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At some point, we all run into an unexpected emergency that may put us in a sticky situation. Luckily there are options available to those who need a quick loan, and those who have bad credit. Cash advance loans are a viable option for those looking for funds quickly. The money is transferred the same day they get approved.
Cash advance loans are small, short-term loans that are similar to payday loans in that they are a smooth way to get cash quickly, with fewer requirements than a typical quick loan. These loans typically have short payment terms. They are usually used for emergency situations when you are short on cash. The amount which you can borrow is usually anywhere from £50-£1000.
A cash advance can also be an advance of cash from an existing credit card, that you can withdraw from an ATM or at a bank. This amount is generally a set amount of the borrower's credit limit and usually tops out below £1000. This option is usually less expensive than the loan option and more flexible as there is not a set limit of what you can take out, as long as it's below your cash advance limit.
Advance loans are short-term. You usually pay them back within three months or less. Your loan amount and repayment terms vary based on what you can afford to pay each month. Most cash advance loans are meant to be paid in as little as a single month. Many lenders can tailor to your specific needs, making repayment terms as long as 36 months. However, these loans come with high-interest rates, and the longer your repayment term is, the more you will have to pay.
Getting a loan with bad credit can be a tricky ordeal. Cash advance loans meet the needs of many types of borrowers. Including those with less than stellar credit. The requirements of getting a cash advance loan are similar to those when getting a payday loan. The lender will base your eligibility on your ability to pay back the loan. They will look at your income and financial details rather than from your credit score.
Because of the numerous amount of lenders and different eligibility requirements available today, there are multiple options for bad credit. Short-term, quick loans are going to be your best bet if you need cash but have bad credit. These include payday loans and cash advance loans. With payday loans, you usually receive the money on the same day. These are ideal for borrowers with bad credit. They determine your eligibility on your income and other financial factors, instead of your credit score.
If you are in need of a long term loan, another option is a guaranteed loan. This allows a guarantor to sign on the loan and take on the risk of the loan in the event that you default on the loan, giving the lender security.
Having a payday loan or cash advance loan while applying for a mortgage doesn’t inherently disqualify you from being approved, but it can hinder the decision. It is usually not a good idea to take on new debt when trying to get a mortgage, as lenders see this as a risk. Mortgage lenders also weigh your debt to income ratio heavily when looking at your qualifications. Typically this should be 35% or lower if wanting to get approved. Because of the high cost and short payment terms of payday loans, this can make your DTI seem high.
Ideally, if you’re financially able to take on a mortgage, you should not be in a position to need a payday loan. Sometimes it is unavoidable when you need fast cash for an emergency. It is probably best that you pay off any short term loans before considering getting a mortgage.
The UK has dozens of lenders you can choose from when looking for a short-term loan for quick cash. Because of today's technology, the internet is a great resource for finding fast, short-term loans. You can get payday loans and cash advance loans from the comfort of your home, using online applications through direct lenders or loan brokers. Using loan brokers is a great option to find lenders that are likely to approve your loan request, without searching around and damaging your credit score.
Like payday loans, can be quite expensive and can quickly turn into a very bad situation if you miss a payment. While it may be tempting to apply for the maximum amount that a lender is providing, you should only apply for what you actually need for the expense. You should also make sure that you can easily afford the repayment terms before agreeing to the loan.
They are there for emergencies such as rent, a car payment, or repair costs, and should not be used for frivolous purchases.
Cash advance loans are a good option for those that have bad credit and/or need cash quickly to cover an emergency expense. They are also very convenient, as applications can be approved online. Cash advance loans can be a lifesaver in an emergency where funds are short.