Life is relatively simple with good credit as a bank overdraft or credit card cash advance can be turned to. Miss or make a late payment and all the lenders that used to be so helpful are no longer agreeable. This led to the creation of specialist lenders that offer secured and unsecured instant decision loans. They are no credit check loans because lenders realise credit scoring is pointless for customers who already have a bad credit rating. Instead, a different set of lending criteria are used to establish eligibility. It is possible to borrow money for any purpose, even when unemployed, contracting or in temporary work.
Instant Decision Loans from a Pawnbroker
A loan from a pawn shop is ideal for people who are unemployed or lack an active checking account. They are a form of secured loan with no credit check because they involve providing the lender with suitable collateral (gold, jewellery, silver, electrical goods). The value will be assessed and a maximum fast cash advance value will be determined. Subject to the value of the item, there is no upper limit on how much can be borrowed. A quick cash loan and a receipt for the collateral will be provided within just minutes. It is the responsibility of the customer to redeem the item by settling the amount owed. If this doesn’t happen, the item will be sold in order that the lender can recover their money.
Unsecured Quick Payday Cash Loans
It is possible to get an easy quick cash loan for up to $1,000, without credit scoring, for up to a calendar month. Due to the higher risk of default, it costs about $20-25 to borrow $100 for 30 days. The borrower must be a U.S. citizen, 18 years old and be in full-time employment. A bank account and 2 forms of identification are also essential. Provided that these criteria are complied with, the customer receives quick cash in 24 hours or less. The customer provides a payday loan lender with a postdated check for the principal and any interest that will accrue. It is important that the debt is settled punctually in order to prevent further interest and charges accruing.
The Dangers of Easy Quick Cash Loans
A quick payday cash loan or a pawn shop loan provides a way of coping in the event of a financial emergency. The problem is that interest accrues quickly and borrowing money on those terms will leave financially vulnerable people with less money to pay their bills in future months. Many people become trapped in a cycle of dependency so avoid a short term loan for impulse buys and foreign holidays. Only ever borrow money with bad credit when it is absolutely essential.