Where to Get an Emergency Cash Loan Today
Instant Cash Advance with Bad Credit, No Credit-Check Needed
Jul 11, 2009
Whether it is to pay the mortgage, cover the rent or go on holiday , getting an emergency cash loan today could help someone out of a tight spot. For those with a bad credit rating due to missed and late payments, a no credit-check, instant cash advance is essential as mainstream ways to borrow money are rarely available for tenants with a bad credit rating. Homeowners may be able to get a secured loan, provided sufficient equity is available.
Where to Get an Emergency Cash Loan Today
There are a number of places where it is possible to get an emergency cash loan today, even if a bad credit rating is a problem. Viable places to borrow money include a Payday lender, pawnbrokers and Credit Unions. An instant cash advance is still possible with no credit-check needed. Although credit card debt is a concern, those in need of a loan today may be able to get an advance on a charge card.
No Credit-Check Payday Loans
It is possible to get an emergency cash loan from a bad credit, Payday lender. An instant cash advance is available with no credit-check. There is a requirement that the applicant is over 18 years of age, in full-time employment, has an active bank account and is able to provide 2 forms of identification. Borrow money for a few days up to a full calendar month. The majority of Payday loans are for less than £750 due to a high rate of interest. A borrower will typically have to repay the capital and 20% interest for a full month. The annualised rate of interest is in excess of 1000%. The high APR is due to the risk of default posed to the lender.
An Instant Cash Advance from a Pawnbroker
Pawnbrokers have been offering customers an instant cash advance with no credit-check for centuries. Pawnbroker loans work differently to the Payday equivalent as an emergency cash loan is only available to bad credit customers if collateral (gold, jewelry and electrical goods) is provided. Pawnbrokers charge a more attractive 70-80% APR to those who wish to borrow money. Provided the borrower pays-up at the agreed time, they are able to retrieve the goods provided as collateral. If this doesn't happen, the item will be sold to clear the outstanding loan in-full.
Borrow Money from a Credit Union
Members join a Credit Union based on a common interest, such as profession or locality. Credit Unions offer members a number of services, including emergency cash loans, on very favourable terms because they operate purely for the interests of their members. Whilst it can't be defined as an instant cash advance, it is suitable for members with a bad credit rating. The Credit Union performs an assessment of whether it is financially viable for the member to borrow money without creating further financial hardship.
Emergency cash loans are unlikely to be available from mainstream lenders when bad credit is a problem. An instant cash advance isn't cheap, but it can help someone out of a difficult situation. No credit check loans are only available for a short period of time and aren't suitable for debt consolidation purposes.
Disclaimer: This article in no way attempts to give legal or tax advice. One should consult a licensed attorney, tax advisor, or other qualified professional.
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