cash Advance Loan For Bad Credit

Pros: 

Fast Access: The important benefit of a cash advance loan for bad credit is that you can access cash quickly when you require it. With a cash advance loan, you do not have to wait for a long approval process and want the banks to open. Instead, you can get immediate cash after an immediate response, and the lender will deposit your money into your account. 

No credit check: To get approval for a cash advance loan, your credit score does not determine the approval factor. Besides, you do not need to apply for an additional credit card to enjoy the cash received from the loan. Instead, you get funds on your credit card for a cash advance loan. 

No paperwork: You do not have much paperwork when applying for a cash advance loan. In addition, you do not need collateral and no credit report check to qualify for your loan. This loan is for the people who require a quick solution for their urgent situations.

Cons: 

Additional Fees:

The credit card issuer charges an additional fee ranging from 3% to 5% of the total amount with a $10 minimum. In addition, you might have a risk of racking up additional charges if you use an ATM that is not affiliated with the credit card.

High APR: The interest rate on Cash Advance Loan can be double a credit card rate. In addition, the APR of the loan is 25% to 27%, and you will accrue interest immediately after taking the loan.

No safety net if the money is stolen: You do not have a safety net if your cash advance funds are lost or stolen when there is an unauthorized transaction on a credit card. 

It can affect credit score: When you add a balance to your credit card, you risk the increase of credit utilization and work against your credit score. You create a bigger negative impact on your credit score when you have higher credit utilization, accounting for 30% of your score. 

Difference Between Cash Advance Loan And Credit Card Advance

A cash advance loan is a short-term loan. The lender offers to the individual and reflects directly on the bank account. A credit card advance loan is a loan provided to the individual funded by the individual’s credit card issuer. You need to withdraw the amount by inserting the card into an ATM and choosing the amount to withdraw. 

Tips On How To Use Cash Advance Loans Responsibly 

Avoid using the loan to purchase unnecessary things: Never purchase things you can live without. However, it is good to use the loans for emergencies. 

Avoid borrowing more money: It is good not to borrow more money than you can pay. Because it might get difficult for you to repay the money as the cash advance loans are due either the next week or within the next two weeks.

Borrow only the amount you need at the time: You should consider borrowing the amount you need. It is because you might get tempted to borrow up to your limit. But ensure to save up the fees since the due is soon.

Conclusion

Cash advance loans for bad credit can make an excellent choice for people with bad credit. This loan is a quick solution for your emergency circumstances. But it has many drawbacks. Therefore it is essential to be careful; otherwise, your financial issues will worsen.