Fast and easy loans are available from cobra specialist bad credit payday lender with no credit checks. Whilst most lenders require security, it remains possible to get loans with no collateral, provided that the customer is able to comply with a different set of eligibility criteria. Unlike a secured agreement, defaulting on a fast cash loan won’t lead to the repossession of an item of value. However, it will lead to interest and charges continuing to accrue.
Bad Credit Same Day Payday Loan with No Collateral
A fast cash loan from a payday lender requires no security and can be used for any purpose. Unlike dealing with a bank, no questions about what the money will be used for will ever be asked. A fast and easy loan means that the client is able to borrow $1,000 in 24 hours. Depending upon which method is most convenient, the customer can go to a payday outlet or get a quick cash loan online.
Eligibility Criteria for Fast and Easy Loans for Poor Credit
- Must be a citizen of the country where the application is being made.
- Over-18 years of age.
- Have a full-time job that pays at least $1,000 per month.
- A valid checking account so the funds can be wired across.
- At least two forms of identification, one of which must be photo I.D.
How Fast Cash Loans from a Payday Lender Work
Provided that the above criteria are complied with, approval for a bad credit same day payday loan with no collateral is guaranteed. The customer will be asked to provide the lender with a postdated check that clears on payday. Once the identification has been validated, a quick cash advance loan will be sent the checking account. If the application is submitted prior to half two, it will arrive within a few hours. The worst case scenario is that the money will arrive within 24 hours.
Cost of a Quick Cash Advance Loan for Bad Credit
Borrowing money for a month will normally add 25% to the balance. For example, a fast and easy loan for $600 will mean that $750 needs to be repaid 30 days later. Whilst the cost of borrowing is often regarded as usury, it must be remembered that the majority of clients have a very bad credit history and have been rejected by the banks due to the risk of default. The short duration also means that a bad credit lender has less time to recover any administrative costs that have accrued.
Pros and Cons of Fast and Easy Loans with No Collateral
A quick cash loan is regularly taken out because the customer can’t afford to pay his or her bills. For example, non-payment of the rent would lead to eviction. Whilst poor credit lenders assist a category of borrower that is deemed too high risk for mainstream lenders, the APR on a bad credit same day payday loan is extremely high. If finances are tight most months, borrowing money this month will only make matters worse the month after. It is advisable to seek advice from a credit counselor when experiencing medium to long term financial difficulties.