A Fast 24 Hour Payday Loan Provides Instant Cash for Any Purpose
An any purpose, unsecured 24 hour payday loan provides a quick cash advance for an emergency situation. Get bad credit fast cash today - guaranteed.Borrowing money with bad credit is relatively easy, just more expensive than it used to be. A 24 hour payday loan provides an instant cash advance for people who need cash fast. A quick unsecured or secured, any purpose loan is available with no credit checks for poor credit customers. The absence of credit scoring means that fast instant cash is offered to individuals who have already been rejected by the banks.
How to Qualify for Fast Instant Cash Payday Loan
Although there isn't any credit scoring, certain eligibility criteria must be met before approval for a 24 hour payday loan will be granted. Specialist bad credit lenders are seeking affordability and proof of identity. The eligibility criteria are that the applicant must be a U.S. citizen, at least 18 years old and in full-time employment. A bad credit loan lender will also need to validate the applicant's identity through the provision of 2 forms of identification. A checking account is also a requirement as the money will be wired directly to the customer.
The Guaranteed Fast Cash Any Purpose Loan Process
Once the above eligibility criteria have been met, it is possible to get guaranteed fast cash from a payday lender. The customer is expected to provide a postdated check that is set to clear on payday for an amount that is equivalent to the principal and any interest that will accrue. A quick unsecured loan will be provided the very next working day. If the application for an emergency cash advance is submitted before 2:30 in the afternoon, the money will reach the customer's checking account on the same day.
Cost of an Emergency Cash Advance from a Payday Loan Lender
A 24 hour payday loan for $450 will accrue $112.50 in interest is just 30 days. There are two reasons why fast instant cash is so expensive. Firstly, it is a short term loan which leaves little time for a bad credit loan lender to recover any administrative costs. Secondly, there are no credit checks and the majority of customers have an adverse credit history. Default rates are high so the APR must reflect the risk.
Alternatives to Payday Lenders
- Pawnbroker loans. Pawn shops provide money to people who need fast cash based on the provision of an item of value, such as gold and silver. Failure to clear the loan leads to the loss of the collateral.
- Auto title loans. When a 24 hour payday loan isn't sufficient, it is possible to borrow a larger amount based upon the value of a car. At least 75% of outstanding car finance must be paid off. Failure to repay an auto title loan could lead to the car being repossessed and sold.
- Family loans. It may be possible to get a low APR, quick cash loan from a member of the family.
- Credit card cash advance. Customers can use a percentage of their allocated credit limit as cash. The money can easily be withdrawn from an ATM machine.
- Credit union loans. Subject to affordability, members are able to get an emergency cash advance. They also offer a range of different financial products.
Pros and Cons of 24 Hour Payday Loans
An any purpose loan can be used to pay the bills when finances are a little tight. Whilst an emergency cash advance loan provides money to those who need fast cash, many financial commentators consider the rate to be usury. The repayment of a quick cash loan and interest that has accrued leaves less money to pay the bills in future months. There is a major risk of getting caught in a cycle of dependency so only borrow money with bad credit when it is absolutely essential.