Bad Credit Cash Advance

A bad credit cash advance is similar to any other cash advance. In other words, a cash advance of any type is a short term loan that is basically an advance on your next paycheck. Without a doubt, there is a small fee attached to any cash advance. There are many times that a small cash advance can come in very handy especially when there is an unexpected bill or expense and it is only halfway through your pay period.

The only real difference between an ordinary cash advance and a bad credit cash advance is that the lender will not perform a credit check for those with a bad credit record. Since you applied for a bad credit cash advance, this tells the lender right up front that you do not have credit so they will not waste their time. With a bad credit cash advance, your credit report essentially becomes a moot point as the lender is already aware of your credit situation.

There are no legal restrictions on a bad credit cash advance so you can do what you wish with the money that you borrow. There are some minimal requirements that must be met in order for the company to make the loan, however. You must be at least 18 years of age at the time of application and be a U.S. citizen. You will need to show proof of stable employment with a minimum income of $1,000 per month and you must have a checking account.

The money you can borrow with a bad credit cash advance will vary from about $200 at the low end to as high as $1,000. The amount you are able to borrow will be determined by your employment and income information that you provided to the lender. Once the cash advance lender has reviewed your application, they will determine whether or not to give you a cash advance and for how much.

The fees for obtaining a cash advance can vary from lender to lender and from one customer to another depending on the amount that is borrowed as well as the income level of the customer. It then becomes necessary to read the terms associated with any cash advance very carefully. The average fees can range from $10 to $30 for every $100 of the loan amount. You can expect to pay fees in the higher range due to it being a bad credit cash advance. To put this fee range in perspective, a $15 fee per $100 equals out to an APR (annual percentage rate) of 391.07%.

A cash advance is usually due within 14 days or when you get your next paycheck however there can be other options. Your lender may offer loans that extend to 21 or 28 days, usually with higher fees charged. Should you not be able to pay the loan when it is due, most lenders will allow you to pay just the finance charges on the loan and then extend it. If this is allowed, the cash advance will have to be paid in 14 days. Each cash advance lender has specific guidelines governing terms; again, familiarizing yourself with the terms of the cash advance is a very necessary measure.

Depending on the laws of the state the lender operates in, customers may have the options of increasing a cash advance or of having multiple cash advance loans during the same period. Each lender is different so there are some that will allow multiple loans but no increasing of a cash advance while other lenders will not allow multiple loans but provide for an increase in an existing cash advance. Increasing a cash advance will generally incur an extra fee while multiple loans will each have their own fees.

A bad credit cash advance is usually processed the same day as when you apply and the money can be in your checking account by the next day. Once you have been approved by the cash advance lender, you can ask them when to expect the funds. Keep in mind that due to the money being directly deposited, your bank can take up to five days to credit the amount to your account.