2017 Guide on Getting Fast Cash Loans for Bad Credit | How to Get Easy Cash Loans Now
You find yourself in need of money but do not have great credit. Maybe you have not yet had the opportunity to build up any credit, or maybe a few difficulties or bad decisions have left you with bad credit. Either way, fast cash loans could be an answer for you.
When it comes to needing cash loans now, you probably have several questions on your mind:
- How do easy cash loans even work?
- Can I get cash loans now?
- Do I have to find a location, or can I get fast cash loans online?
- Are there any cash loans for bad credit?
- What are some helpful tips for getting cash loans with bad credit?
- Are bad credit cash loans right for me?
We understand that, when it comes to money and credit, you want to make the best informed decisions possible, but you may not have much time to do research. You may need those cash loans fast, and we are here to help you out.
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This quick and simple guide will guide you to the answers you need as well as offer you six tips for getting your cash loans for bad credit.
What Are Fast Cash Loans?
Payday loans, quick personal loans, and fast cash loans are names often used interchangeably for the same thing. They are typically:
- Small cash loans
- Short term
- Immediate, within 24 hours
- Unsecured (they do not have collateral backing them up)
- Costly, with high fees and interest rates
Fast cash loans are not the answer for those who continually need money because the cost is extremely high. In fact, the average American loses $520 in fast cash fees per year. Considering advance cash loans typically only range from $100 to $1000 each, this average fee is very high.
Essentially, you can get cash loans now at any time. The industry is based on shelling out small cash loans within hours.
Why You May Need Easy Cash Loans
Here is a common scenario to understand the basics behind these easy cash loans.
Today is the 29th, and you find yourself $300 dollars short of next month’s rent due on the 1st. You know you will get your paycheck on the 4th, but your landlord is unwilling to accept late payment.
You may not find many places or people willing to loan you money, but you still need a cash loan now.
You can turn to emergency cash loans to get the money you need before that rent is due so you can stay in your place. When your paycheck arrives, you pay off the loan.
This whole process is risky for the lender – who knows if you are ever going to pay it back? To combat this risk, lenders offering advance cash loans charge extremely high interest rates.
Is It Possible to Get Fast Cash Loans Online?
Absolutely. You rarely need to find a brick-and-mortar location. Many companies are offering payday loans or fast cash loans online.
Virtually all lenders will offer at least an online application process, but plenty also offer an entirely online process for getting your easy cash loans from start to finish.
This is true for those looking for cash loans for bad credit too.
But What About Cash Loans for Bad Credit?
What about those wanting cash loans with bad credit? First, we will define what counts as bad credit:
- Poor credit is typically considered between 500 and 579
- Bad credit is typically considered between 300 and 499
- Excellent credit, on the other hand, is typically considered between 700 and 850
The entire concept of fast cash loans is set up perfectly for people who may have bad credit or no credit at all. At a traditional bank, you will need to prove your ability to pay back loans through a good credit check.
Lenders who offer cash loans now are already setting up an “insurance” through the extremely high fees and interest rates they charge. This allows them to get away with not relying on your credit score.
When you are hoping to get bad credit cash loans – which is entirely possible – keep these six important tips in mind first.
6 Tips for Getting Fast Cash Loans for Bad Credit
1. Choose the Right Lender
Anytime you get fast cash loans, you will end up losing money, but the #1 way you can ensure that the experience will work out to be okay in the end is to do some research about the advance cash loans lender or payday loan company you are choosing.
Choose the right lender for cash loans today by:
- Reading reviews (links listed below)
- Determining your needs vs. their offerings
- Understanding your legal rights
You will also want to see how each lender deals with cash loans for bad credit. Many lenders deal with bad credit all day long everyday, so it will not be a big deal. Even if they do a credit check, you will still probably end up being offered cash loans with bad credit.
Ways to Learn About Lenders for Cash Loans Now
Here are a few great online resources that allow you to research different lenders and discover which offer the right cash loans for bad credit that you feel most comfortable with.
