A sudden change of personal circumstances often leads to the need for a fast guaranteed loan. The problem faced is that a loan for people with bad credit isn’t available from a bank which means that it necessary to turn to a non-mainstream alternative. A same day cash advance for any purpose is available with no credit checks at any stage of the application process. It is important to appreciate that the higher probability of default means that the rate of APR will be a lot higher than was previously the case.
Instant Cash Payday Loans with No Credit Checks
It is possible to get a fast cash loan for up to $1,000 from a payday lender. To receive approval, the customer must be a U.S. citizen, at least 18-years of age and in full-time work. A valid checking account and 2 forms of identification – one of which must be photo identification – are also necessary in order that a fast guaranteed loan can be sent via bank transfer. The customer receives a same day cash advance provided that the application is submitted prior to 2.30 PM. The worst case scenario is that it will arrive the next working day. The cost of a 30-day quick advance for $300 will be about $75.
Online Bad Credit Auto Title Loans for People with Bad Credit
Should an instant cash payday loan not be sufficient, a vehicle title loan could provide a sufficient fast cash advance to meet an urgent financial need. The customer must provide a copy of the auto title, 2 forms of identification and a duplicate pair of car keys. The vehicle will either be valued by an in-house expert or a blue book value will be used. It is normally possible to borrow up to 50% of the vehicles value, provided that at least 75% of any outstanding car finance has been paid-off. The cost of a 45-day guaranteed approval loan $3,000 will be about $1,125. Some U.S. states have legislated to ensure that the APR is much lower so it is necessary to check this with the lender directly.
Fast Guaranteed Loans from a Pawn Shop
Pawnbrokers provide guaranteed approval loans to customers who are able to offer collateral. Common items of value used to secure a fast cash advance include gold, jewellery, silver, electrical goods, art work and antiques. The item will be professionally valued and it is then normally possible to borrow 30% to 50% of the items value. Interest rates, as well as the lending term, can and will vary considerably. Some pawn shop loans are only available for up to a month, whilst others offer 6-month loans with the opportunity to renew the agreement. Whilst 6-month quick cash advances charge as little as $6 for every $100 borrowed, 1-month fast cash loans can cost up to $25.
Advantages and Disadvantages of Guaranteed Approval Loans
A loan for people with bad credit provides a way of borrowing money when other lenders have declined an application. It can help meet the cost of an emergency bill and is available without the need for credit scoring. The problem is that, if finances are tight this month, they’ll be ever tighter the month after. Unless a fast cash advance is repaid punctually, it will even lead to further interest payments and charges or the repossession and sale of any collateral provided.