If you are need of some quick cash so you can pay an overdue bill, pay for an unexpected car repair, or whatever the reason, it is possible to get an instant cash loan. You may think that you will need a credit check, but the opposite may be true. Lenders who offer instant loans know that you likely have bad credit, so they do not waste the time of requesting a credit check. Instead, the types of advance check cashing service companies use a number of other criteria to decide if you qualify or not – and have advanced check cashing software.
The most common fast loan is an instant payday loan. These quick cash loans are very fast and easy to obtain. Many companies offer a fast, online form that can provide you with money the very next day. Some companies offer same day loans or even loans within the hour. The typical requirements for these types of instant decision loans are as follows: you must be employed full time and make at least $1000 per month; you must be a citizen over the age of 18; you must have a bank account.
With payday loans, the fee is usually a high cost of $25 to $30 on every $100 you borrow. Also, the money is usually required to be paid back within a month but it is often a good idea to pay off the entire loan balance with your very next paycheck to minimize the addition of high interest fees. Many companies will actually require a direct debit from your bank account on the date of your next payday. Dealing with a company that requires a direct debit immediately is actually a benefit for you so you are not tempted to not pay the entire amount and instead rack up hefty interest charges for you check cash advance.
With an instant cash advance like a payday loan, not paying the loan in full on time can proof to be detrimental for seriously stretched consumers who need to get cash now. The added fees and insanely high interest rates that are added each payday that you do not pay the loan in full will further put you in debt. Plus, since most companies require you to at least pay the fees and interest if you do not pay the entire loan balance, that comes out to even less money for you and your family to have to pay for everyday essentials and regular bills. For this reason, it is strongly suggested that you only use payday loans or a check cash advance in an extreme emergency when other options are not available.
Another option for instant cash includes obtaining a quick cash loan from a pawnbroker. By handing over a valuable piece of property, you can get cash on the spot from a pawnshop owner. Of course, you cannot state the value; it is entirely up to the broker. You are usually given a specific amount of time that your item will be held. During that time, you must pay back all of the money to have your item returned to you or the pawnshop will sell the item so they can get back the money they loaned to you.
In a pinch, it is possible to obtain an instant cash advance with a company like Magnum Cash Advance or an emergency cash loan, even with bad credit. One must be careful though to not get into even more financial trouble with these types of loans.