Cash Advance for Bad Credit
Facing an unexpected expense with bad credit can be stressful. You can’t apply for a traditional loan but still need money to cover your costs. So, how can you get the money you need?
A Cash Advance might be an option to consider. With this type of loan, you can receive money quickly to cover small expenses, and most lenders don’t require a good credit score for approval.
What is a Cash Advance for bad credit?
Also known as a Payday Loan, a Cash Advance is a small, short-term loan often offered by online direct lenders. Not to be confused with a credit card cash advance, a Cash Advance loan is meant to be repaid in full when you receive your next paycheck, usually within two to four weeks.
A Cash Advance can be useful if you’re in a financial pinch between paydays and need money quickly. Depending on the lender, you may receive funds the same day you’re approved or by the next business day.
Bad credit definition
Bad credit refers to a low credit score, usually below 580 on the FICO scale. A low credit score can be caused by late payments, defaults, or other poor credit management behavior.
Having bad credit makes it more difficult to get loans, credit cards, rental agreements, and even certain jobs because you’re perceived as a higher risk for lenders, landlords, and employers.
Can I get a Cash Advance with bad credit?
Bad-credit Cash Advances often have more lenient credit score requirements than other types of loans. Many Cash Advance direct lenders will approve you for a loan even with bad credit because they’ll look beyond your credit score and consider factors like your employment situation and how much you earn.
What can I use a Cash Advance for?
A Cash Advance for bad credit can be used for various reasons:
- Car maintenance or repairs
- Gas or groceries
- Utility bills
- Home repairs
- Trip to the ER
Getting a Cash Advance could provide the money you need for anything from everyday essentials to emergencies, giving you peace of mind until your next payday.
Benefits of a Cash Advance when you have bad credit
Easy application
Whatever your credit score, you can apply for a Cash Advance online in minutes. Simply provide a few personal and financial details.
Many online lenders like Advance America provide instant approval decisions, so you’ll know quickly if you’ve been approved.
No credit check
Even if you have poor or fair credit, Cash Advance lenders tend to rely on factors like your employment history and income when making an approval decision. This means you could still get approved for the money you need regardless of your credit history.
Unsecured loan
Cash Advance loans are usually unsecured, which means you don’t need to provide collateral (like your car or home) to secure the loan.
Quick funds
Once approved for a Cash Advance or Payday Loan, you typically receive funds the same day or on the next business day. No waiting weeks for money you need today!
Cover expenses quickly
Once you receive your Cash Advance funds, you can immediately cover expenses and avoid interest charges, service interruptions, late fees, or other penalties, such as costly reconnection charges.
Flexible use
There are typically no lender restrictions on using a Cash Advance loan, which means you can use funds to cover various financial needs.
Availability and convenience
Cash Advance loans are widely available through various online lenders, making it easy to find a loan that suits your needs.
Should I get a Cash Advance if I have bad credit?
Like any financial decision, taking out a loan requires careful consideration. Weigh the pros and cons as you decide if a Cash Advance is right for your situation.
➢RELATED: 5 Questions to Ask Before Getting a Cash Advance
Pros of a Cash Advance
- Quick and easy application process.
- Fast and convenient money for unexpected expenses.
- Available to borrowers with bad credit.
- Alternative to late fees or other penalties.
Cons of a Cash Advance
- Must be paid back in full on your next payday.
- Borrowing amount is based on your income.
If you know you can repay the loan with your next paycheck, a Cash Advance for bad credit can provide the extra money you need to make it to payday. Just make sure you choose a trusted, reliable lender like Advance America.
Tips to boost a bad credit score
If you hope to gain access to other borrowing options, you’ll need to improve your credit score. Here are three things you can start doing today:
- Check your credit report. Review your credit report regularly for errors or inaccuracies and dispute any incorrect information with the credit bureaus.
- Pay bills on time. Consistently paying your bills on time is one of the most significant factors in improving your credit score.
- Reduce debt. Work on paying down your outstanding debts, particularly high-interest debts, to lower your credit utilization ratio.
➢RELATED: How to Fix Your Credit Score
How to choose the right Cash Advance
Not all bad-credit Cash Advance loans are created equal. To find the best option, compare Cash Advance lenders and their loan interest rates, terms, and fees. If you have questions about a specific loan, don't hesitate to reach out to the lender to ask questions or get more information.
For more than 25 years, Advance America has been a trusted lender helping borrowers with all credit types, including bad credit. To us, you’re more than just a credit score.
How to apply for an online Cash Advance
Applying for a Cash Advance online with bad credit is easy:
- Choose your loan. Since there are many online lenders and loans out there, take time to shop for the one that best meets your needs.
- Collect necessary documents. After choosing a loan, gather the documents the lender requires for the application. These might include your driver’s license, Social Security number, and recent pay stubs.
- Complete your application. Visit the lender’s website to apply for a Cash Advance online. Double-check your application to ensure accuracy and avoid delays in your approval decision.
- Get an instant decision. Depending on the lender, you might receive a decision instantly. Otherwise, you should know within a few hours of submitting your application.
- Receive funds. If approved, you should receive your funds via direct deposit within a few hours or one business day.
Advance America offers quick Cash Advances for bad credit
Advance America offers Cash Advances for borrowers with all types of credit scores. You can apply online or in-store and get approved instantly. If you apply early enough in the day, you might even receive your money the same day.
Visit your nearest Advance America store or apply online now.
Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your financial circumstances.
About the author
Bree Ewers is a senior editor, copywriter, and content writer whose work has been featured across the media, small business, and financial industries. She operates Nomad Freelance Content from her home office in Portland, Oregon.