A history of poor credit and a financial emergency isn't the best of combinations. Although the banks won't help, there are several other ways to get a guaranteed cash advance. A quick bad credit loan can help someone out of a short term financial hole until payday. Although the absence of credit scoring means that borrowing money isn't cheap, the short duration means that it remains affordable.

Where to Get a Guaranteed Cash Advance

It is possible to get a small quick loan from a payday lender, pawnbroker or a credit union. It may also be possible to borrow money from a member of the family or get a credit card cash advance. Check to see if there is an old bank account open as there may be an overdraft facility available. Others may be able to raise money by selling their old or obsolete gold for cash to a cash buyer to help with a financial emergency. Each option has merits so an assessment of each method is essential.

Types of Small Quick Loan

• Same day payday advance. Lenders offer a guaranteed cash advance of up to $1,000 to customers who are in full-time employment. The borrower provides a postdated check for the principal and interest that is set to clear about 30 days later. A payday loan is not secured on anything.
• Pawn shop loan. The customer provides an item of value (gold, silver, jewelry) and use this as collateral to borrow money. If the item isn't redeemed by settling the debt, the item will be sold.
• Loan from a credit union. It is necessary to join a credit union on the basis of a shared interest (locality, employment). Subject to affordability, it may then be possible to get an unsecured short term credit union loan from a non profit organisation.

Cost of Quick Bad Credit Loans

A guaranteed cash advance will typically cost $20 to $25 a month for each $100 that is borrowed. The higher cost of borrowing takes into the account the fact that there are no credit checks and the majority of customers have a poor credit rating. The short duration of the loan, combined with the risk of the borrower defaulting, means that the rate of APR needs to be set at this level.

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