For people having a poor credit history, a bad credit short term cash loan is the best option for a hassle free cash loan for all business or family needs. It is particularly useful when there is an urgent need for money. The process of applying for a bad credit short term cash loan is relatively easy. All one needs to do is to fill up a form which can be found either with the broker or the respective bank. The process is very fast and generally the loan, on approval, is transferred directly to one's bank account, in under 24 hours. One must make sure that the form is filled in business hours as weekends inevitably delay proceedings. With bad credit short term cash loans, one can borrow loans ranging from ?100 - ?1000.There are however a few pre requisites to a bad credit short term cash loan.
To qualify for a bad credit short term cash loan, one must fulfill the
following conditions:
&bullMonthly income of at least ?1000.
&bullAn active checking account at least 6 months old.
&bullThe person concerned must be 18 years of age or older.
Since these loans are short term loans, the repayment period is generally quite less. It is usually the payday or 2-3 weeks whichever is earlier.. Money can also be taken directly from one's account. One must pay back the loan in time, as an extension on the loan might prove costly with a higher interest rate. The rate for a bad credit short term cash loan is generally higher as compared to other loans. APR rates are fixed fees that the borrower has to pay no matter when he chooses to repay the loan. These can even be as high as 500%.
A short term bad credit cash loan may be of two types- secured and unsecured. Secured loans are those loans that are taken against collateral. The interest rates are generally more satisfactory in these cases. Unsecured loans on the other hand have a higher rate of interest and the mode of payment is a bit difficult. However, there is no collateral involved. One must make sure that the short term bad credit cash loan is repaid on time so that one's credit score is not jeopardized.
