Cash Advance Loans

Sometimes, you need more money than you make, yet credit or time constraints make a traditional personal loan unattainable. Cash advance loans help bridge the gap between paydays, not to be confused with credit card cash advances that help you into more debt. This type of loan should be your last resort, so always look into your other options to confirm nothing else will work first.

Cash advance loans are among the fastest to obtain, but offer the highest interest rates because of their short terms. Some companies will let you apply for your loan online, but most require you apply in person. Keep in mind that using the online option will lengthen the amount of time it takes to get your funds. Procedures for getting the loan are roughly the same for both online and in-person applications.

Provide your cash advance lender with your personal information, including name, address, date of birth, social security number and employment information. Your social security number is used as a personal identifier, as most payday loan companies don’t check credit. You’ll also provide how much and how often you’re paid.

Take documentation with you to expedite the approval process. Your lender needs to see your paystub to verify your income and pay frequency. They need this information because your loan only has a term as long as it takes to get to your next payday, not years like standard loans. That’s why this is a cash advance loan; you’re advancing cash from your paycheck in between paydays.

You must also take proof that you have a bank account. Printed checks with your name on them usually suffice, but your lender might require bank statements as well. Depending on the company, you may have to verify you’ve deposited money into the account within the last month. Your lender does this because you’ll repay the cash advance loan with a check from that account. Using an account without regular activity raises the lender’s risk you’ll default.

After approval, they deposit funds into your bank account or cut you a check within 24 hours. When you’re ready to repay the loan, you can either show up at the lender’s office with cash in the amount of the loan plus fee or let the lender deposit the check you gave them at the time of application. Either way, you pay the same amount. You may also pay only the fee and take out a new loan for the same amount, but this causes a substantial increase in the overall interest rate you pay.

Despite the high interest charges, responsible use of cash advance loans can help you through times of financial adversity.

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Can You Get a Personal Loan with Bad Credit?

Bad credit personal loans have flooded the consumer market over the past several years. Lenders and creditors have demonstrated that they are still willing to extend personal loans to people with bad credit, but there is definitely a price to pay. However, just because you have some blemishes on your credit report or an uneven income stream does not automatically disqualify you from some type of credit or personal loans, even in today's economic climate. What is considered "bad credit"? A FICO score of 580 or below is definitely a bad credit score. FICO scores of 580 to 619 are considered low scores.

That said, the conditions under which you can contract for bad credit personal loans can vary significantly. If your credit rating is horrible, or if you've demonstrated creditor malfeasance recently (e.g. filed for bankruptcy), you may find that your options for personal loans are quite limited. It may be possible to qualify for a high interest or restricted credit card rather than a personal loan if you find yourself in that situation. It definitely pays to shop around, however keep in mind that each time a lender pulls your credit report, it is recorded. And multiple credit checks can actually have a negative impact on your credit rating. If you have a recent copy of your credit report, it would be a good idea to discuss it with a potential lender before they pull their own copy of your credit report. If they can't help you, at least they won't be making your situation worse by asking for an unnecessary credit report.

Unsecured personal loans will come with extremely high interest rates. Unfortunately, many indebted Americans find themselves in a snowball situation, where debt begets debt, and the high interest rates and additional fees can be higher than your minimum monthly payment, quickly getting you in a situation where you've maxed out your credit limit and now they're adding "over limit" fees to the monthly charges.

Bad credit personal loans can be powerful tools for accessing quick cash in an emergency, allowing you to pay off something with an even higher interest rate, or to pay for something unexpected. But these kinds of personal loans also can put you at higher risk for default and mismanagement. In fact, experts in personal loans recommend that individuals with bad credit take an active part in clearing up their credit first before considering more high-cost debt.

The key to wisely managing a personal loan with bad credit, or credit cards for those with bad credit, is to crunch the numbers and determine how quickly you will be able to repay that debt. Many borrowers with bad credit look at the bottom line -- how much can I afford to pay each month -- and they borrow the maximum amount while planning to make only minimum payments. What you should do is plan to borrow the lowest amount possible for your situation and plan to make monthly payments that are a good deal higher than the minimum required. The sooner you can pay back a personal loan when you have bad credit, the better it will be.

