Are you one of the many people who needs an urgent cash advance now? Borrowing money is really easy when you’ve got good credit and a stable job, but the banks soon lose interest when your circumstances change. More of us than ever need to borrow money fast with bad credit and most incorrectly assume that the window of opportunity has been closed. A direct payday advance lender may be prepared to help you raise the money you urgently need within the hour.
Borrow Money Fast with Bad Credit from a Pawnbroker
You can borrow money fast with bad credit from a pawn shop. A pawnbroker lends money to customers based on the provision of collateral, such as gold or jewellery, to secure the advance. The item will be valued by the direct cash advance lender and you’ll be able to borrow between 30% and 50% of its value. It is a suitable loan for unemployed people as there is no job check or credit check.
Ways to Raise or Borrow Money Fast with Bad Credit from a Direct Cash Advance Lender
- Payday cash loans. Customers who urgently need to borrow money fast with bad credit can get a same day payday loan for up to $1,000 without the need for collateral. A full time job, bank account and identification are normally more than sufficient to get credit approval.
- Logbook loans. An auto title loan involves borrowing money against the vehicle’s equity. You can continue to use the car, but default will lead to the loss of your collateral.
- Sell gold. If you have any old gold, there’s never been a better time to cash it in. Of course, you can also use it to secure your loan.
- Check cashing service. If you need money quickly and don’t have a bank account or time to wait for it to clear, you can cash your check in return for a small fee. Rates are usually about 2%.
- Foreign currency. If you have any foreign currency left over from a holiday, some pawn shops will be prepared to exchange this for you.
Cost of Pawnbroker Fast Cash Loans with Bad Credit
The Consumer Federation of America revealed that about 50% of American citizens were living paycheck-to-paycheck. A bad credit rating fast cash loan from a pawnbroker provides a way to make it through to the end of the month. Interest rates vary considerably between direct cash advance lenders, but you’ll normally pay $20 to $25 on a month-long $100 advance.
Duration of Bad Credit Rating Fast Cash Loans from a Pawn Shop
The National Pawnbrokers Association (NPA) stated that the: “Contract periods vary by state,but are typically 30 days with an additional 30-day grace period.” Subject to affordability and the availability of sufficient equity, it may be possible to renew the agreement. Despite the fact that interest will continue to accrue, this provides additional time to repay the money you’ve borrowed.
Consequences of Defaulting on a Loan from a Direct Cash Advance Lender
If you fail to repay the principal and any interest that has accrued, the item will be sold in order to clear the loan. The NPA believe that about 80% of items are redeemed by paying off the loan. Unlike failing to repay a payday cash loan, there won’t be any further consequences. There won’t be any extra interest to pay as the sale of the collateral will completely clear the outstanding balance.
Borrow Money Fast with Bad Credit vs Debt Free Solution
Fast cash loans with bad credit allow you to meet an urgent financial need, such as paying the rent or a utility bill. The problem is that the rate of interest is high which will leave less money to pay your bills the month after. Critics argue that many people become stuck in a cycle of dependency.
If borrowing money has become a way of life, it is advisable to seek advice from a non-profit credit counseling service. They may be able to ease your money worries by helping you to budget better. Others will be able to eliminate unsecured debts with a debt settlement program.