Basically, bad credit cash advance is just like other types of cash advances. It is a short term loan where you get advance cash from your paycheck. There are fees attached to bad credit cash advance as well. These fees may come off as tiny if you badly need cash for emergencies.
Bad credit cash advance is designed to help borrowers in times of financial emergencies. We all experience facing unexpected bills that is off the budget. In most cases, these emergencies happen halfway through the next paycheck. This is why bad credit cash advance can come very handy.
Ordinary Cash Advance vs. Bad Credit Cash Advance
Bad credit advance is very similar to ordinary advance except that lenders no longer perform payment history check. The reason is, it is called bad credit cash advance because the borrowers are expected to be people with bad rating. As a result, there is no point in doing financial history checks since the answer is obvious.
Another good thing about bad credit cash advance is that they do not have restrictions in as far as legality is concerned. This means you have all the right to spend the money you borrowed in whatever way you want. Although this can also bring financial problems to people who cannot control their spending habits, cash advance is generally designed to help provide financial relief to people with bad credit.
Lenders do not ask too many requirements. However, the minimal requirements have to be completed before the loan is granted. First, you have to be of legal age to qualify for the application. You have to be at least eighteen years of age and a resident of the United States of America.
As for the other qualifications, you also need to present a proof that you are a regular employee of a stable company. Also, you need to have a minimum income of $1,000 each month. Finally, you need to have a checking account where the money will be transferred once the loan is approved.
How Much Can I Borrow?
The amount of money you can borrow through a bad credit advance depends on certain factors. Generally though, you can borrow around $200 to $1,000 worth of cash advance for bad credit. Certain factors that affect the amount that you can borrow include your income and employment information that you have provided.
The lender will review your bad credit advance application. Since there are not much documents to process, you can expect results immediately. Approval varies although results are given not more than one business day from the time of application.
Bad credit advance is timely since most people’s income can be barely stretched enough to reach one payday to another. The important part is paying the loan before its dues date to be safe from additional charges and fees.