Given that your bad credit might be caused by something as innocuous as an accidental misreporting of a bank finance charge, the first logical step is to review your credit report and fix everything you can -- if for no other reason than to expand your options for personal loans in the future. The credit reporting agencies often make mistakes, so a careful review of your report may turn up something you can easily fix. Tackling the other issues with your credit may take time and patience, but there is no quick fix for improving bad credit. Read more about personal loans for people with bad credit.

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Best Personal Loan Options

When you need to borrow money, you have many options available to you. How do you sift through the sea of lenders to find the best personal loan for your situation? Luckily, it's not as difficult as maintaining a high credit score. The key is to get to the heart of your need and look closer at the options that fulfill it, without looking at all the financial bells and whistles your lender wants to sell you.

“I want cash flow.”

With overdraft and returned check fees on the rise, seeking a little financial security between paychecks is a smart idea no matter what life situation you have. The best personal loan option for cash flow purposes isn't a traditional loan at all. It's a revolving line of credit. Although credit cards are technically revolving credit lines, think about your non-plastic alternatives and you may end up with a more attractive interest rate.

Personal lines of credit are ideal because you only pay interest on the portion you use, so if you end up not needing any help between paydays, you pay nothing. If you apply for this personal loan with your current bank, you might even be able to link it to your checking account as overdraft protection. Even if your bank doesn't offer the best personal line of credit rate, you'll still potentially save hundreds of dollars in bounced check fees.

“I want to make home improvements.”

Before you apply for a home improvement loan, think through the exact amount of money you need for improvements. The best personal loan option for high dollar improvements is a home equity product if you can take advantage of potential tax deductions, but smaller loans amounts benefit more from a standard personal loan. Depending on your state, there may be a mandatory cooling off period between application and loan closing in addition to a rescission period after the closing. A personal loan will get you the money you need faster and typically with far less paperwork.

“I want to prepare for an event.”

To know the best personal loan product for this, you must first understand the nature of your event. Is it a wedding or other event where you make multiple payments that end on a certain day? Are you preparing for a life event, such as having a baby, where expenses continue over a lengthy period?

If you're paying for a single event, opt for a personal loan with the best interest rate you can get. On the other hand, ongoing expenses from your life event require a line of credit because you really don't know the amount of money you need until you're in the situation.

Even if you just want to buy a car, still consider these questions before rushing into an auto loan application. Just because a lender offers a loan supposedly tailored to your need doesn't mean it is the best personal loan available to you.

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Before You Apply for a Personal Loan

Times exist when you aren’t just ready to borrow money; you’re motivated to start the process. Before you apply for a personal loan, there are certain steps it’s smart to take. Rushing into a loan without following the steps might work out fine or it can stick you with a loan you don’t really want. Only you can decide if it’s worth it to take the risk.

Determine your needs

When you’re in the market for an auto loan, this step seems obvious. Go beyond the purpose and decide what features you’ll accept when you apply for a personal loan. If you cannot pay an application fee or make payments over a certain amount, draw the proverbial line in the sand before you reach the lender’s office. Doing so will squelch the temptation to take the first offer you receive that doesn’t meet your requirements.

Review your credit report

Checking your credit file at least once every 12 months is a good strategy to stay on top of the information found within. If it’s been more than six months since you last pulled your credit, consider ordering a new report before you apply for a personal loan. Multiple inquiries can lower your credit score, so find out if there’s any reason a lender would decline your application before you submit it. Put off your application until you correct any inaccuracies or delinquent accounts you find.

Research your lending options

In some cases, you can find multiple loan products to perform the same function for you. When this happens, make a list of the advantages and disadvantages to using each option. Once you decide, be willing to accept additional facts from lenders, but don’t let a smooth talking salesperson change your mind with hype or financial jargon.

Discuss lenders

Who you apply for a personal loan with is every bit as important as what type of loan you choose. Talk about your options with family and friends. Find out if anyone you know has a loan with a certain company and if they are satisfied with the service. You can also discuss lenders with each other. Sometimes, the information they provide about the competition is relatively free from bias. If a lender tells you to take the deal offered by the competition, chances are high that it’s a good deal.

Shop around

You should not apply for a personal loan with the first company you visit. Even if you later determine the first deal was your best option, you have no way to know that without shopping the competition. Without pulling your credit file, lending companies can give you a wealth of information about their terms and conditions. You can use that information to decide which company wins your business.

