Finance companies generally do not lend their monetary support to the individuals with impaired debt records ie. CCJs, IVAs, bankruptcy etc. Lenders consider these persons risky borrowers as most of them do not have property for mortgage. But in recent time, finance institutions have launched cash advance loans for poor credit. These plans are mainly for the individuals with bad debt issues. However household owners and people with excellent credit rankings can too apply for these programmes.
Individuals are not required of pledging collateral or credit records for loans for poor credit. These advances are purely unsecured loans and provided to the persons against their next month salaries. Therefore, only salaried persons of USA with or without adverse credit history are eligible for this programme. Other requirements of the instant borrowings are:
1. Person should be over 18 years of age,
2. Person is earning $1000 or more in a month &
3. Person has an active bank account.
If you fulfill the criteria, you can submit your application online on the site of a lender. If lender approves your application, then he will wire the loan amount into your bank account in less time duration. The bad credit persons are eligible to receive cash between $1000 and $25000 with these schemes. The time duration of bad credit unsecured advances are fixed ie. 1-10 years. However, you can borrow extra repayment time from your lender. This will help you in efficiently managing your monthly needs for more time. But the annoying factor of the bad credit advances is high APR (annual Percentage rates). Some plans also involve hidden costs. Therefore, you must bear these points in your mind while selecting a bad credit cash loan. Apart from these, you should also be aware with the penalty provisions of these plans. Lenders deal severely with the borrowers who do not pay back payday advance by due time.