Poor Credit Cash Advance - Skip Barriers for Instant Money

By: Tom Richards

Having blemishes like late payments and defaults in your name is most painful when you are going to take out a loan, especially for some urgency. Salaried people, however, have the option of poor credit cash advance, which is an especial loan for their typical circumstances. But, they may fall into debts because of some unwise steps in borrowing the money.

The cash advance is made to those people, who have a poor credit history of arrears, late payments, defaults or CCJs. One feature of the loan is that the lenders do not make any credit checks on the borrowers. This is because the lenders think that they do not have many risks, as the loan is provided against a post-dated cheque for the borrower. On the due date, the lender will deposit the cheque in your bank checking account and get back the loaned amount with fee.

You can borrow anywhere from $100 to $1500, keeping your monthly salary in mind. The loan approval is for two weeks, so that you can repay it from next paycheque. The borrowed amount is made available in your bank checking account within 24 hours.

However, you have to pay a high cost. Poor credit cash advance is expensive, as the interest rate goes up to 30 percent. Consequently, total amount of loan involves high interest payment, which becomes burdensome when you have to extend the loan for couple of weeks. Hence, borrow only smaller amount, which is easier to repay from the salary cheque.

On making timely repayments, you can repair your credit rating to some extent in short period. Keep the improvement of the rating in mind while borrowing the money.

Make sure that you have searched for many offers of on internet. You may find an offer that has lower rate of interest.

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