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Basics to Get a Loan

When you need more money for a purchase than you have time to save, you need to get a loan. With the plethora of businesses offering loans, it’s a good idea to familiarize yourself with the different types of loans available to you. Even though multiple loan products can provide the cash you need, they are not identical. Know which options are more beneficial to you before you visit with a lender to ensure you don’t end up with the wrong loan.

Equity loan options

If you own a home that’s worth more than you owe, you can get a loan utilizing the difference, or equity. You may hear people refer to this as a second mortgage, but that doesn’t mean you have to use your mortgage company. Online lenders and banks can also help you with this option.

This type of loan takes on three distinct forms: home equity loan, home equity line of credit and home improvement loan. The home equity loan and line of credit work exactly like standard personal loans and lines of credit, with the exception being you use your home as collateral. Home improvement loans typically require a contractor to sign the loan paperwork to guarantee work is being performed on the home. Because your home is collateral, interest rates on equity products often offer more favorable interest rates than personal loans.

Personal loan options

A personal loan is any loan an individual can apply for. Although equity loans technically meet this requirement, they get a separate category because of the complexity and legal differences. You can get a loan in this category with or without collateral and the term can be close-ended or revolving.

Options in this type include credit cards, signature loans and auto loans. The main difference between your options is that auto loans are always used to purchase a vehicle and secured by the purchase, while the remaining personal loan options can be unsecured or secured. It’s important to note that credit cards are not your only personal revolving credit option. Personal lines of credit offered by financial institutions perform the same function, but often with lower interest rates.

Business loan options

You can get a loan for business purposes to cover start-up or operating expenses. By definition, a business loan is one obtained using the business’s credit. If you’re just starting your business, you can get a personal loan to cover your costs, but it is considered a personal loan, not a business loan.

Keep in mind that you can get a loan not discussed here because lenders tailor loans to meet your particular needs. In general, if you understand these three classifications, you can grasp the details of any custom loan product, no matter how complex.

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Bad Credit Tips

As of November 2009, the average credit score for Americans was 692. On a scale from 330 to 830, this is far from what you might think of as bad credit. In fact, the average American might enjoy favorable personal loan rates because of this score. If your credit rating isn’t quite so stellar, there are ways to pull it up if you’re willing to change your habits.

Not only must you change the way you use credit, you should change the way you think about credit. Before you do anything else, realize that the time for beating yourself up because of your bad credit score is over. It doesn’t matter whether you lost a job, accumulated medical bills due to illness or simply overspent on your credit cards. It happens to more people than you realize. Follow these seven simple steps to kiss bad credit goodbye.

1. Accept your score for what it is and move on. You can fixate on what you did wrong or you can focus on what you will do right. Choose the latter.
2. Change your spending habits. Pulling out the credit cards to pay for a night at the movies is the kind of behavior that leads to bad credit in the first place. If you can’t pay cash for small dollar transactions, avoid them because they all add up.
3. Build your savings. Murphy’s Law states that basically, if it can go wrong, it will. Start adding to your savings account now so that you don’t have to use your credit card the next time Murphy strikes.
4. Pay your bills on time, every time. If creditors report that you miss payments or always pay late, your bad credit will get worse. Tell yourself payments are due a full week before the official due date and pay accordingly.
5. Pull your credit report. If you suspect you have bad credit because you were denied a loan, you’re entitled to a free report from the credit bureau that supplied the information. Find out what’s in your report and work to remove incorrect information
6. Contact your creditors. Make a list of any company you owe money to and move those using collection agencies to the top of the list. Find out if you can negotiate directly with the original creditor and work out a payment plan. Once you do, stick to it.
7. Pay down your credit cards. Although paying off one card at a time gives you a sense of satisfaction, getting all your cards under 50 percent of the available credit limit is better. Maxed out credit cards are sure signs of bad credit or bad credit waiting to happen.

While none of these tips alone will elevate your credit score overnight, you will be taking steps in the right direction to correct your bad credit. After these behaviors become habit and your credit score inches up, the low interest personal loans you desire are soon to follow.

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Bad Credit Loan Terms

You need a loan, yet you find yourself dreading the application process because you know what the lender will find in your credit report. Rather than putting your life on hold while you try to repair your credit, you can look for a bad credit loan. As long as you’re realistic about what you can expect during the lending process, finding a loan to meet your financial needs shouldn’t be a difficult task.

