When you have bad credit, loans are hard to avail. Same day cash advance is one loan that you can take even with poor score. It is very sad that people who need the money most cannot get it at the time of need. That is what happens to people with a low credit score record. Even if they are in a life and death situation that needs urgent money, traditional lenders will refuse them. These are the people that are in dire need of bad credit cash advance.
Why Same Day Cash Loans Are Given While Others Aren't
When big lenders shy away from people with poor credit, same day cash advance company will help them, if they can prove that they have a steady job or source of income. This small cash loan won't ask for any collateral as they consider your next paycheck as the collateral. So, even if you have faced bankruptcy in the past, if you are employed at present, you will be considered for a bad credit score cash advance. Two things should be there- your job should be more than three months old and the pay should be more than $1000 dollars per month.
When To Go In For Such Small Cash Loan
Go for this advance only in an emergency. Remember that the interest rate for same day cash advance is on the higher side, so do not misuse it. Typical reasons why people take this loan are because they have some kind of emergency such as a medical problem, car trouble or unpaid household bills. When you miss the monthly installment of your credit card or give a bounced check- the penalty incurred is quite high. A bad credit advance even with a high rate of interest proves to be a cheaper and a better option. So, if you see that your credit card bill is due and you don't have enough money, take the same day cash advance to pay the bill. You will not only save money, your credit rating will go up as well. That may come handy later; if you will need a loan of a large amount and have to approach a bank (remember small cash loans go up to $1,500 only).
Returning Your Bad Credit Cash Advance
The best way to return the borrowed sum is to allow the company to directly debit your checking account. You can specify the date after which the money can be taken out. Generally, the due day is your payday. This will ensure that you will not miss your payback date and incur penalties of any type. You can also return your same day cash advance through post-dated checks, but in that case, make sure that on the specified date, the requisite amount is present in your account.
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