Can I Get A Loan with Bad Credit?
Most Americans live from paycheck to paycheck and don’t have enough savings. An emergency may happen in the middle of the month. Borrowing from friends or family is an alternative, but they could also have past due bills. Bank loans may be an option, but what to do if your credit history is bad? The solution is cash advance loans fast approval for any credit rating!
What are Cash Advance Loans?
Cash advances or payday loans are costly short-terms loans till the next salary. The borrower has to repay loan amount and all interest and charges in full with an upcoming paycheck. Our service connects borrower with legit online lenders. Customers with good and bad credit, who need timely financial help, are welcome! Some lenders may give cash the same day.
Who Qualifies for Cash Advances?
All lenders want guarantees that borrower can repay a loan. A steady income is the most important factor. Also, lenders do a soft credit check. Other requirements are: being 18 years old and have US residence. Matched lender would need a bank account to make loan transfer.
How do I Apply?
The application process for cash loans is simple. Submit an online request form and get a loan offer in a few moments! Evaluate terms and rates before signing the contract. Take into account the following points to make the right decision.
- – Selected amount covers immediate expenses;
- – Lender is able to transfer money on time;
- – The due date suits your payday with no rollovers or Extended Payment Plans;
- – Interest and fees fit your budget.
You are not obligated to accept an offer if terms are unsuitable.
By signing a loan agreement, you enter into a legally binding contract with the lender. We work with lending companies that have fair terms and rates. It is unlikely you will find a better deal elsewhere. Complete all paperwork, and your lender will deposit funds into your bank account. The speed of transfer depends on bank processes.
Facts, State Restrictions, Calculations
Here are some facts about short-term cash advances:
- – The typical two-week payday loan has an annual percentage rate of 391%.
- – Cash loans is a temporary solution for people going through financial hardship. However, many borrowers use them for recurring payments rather than for urgent issues.
- – Cash advance involves few paperwork and is available for people with bad credit history.
- – All payday advances are unsecured loans.
- – Some states protect consumers against predatory lending by applying special laws. Still, there are states with no caps on quick loans. Thus, many borrowers are in risk of getting into debt.
States that prohibit online and in-store loans:
- New Jersey
- New York
- North Carolina
- West Virginia
Most states protect borrowers from dishonest lenders. The main restrictions limit:
- INTEREST; Example: in Florida the interest amount can’t exceed 10% of cash loan, and the APR can’t be higher than 342%.
- EXTRA FEES; Example: in New Hampshire, no other fees are allowed on top of interest.
- NUMBER OF ROLLOVERS; Example: Kansas allows unlimited rollovers, while in Texas they are prohibited.
- LOAN TERM; Example: The longest term in Wyoming is 1 calendar month.
- LOAN AMOUNT Example: The maximum amount is $500 in Alabama. In Nevada loan can’t exceed 25% of gross monthly income.
Rollover or Extended Payment Plan
Repay your loan and don’t take a new one soon. If you can’t do this by the due date, here are your 2 options:
A) Loan Rollover
- Take a 2-week $200 loan with $30 interest.
- Extend it for another two weeks.
- You should pay $30 more in interest.
- As a result, the final amount is $200 + $30 + $30 = $260.
Rollovers are banned in some states! They may put borrowers at risk of entering a deep debt and paying more in interest than the initial loan.
B) Extended Repayment Plan
Turn to an Extended Payment Plan that allows you to repay the loan in small installments during several months. There is no additional interest, but you can use it once a year. Not available in all states.
Is My Personal Data Safe?
THE BEAR understands borrower’s worries about the safety of personal data. We guarantee our customers that we use their details only to process loan requests. We are using 128 bits SSL protocol to protect data transfer.
We help quickly in urgent financial strain. Many customers used our platform for several times. However, you must be responsible when using payday loans. Allocate your assets for paying recurrent bills and borrowed money! If the total expenditures are higher than your income, spend less.
Borrowers should use cash advances when there is no other way out. Avoid borrowing if expenses can wait until the next paycheck. Go ahead and send your inquiry for our quick help.