Bad Credit Loan Turnaround Time

When you apply for a bad credit loan, you can expect the underwriting process to take several days to a few weeks. Although your favorite lender may advertise same-day financing, this is often something lenders reserve for borrowers with perfect credit. Because your credit score places you in the high-risk borrower category, make sure you apply for personal loans well in advance of when you need the money. This will allow the lender adequate time to review your information and request additional documentation if they need it.

Bad Credit Loan Interest Rates

It’s no secret that borrowers with shaky credit receive higher interest rates than lending companies advertise for qualified borrowers. Before you apply for a bad credit loan, determine the maximum payment you can afford. When your credit is less than perfect, it’s wise to avoid dwelling on the interest rate, when affordability is often the critical factor for you. As your credit improves, you can look into low interest refinance options for your personal loans.

Keep in mind that legal loan maximums still apply to you when you take out a bad credit loan. Reviewing the interest rate ceiling for your state will help you determine if the offered rate is too high. Just because your credit isn’t perfect is no reason to fall victim to illegal loans.

Bad Credit Loan Repayment Terms

A bad credit loan may not offer as long to repay as the standard loan does. This is because lower credit scores equate higher risk to the lender. The longer it takes you to repay the full loan amount, the more risk you’ll default on your obligations. Again, determining your maximum monthly payment amount before you apply for personal loans will help. As long as your payment is affordable, it won’t matter to you whether you have five years or three years to repay the balance.

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Asking for Personal Cash Loans

As children, we learn to make use of what we have and do without the things we don’t possess. Sometimes, this makes asking for personal cash loans difficult. Going to a bank is one thing because they lend money all the time, but getting a loan from a family member or friend feels different. Consider your approach and the nature of your relationship with care to avoid damaging your friendship during the borrowing process.

Decide how much money you need

Now is the time for realism, not optimism. If you already know you must have $5,000, asking for personal cash loans of only $1,000 does little good. Your friend might all too happy to help you out with the loan, but he doesn’t want to become your personal piggy bank. Asking for the loan amount you need alleviates the issue of running out of funds and coming back for more.

Wait for the appropriate time

Although you might schedule a lunch or an evening out to give you the opportunity to ask for the loan, remember that this is still your friend. Avoid pouncing on her with the request for personal cash loans the moment she arrives. Instead, take the time to find out what’s going on in her life. If she mentions a potential layoff or a costly medical procedure, consider asking someone else with a more positive financial situation. Asking your friend for money when you know she’s on shaky ground herself might make her feel bad when she’s unable to help you.

Offer loan collateral

Even if you don’t have a car or substantial home equity, you may still possess an object of value that the banks won’t accept. Offering collateral shows that you’re serious about repaying the loan. Your friend may tell you that collateral is unnecessary, but will still appreciate the sentiment.

Write it up

Between friends and close family, a handshake is often enough to seal any deal. Rather than relying on your bond, create a loan contract for all personal cash loans just as you would when borrowing from a bank. Again, it proves you’re serious about repaying the loan, but it also clarifies the terms of the arrangement. If the contract states you’re borrowing $5,000 for three years, no one can be upset when you have not paid all the money back after two years.

Say thank you

Your bank doesn’t expect your gratitude for lending you money because it is part of the business. Friends, on the other hand, deserve appreciation for helping you out in your financial time of need. It’s unnecessary to shower them with praise for the loan each time you see them, but a simple thank you when they give you the money and when you repay it will suffice.

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Apply for Personal Loans

When you need money, you must apply for personal loans. No matter how many times you’ve done this in the past, you may pause before visiting with your lender. Because every lending company is different, it’s hard to know exactly what information the lending officer will need from you to complete the transaction. While the exact steps for your lender will vary, you can get ahead of the game with these four simple steps.

Check your credit

Before you apply for personal loans, it’s wise to understand what’s on your credit report. Although the score is an important part of the loan approval process, it isn’t all you need to know. Your lender wants to know how you got that score, so you should pay attention to the details contained within the report.

Make sure everything in your report is correct to avoid unwelcome surprises when you apply for personal loans. If you find incorrect information about you or any of your accounts, contact the credit bureau immediately. The correction process is not always quick, so start it as soon as possible.

Decide on your loan

It doesn’t make good sense to apply for personal loans until you know what kind of loan you need. Applying for an auto loan to buy a car or a mortgage to buy a house is obvious. When your lending needs are more complex, take time to think about what sort of repayment terms are in your best interest. Keep in mind that larger sums of money often demand collateral, while small sums may not qualify for an extended term.

