The vicious cycle of growing debt, exorbitant interest and minimum payments makes it difficult for even the thriftiest of borrowers to get out of debt and improve their credit score. For those who are struggling and living paycheck to paycheck, a bad credit score follows them like a shadow. When a situation arises and you need money fast, bad credit or not, you can always turn to cash advances.
Cash advances are non-discriminatory so bad credit, stellar credit or no credit at all - you're still a candidate for an advance. But for those with a low credit score, this is an option that can get you the money you need when you need it.
Why is my credit irrelevant?
Cash advance lenders, also known as payday loans, cash loans and paycheck advances, don't have to consider your credit for approval because the advance is entirely separate from your credit activity. The transaction takes place in your active checking or savings account.
Where this option is concerned, lenders understand that everyone finds themselves in a financial bind at one point or another. Sometimes it's the car, other times it's the house, but either way, you need help. A low credit score shouldn't disqualify you from such aid; in fact, it should make you more likely for approval since an advance can be the extra bump that gets you back on your feet. So, credit, schmedit - you still have an option in cash advances.
How it works
To qualify for an advance, you must:
o Be a U.S. citizen
o Have a full-time job (must be held for at least 3 months)
o Have active savings or checking account
o Have proof of fixed monthly income of $800 or $1,000 after-tax salary
These borrower qualifications ensure that you have the means necessary to pay back the loan. As such, it is important to note that cash advances are short-term loans to be used as supplemental aid, not as income. They are designed to get people the money they need to get back on track or take care of an emergency. You should not pursue an advance if you don't have the means or intention of paying it back.
After you have completed the necessary paperwork and the lender can see that you are indeed a suitable candidate for a loan, you can be approved and receive your money within hours. The amount is wired directly into your account for your access.
These advances are short-term loans; therefore, the due date for repayments is generally around two weeks after the loan disbursement. On this specified date, the loan and interest amount (which you know ahead of time) will be withdrawn from your account and the advance will be paid off. You don't have to worry about sending a payment or seeing the lender, it's that simple.
When it comes to cash advances...
Remember that you shouldn't pursue this option unless you are in dire need of immediate funds. This is not the loan equivalent of a joyride, rather cash advances are excellent options to help those in a financial bind get themselves back on track.