If you’ve missed payments during the last 7 years, you’ve probably discovered that borrowing money isn’t nearly as easy as it used to be. Don’t despair, as there are now a variety of easy to get loans for people with very bad credit available from specialist lenders.
You now fall under the category of “high risk customer” so the rate of interest that you pay on loans for bad credit reflects this. The good news is that you won’t have to pass a credit check or have to explain why you need the money. Easy cash loans online can be either secured or unsecured.
Easy to Get Loans Online from a Payday Cash Advance Lender
Provided that you’re a U.S. citizen, over 18 and in full-time work, you may be able to borrow up to $1,000 for a period of 30 days. You’ll need to provide two forms of identification and to have your own checking account, so the lender can transfer the money to you. This is an important part of the validation process.
Quick and easy loans for bad credit typically attract a high rate of interest. Unless a state has its own laws on payday lending, each $100 you borrow accrues $20 to $25 of interest each month. This will leave you with less money to pay your bills the month after.
Subject to affordability, you may be able to extend the term of a quick payday cash loan by a further month. Although you don’t stand to lose any collateral if you default, your account will be passed to a collection agency who will pursue you for the balance. Interest and charges mount up quickly.
Online Pawn Shops Provide Quick and Easy Loans for Bad Credit
Pawnbrokers were once only found on the high street, but this is no longer the case. A new type of pawn shop has opened allowing customers to easily get cash loans online. The principles are the same as you simply provide the lender with collateral, such as gold, to secure your cash advance.
In order to get your collateral appraised, you’ll need to send it to them. They’ll then lend you up to 50% of the items value for a defined period of time. While most pawnbrokers have a standard term of 30 days, some allow you to borrow money for up to six months.
Once approved, they’ll transfer the money to your bank account. They’ll hold the collateral, but will provide you with a receipt documenting the transaction. You are then able to redeem your pawn shop loan by clearing the principal and any interest that has accrued.