Review your budget

As you apply for personal loans, your lender will ask you what kind of payment you can afford. Unless you take the time to review your household budget, you may not know the answer to this question. This is not a situation where guessing is ok. Always take the time to understand how the new payments will alter your current financial situation. No one takes out a new loan with the intention to default, yet you take that risk when you apply without all the facts.

Gather your documentation

The kind of loan you desire and your income picture usually determines the type of documentation you need to supply the lender. Although you do not need to supply this information when you apply for personal loans, giving it to your lender at application will expedite your loan process. Instead of trading phone calls to clarify your income, they can take everything they need from your paystubs and recent tax returns, allowing them to call you only when the loan is ready to close.

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Apply for a Personal Loan

The first step to borrowing money is to apply for a personal loan. It doesn’t matter if you’re using your local bank, an online lending company or a payday advance service. They all must collect information from you about your needs and obtain your agreement to pull your credit, if they use credit scores. Being unprepared to submit the application doesn’t necessarily destroy your approval chances, but it can take more time.

When you apply for personal loan products, the lending institution is taking a risk that you’ll repay the debt. In a sense, they have a stake in your financial well-being, so they will delve into any aspect of your financial life they deem relevant. Some of the questions can seem invasive or unrelated, but failure to answer honestly can lead to a decline. Make sure to take certain pieces of information when you apply.

Take: Beyond having previous addresses and basic information ready, have a clear purpose for the funds in mind. Your lender already knows you need money or you wouldn’t be applying for a personal loan. Be able to explain where the money’s going to expedite the underwriting process.

Reason: Lenders must know the purpose of your loan because lending money to finance terror activities or illegal endeavors leads to fines and potential closure by the United States Government. Unless the bank has specific lending policies against using certain kinds of loans for a particular purpose, it only matters that they can verify your intended use of funds is not illegal or illicit.

Take: Having a list of personal and business references with you isn’t a bad idea. Not all lenders require references, but taking a list of people ready to vouch for your trustworthiness never hurts. Just make sure you ask before adding anyone to the list. Finding out a friend or colleague doubts your reliability when you apply for a personal loan is detrimental to your approval chances.

Reason: If you apply for personal loans not requiring high credit scores, the lender takes more of a risk in giving you the money. Some lenders recognize your likeliness to repay the loan has more to do with character and stability than the number on your credit report. Talking to people who can verify you fulfill your obligations establishes your character, while talking to those who affirm you have the job you claim to have proves capacity to repay.

When you have any doubt about what the lender requires to apply for a personal loan, find out what you need to bring when you schedule the appointment. Fewer surprises at the time of application often lead to fewer delays in getting the money you need.

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How to Get a Fast Personal Loan

How do fast personal loans work? Basically, the borrower either goes in person to a payday loan shop or locates a reputable company online. The next step is to fill out an application and provide basic proof of your ability to pay back the debt.

Most lenders will require that you are at least 18 years old, an active resident of the United States, and otherwise “payday loan free.” You might also have to demonstrate proof that you have a working checking account and that you make a certain amount of money per month vis-à-vis a steady income stream.

Personal Loans for People with Bad Credit

Lenders of fast personal loans will generally not ask you to show proof of credit or require collateral. No one will check your credit report, so you can achieve a financial shot in the arm even if your credit rating is bellow 400. To qualify for fast personal loans, however, you will often have to provide a personal check remitting the amount plus a hefty interest fee. For instance, on a $200 loan, you might be charged a processing fee of $30 or $40.

Terms associated with fast personal loans are typically very brief. You may have 14 days, for instance, to remit the balance. After this time, you may authorize your lender to cash the check you used to take out the loan or ask the lender to rollover the balance to a subsequent pay period. The danger here is that, with each rollover, your interest rate charges tack on more to your total balance. Thus, a small loan of $200 can quickly become an extravagant expense and pave the way to financial insolvency.

Loan terms associated with fast personal loans may be negotiable. Although you generally can't secure loans with collateral, you may be able to pay off the balance with a credit card or otherwise funnel money from your next paycheck to resolve your debt without resorting to claims of bankruptcy or other extreme measures.

Under the right circumstances, fast personal loans can prove immeasurably helpful for dealing with life's unfortunate accidents. However, to guard against using these instruments frequently, build up an emergency fund, and lower your interest rates on your debts.

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