For people with unfavorable credit records, bad credit cash loans provide instant and assured cash advances. There are times when you are in dire need of cash-but conventional methods of loan are not available to you because:
- you have a bad repayment record.
- you do not want to give a collateral/security.
- you have a past record of bankruptcy or outstanding loans.
Sometimes you may just want to avoid time consuming paperwork and credit checks as you need cash to tide over a short period of time – maybe just till your next paycheck arrives. Payday loans, also known as cash loans, payroll advances or bad credit cash loans help you tide over unexpected short term financial crises.
Bad credit and Teletracking
Teletracking is the method by which financial institutions such as banks access a common pool of data to assess the creditworthiness of an individual. So, if you have a bad repayment record, or large outstanding loans compared to your income, some institutions may refuse to give out further loans to you. However, if necessary, especially in case of emergencies, these should not prevent you from getting loans. Bad credit cash loans give you loans in spite of your records. You may choose no teletrack payday loans to give you cash loans without checking your status through teletracking. There are even no credit checks payday loans which do not run any checks of your records before giving you the amount.
Obtaining Bad Credit Cash Loans
To obtain a bad credit cash loan, all you have to do is fill in an application of a payday loan company, either by walking into their office, by sending a fax or by filling up an online application form. The documents required are:
- an identity/age proof
- details of checking account into which the loan is to be disbursed
- document to prove your repayment ability such as a paycheck
Cost Of The Loan
Usually, bad credit cash loans companies charge $15-20 per $100 loaned for a period of 15 days. This implies an annual percentage rate of 390-780%. The cost is high as the risk for the lender is also high- remember there are no checks and the loan is available even if you are ‘bad credit’ for other lenders.
Sometimes an extra fee is charged if you cannot repay in time, or you intend to ‘roll over’ that is extend the loan. No credit check payday loans or bad credit cash loans are a good option to tide over emergency cash requirement, particularly when there are no other options.
