Can I Get Loans with Bad Credit?
Everyone desire to have multiple sources of income and achieve financial freedom. However, the reality is that most of us are still striving to achieve that goal. We live from paycheck to paycheck. What happens when you experience an emergency in the middle of the month? Borrowing from your friends or family is an option. However, you are not guaranteed of help, because they could also be struggling with past-due bills. Your next option is to approach your bank for a loan. The first consideration for you to get a bank loan is your credit score. Hence, that option is also unavailable, if you have a poor credit score. The good news that THE BEAR has an option for you – cash advance loans. These loans can be approved with any type of credit, including bad credit.
What are Cash Advance Loans?
There are situations that require an amount of cash you can repay with your next salary. Getting a payday advance from your employer might take too long or such option may be unavailable. For such emergency situations, your best option is cash advance loans. Cash advance loans also known as payday loans, are short-terms loans that fall due when you receive your next salary. This means that you will pay the borrowed amount, the interest, and any other charges in full when you get your paycheck.
You can get these loans easily, if you have access to reliable lenders. Our service connects you with state-regulated lenders, that give payday loans even with bad credit. This does not mean that you must have bad credit to use our service. Our matching system is open to individuals with good and bad credit, who need timely financial help. One of the benefits of using our service, is that you may get cash on the same day.
Who Qualifies for Cash Advances?
The main consideration when applying for any type of loan is your ability to pay it. All lenders will require guarantees, that you can pay a loan. Lenders may run your credit score, but your source of income is the most important qualification factor. You must have a stable and verifiable source of income and should be 18 years or older when applying for the loan. You should be a registered US citizen or a permanent resident in your state. Matched Lender will also require your personal contacts and an active checking or savings account on your name. When your loan is approved, the borrowed amount shall be deposited directly into that account.
How do I Apply?
The application process for cash loans is simple because we process all requests online. If you meet the requirements mentioned above, complete loan request form and submit it. You will receive a fast response from a matched lender. Lender will verify all the details of your application and probably ask a few more questions about your source of income. When you provide all the necessary information, you will get a loan offer.
You need to evaluate the outlined terms and conditions before you sign the loan contract. You are not obligated to accept the loan offer if the terms are unfavorable. Take into account the following points before you sign a contract:
- – The loan amount covers only the gap your need to cope with immediately;
- – You get the money to cover your debt on time;
- – The due date suits your salary schedule with no rollovers or Extended Payment Plans;
- – You get the deal that has no other fees in addition to the interest.
When you sign it, you enter into a legally binding contract with your lender. We do our best to limit our service to lenders with fair terms and rates. Also, it is unlikely that you will find better terms elsewhere. After evaluating and accepting the terms, sign and send the document to your lender. Lender will deposit your cash to your checking or savings account. The speed of the transfer depends on bank processes. It will take at most one working day for the funds to be credited to your account.
Facts, State Restrictions, Calculations
Here are some interesting facts about short-term loans:
- – The typical two-week payday loan has an annual percentage rate of 391%.
- – Payday cash advance loans are temporary solutions for people going through financial hardship. However, many borrowers take advances for recurrent payments rather than emergencies. This means that if they were not available, people would have to cut down on essential expenses like food and clothes.
- – Cash loans require very little documentation and are available even for people with bad credit history. These are unsecured loans, so you don’t have to own any type of assets and risk losing it in case of failures.
- – There are states where the law protects consumers against predatory lending by implementing specific regulations. Still, there is a number of states were short-term loans aren’t regulated at all, thus putting an average borrower at risk of getting into debt.
If payday loans are illegal in your state, you can’t get even an online cash advance. Here is the list, where payday loans are prohibited:
- New Jersey
- New York
- North Carolina
- West Virginia
Most states protect borrowers from irresponsible lenders by implementing restrictions, regarding:
- INTEREST; Example: in Florida the interest can’t exceed 10% of the loan, and the APR can’t be higher than 342%.
- EXTRA FEES; Example: in New Hampshire, no other fees are allowed on top of the interest.
- NUMBER OF ROLLOVERS; Example: Kansas allows unlimited rollovers, while Texas allows none.
- LOAN TERM; Example: The longest term in Wyoming is 1 calendar month.
- LOAN AMOUNT Example: fixed $500 in Alabama; The percentage from the gross or net monthly income of the borrower: 25% of expected gross monthly income in Nevada.
Rollover or Extended Payment Plan
Repay your loan and don’t take another one too soon. If you can’t do this by the due date, here are your 2 options:
A) Rollover your loan:
- Take a 2-week $200 loan with $30 interest.
- Extend it for another two weeks.
- You have to pay $30 more as an interest.
- As a result, the final amount is $200 + $30 + $30 = $260.
Rollovers are illegal in some states! They may put borrowers at risk of entering a deep debt and paying more in interests than the initially borrowed amounts.
B) Extended Repayment Plan:
Turn to an Extended Repayment Plan that allows you to pay the loan with small installments during several months. There is no additional interest, but usually, you are limited to one extension per year. Not available in all the states.
Is My Personal Data Safe?
THE BEAR understands the concerns of many borrowers about the security of their personal information. We guarantee our clients that we do not use their data for any other reason other than to process their loan requests. In addition, we have secured our website with advanced data encryption technology to protect your data. You have nothing to worry about when sending information through our website. If you need quick help, go ahead and send your request. We a have a team of lenders waiting to help you.
We are committed to helping you access quick help anytime you face an urgent financial situation. In fact, many of our clients have used our services several times. You never know when an emergency will strike. However, you must be responsible in how you spend your monthly income or borrowed payday loan. Draw a budget and allocate your income appropriately to all recurrent bills. If the total expenditures are always higher than your income, you need to start cutting your spending.
Cash advance loans for bad credit should only help you in times of emergencies when you have no other way out. Avoid borrowing if the expense is unnecessary or can wait until you get your next paycheck. If your problems cannot wait, you can contact us immediately and we will be glad to assist you.