How To Avail Cash Advances When You Have Bad Credit

By Author: Alisha Onoye
Total Articles: 4
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Avail Cash Advances with Low Credit Scores
An emergency can come knocking at one’s door at any time- in the middle of the night, during your work hours or when you’re relaxing in bed binge watching your favourite television series. In such circumstances, not everybody can afford to address that emergency solely with their savings or income. Many people need to borrow money. One can always choose to do so by approaching a close family member or a dear friend. However, not everyone can afford to lend you an amount that may have a few more zeroes than what they can manage to offer. They may be able to help you to some extent, but not completely.
That’s when lenders come into the picture. Now, lenders are of various types. From traditional lenders offering long-term loans to payday loan lenders offering short-term loans, each lender has their own set of benefits to offer.
The advantage of applying with a traditional lender is the fact that their loans are cheaper than most other loans. However, they do have their set of disadvantages that come alongside. Traditional lenders do not offer loans to bad credit ...
... score holders, and even if they do, they come at a huge cost and the need to offer collateral. In most likelihood however, they deny funding those with low credit ratings. This can make life difficult for those who possess bad credit scores, and the number of people holding such scores isn’t tiny at all.
In case a traditional lender does agree to offer funding to a poor credit score holder, the borrower shall have to offer security and rest assured that he will have to pay a huge price in order to get funded, since it is a risk being taken by his/her lender.
Not everyone has collateral to offer, especially if they’re already in bad financial shape. A person with a bad credit score is obviously not in the best financial phase of his/her life. That being said, the chance of such a borrower even possessing something as valuable as a house of a car to put at stake is very little. Apart from that, even if the borrower does have something to offer as collateral, the idea of losing it can make things very stressful for the borrower.
However, there is a solution to this problem. If one is looking at borrowing a small amount of money, say about a few hundred to a thousand dollars, one can always choose to opt for a payday loan.
The lenders offering payday loans do not conduct credit checks for two reasons- one is that they don’t wish to delay funding which a credit check certainly contributes to and the second is that they wish to offer loans to bad credit score holders as well. Considerate online lenders understand the situation bad credit holders may be in, which is why they choose to help them in their tough times.
These lenders basically rely on the income statement of the borrower in order to fund them. Applying with them is super easy since they ask you to fill out a basic form and provide them with basic documents. Your income statement proves your current stability which is what they rely on in order to fund you. Credit scores aren’t considered by them, since it shows your past financial situation which may have included faulty repayments, and they believe in your current situation. Along with your income statement, they ask you for details such as your age, your checking account details, your contact details and your social security number.
When you’re in dire need of cash and have a bad credit score, applying with an online direct lender can be the best solution.