Where to Get a Guaranteed Cash Loan
An Immediate Cash Advance to Help with Emergency Situations
Oct 23, 2009
A guaranteed cash loan doesn't involve a credit check so is available to anyone, regardless of credit history. This means that it is a perfect way to get a cash advance for an emergency situation, such as paying the rent. Whilst a pawnbroker loan requires the provision of collateral, a Payday cash advance is unsecured. Providing security will normally help to improve affordability.
Guaranteed Cash Loan
The absence of a credit check means that a lender will offer money to anyone who can prove that they have a full-time job. The greater risk assumed by the lender means that the rate of interest will be higher so the loan is only suitable for short-term borrowing. It is important to clear the debt punctually or interest and charges can start to accrue quickly.
Pawnbroker Loans
In return for providing collateral (gold, endowment policies, electrical equipment etc) it is possible to take out a pawnbroker loan for up to six months. Whilst the average guaranteed cash loan is for a few hundred dollars, it is possible to borrow up to $10,000. The maximum loan size depends upon what collateral is provided. Failing to repay the loan will result in the item being sold in order to recover the money lent.
Payday Cash Advance
It is possible to get an immediate cash advance for up to $1,000 from a payday lender. Whilst the rate of interest can be in excess of 1000%, the fact that the loan is over just a calendar month makes it relatively affordable. The applicant will need to be a U.S. citizen and in full-time employment in order to qualify. It will also be necessary to provide suitable photo identification.
Loan From a Credit Union
Although not technically a guaranteed cash loan, a loan from a Credit Union is an affordable alternative for individuals with poor credit. Unlike a Payday cash advance, money is only lent when it is in the interest of the member. The vastly lower rate of APR means that it is possible to extend the term. Membership of a Credit Union is based on a common interest, such as vocation or locality.
Whilst a guaranteed cash loan can help someone out of a short-term financial hole, it can also cause problems if used incorrectly. It is only sensible to get an immediate cash advance to help with an emergency situation, not to pay for a holiday. The interest paid over the term of the loan will leave less money the month after so this issue will need to be addressed through over-time or a bonus.
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