A poor credit history makes it far more difficult to get an urgent loan from the bank to help with a surprise bill. However, it may be possible to get fast cash or an emergency cash loan from a payday lender, pawnbrokers or credit union with no credit checks. The money is normally available within just hours.
The Cost of Fast Cash Loans with Poor Credit
A small loan with bad credit is only intended to be a source of short term borrowing because the rate of interest is high. It typically costs about $20-25 to borrow $100 for a month. This is because an adverse credit lender faces a far greater risk that the customer will fail to repay the money they have borrowed.
Urgent Loans with Bad Credit from a Payday Lender
It may be possible to get a no credit check emergency cash loan for up to $1,000 for a calendar month. The lending criteria for a same day cash advance are that the borrower is a U.S. citizen, at least 18-years old and in full time employment. A valid checking account and at least 2 forms of identification (one of which must be photo I.D.) are also essential.