- 10 Top Reviews: “2016 Best Payday Loan Reviews” offers detailed information on the top ranking lenders that offer easy cash loans. When it comes to cash loans for bad credit, you will notice that each lender on this list requiring a credit check falls under “varies.” 10 Top Reviews explains, “Although some non-lending services do not run a credit check, third-party lenders may run a credit check at their discretion.”
- Credit Karma: “Personal Loan Reviews” offers you many online reviews of various personal loan companies, some offering easy cash loans. You will get access to thousands of reviews by borrowers with similar experiences to you – many also looking for cash loans with bad credit.
- Consumer Affairs: “Compare Reviews for Payday & Title Lenders” gives you a list of providers who offer cash loans fast. A couple options will not run your credit. You can see which fast cash loans companies are “consumer affairs accredited” as well as reading consumer reviews.
2. Talk About Cash Loans for Bad Credit
While some advance cash loans lenders will come right out and say they do not check credit, many do actually run your credit. This doesn’t mean you will not end up with cash loans today.
If you choose a lender for emergency cash loans that might do a credit check, it may feel tempting to see if you can sneak the fact by the fast cash loans lender that you do, indeed, have bad credit. However, make honesty your best policy.
If you are speaking with a representative, it is better to admit that you want cash loans for bad credit then to keep the matter hidden. This way, you can talk to the representative about all the options for your easy cash loans and learn about any problems or details related to cash loans with bad credit.
3. Read the Fine Print Closely
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This is an important step for all fast cash loans, but especially true if you are already dealing with bad credit. Take the time to understand every single detail of the agreement you are about to enter into. Do not take anyone’s word for it.
Here are a few things to really pay attention to before agreeing to cash loans now:
- Payment plan options
- Interest rates (short term and long term if you fail to pay)
- Fees (search for hidden fees too)
- Dates (when payments are due, when the interest rate could rise, etc.)
- Credit checks (hard or soft or none at all)
- Unclear language of any sort (ask to clarify all details)
4. Be Prepared to Prove Your Money
Since payday loan companies are offering you cash loans now, they need some sort of insurance that they will see their money again. If you have no credit or bad credit, they do not have any insurance that you will – or even can – pay back their loan.
This means most lenders will want to see some sort of income proof before they give you cash loans today. This is typically not a complicated process at all. Getting small cash loans will be nothing like getting a mortgage through a bank.
Here are two common proofs of income when you are apply for cash loans for bad credit:
- Bank statements: Sometimes, fast cash loans lenders will want to see your latest bank statement to prove you have money coming in to pay back your bad credit cash loans.
- Paycheck Stub: Another common way lenders will be able to know if you are making enough income to pay back your cash loans fast is to look at the amount you made on your last paycheck.
5. Pay Properly to Prevent Worse Credit
If you are late in paying back your advance cash loans, or if you miss payments entirely, your credit can get dinged. The emergency cash loans lender wants their money and will send you to a debt collections agency. Then what started out as an option for bad credit ends up giving you worse credit.
Keep in mind that emergency cash loans are not a way to build your credit back up. Even if you pay back your loan correctly and on time, fast cash loans do not build credit.
6. Consider Credit Card Advances for Small Cash Loans
Another option to consider is to avoid the traditional payday loan lender and get your easy cash loans through credit card cash advances.
Sure, this can be slightly trickier if your credit is very poor. Mildly bad credit can still offer some leeway with credit companies and getting cash loans today.
If the credit is bad enough, however, some credit card companies will no longer work with you, and advance cash loans would be a better bet.
Should I Get Cash Loans Now?
Ultimately, only you can decide if the high interest rates involved with fast cash loans are right for you. Easy cash loans and fast cash loans online are ideally only a last choice option.
However, sometimes, we are down to our last choice, especially with bad credit, as The New Yorker pointed out in its exposé on fast cash loans.
In this case, choosing cash loans today can be done wisely, especially when you follow our six tips above. Remember to ask as many questions as needed and devise a detailed plan for paying back any small cash loans on time.
AdvisoryHQ (AHQ) Disclaimer: Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info. Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.