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Fast Cash Bad Credit - Get Fast Cash with Bad Credit

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Even if a person is credit challenged and no one else will loan them money, it is possible to get fast cash from many payday loan sources. Local neighborhood storefront lenders and online websites that offer cash advance loans will lend money out without regard to any credit histories. Having bad credit is not a barrier to obtaining fast cash loans.

The only requirements many of these lenders set up is that the borrower provide some personal identification, such as a driver’s license or government identification card, that they have a reliable monthly income of about $800 to $1000 a month minimum, a banking account, and the borrower must be of adult age. Most no longer do any kind of credit check other than looking at a payday loan industry resource that will identify anyone who has previously defaulted on such a payday loan.

Fast cash is the name of this game, and at a neighborhood store, the borrower can walk out with cash in hand just minutes after getting a computerized approval. These lenders expect that same borrower to return with cash to repay their loan on their due date. Failure to repay the loan in a timely manner will result in the lender cashing the check the borrower left behind as collateral. This also will result in an entry as a bad risk into the private system lenders have for tracking defaults. If this happens, the borrower will no longer be able to get fast cash loans.

If, for any reason, that borrower is unable to return on the due date; there are a few options available to stay in good standing. Call up the lender and ask for an additional day; that is usually very possible. Or, go in and get an extension for another loan period. This can be done in one of two ways. The first is to pay just the interest fee if that is allowed, in order to extend the loan out for another time period. The second is to repay the entire amount plus fees and then take out the loan again. When doing a repeat loan, it can be for the same amount, or a higher or lower amount. New interest fees apply.

A final option if the borrow cannot repay their quick cash loan on time is to work out a payment plan. Bear in mind that doing a payment plan may result in not being able to get future fast cash loans. It will not be reported to credit bureaus, but it will be entered into the quick loan industry system as a negative entry. If a collateral check that is cashed because the borrower did not return to make repayment on time bounces at the bank, it will be treated and processed as a bad check. This will cause additional fees to apply at the bank and the lender. It may also become a negative on consumer credit bureau records if it goes into collections.

Borrowing fast cash with bad credit is possible and should be looked at like a second chance to improve a person’s financial life. There are many reasons for getting a cash advance payday loan. With a credit challenged history, not a lot of options are available for getting emergency cash. Interest fees at this type of lender are high, but that is typical of any financial product that a person with bad credit may use. Higher interest rates at cash advance lenders can start at almost 400% annually and go as high as they can get. The key is that no one is borrowing cash at that rate for a year, but only two weeks to a month’s time. Typical fees are $15 to $25 for borrowing each $100.

It is possible to get fast cash with bad credit. This can work as an incentive to try to improve that bad credit record in addition to getting needed loans for emergency expenses. As with any other loan, prompt repayment and sticking to loan term agreements is essential if the borrower wants to continue to be able to access this financial tool in the future.

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