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Bad Credit Cash Advance

If you need an emergency loan to get by until your next paycheck but you have bad credit, no credit, or a low credit score, you may be able to get that cash through a cash advance or payday advance from the comfort of your own home. To qualify for this type of loan, you do not have to submit to a background or credit check. Instead, you can show the following:

• proof that you have been employed for a certain number of months
• proof that you have a bank account that accepts automatic deposits and withdrawals
• also, you must be at least eighteen and reside in the U.S.

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Cash advance lenders now offer totally automated online storefronts to their customers. Each loan is handled by a totally automated Internet e-commerce transaction that includes the initial application, the approval process, the initial money transfer to the customer’s bank account, and the repayment. The application takes only minutes to fill out online. Then, because information on the application is verified through large databases connected to the Internet, approval can be given in minutes, and cash can be wired to the borrower’s account instantly.

Customers with easily verifiable employment and banking information can be approved for an online cash advance loan without ever presenting an actual document to the lender. These customers, however, usually need to have a higher monthly income than customers who get payday loans from actual storefronts in their neighborhoods. While there is no credit history check, the lender will make sure that a potential customer does not have other outstanding cash advance loans or any outstanding NSF (non-sufficient funds) charges on his bank account.

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Cash advances are available in amounts from $100 to $1,500, varying with the lender, the state in which the borrower resides, and the requirements that must be met by the borrower. Terms for repaying the cash advance type of loan are the same whether the borrower handles the transaction online or goes to an actual loan office. Payment of the loan and transaction fee is due on the next payday (or within two weeks). Reliable online lenders will list the amount of the fee plainly on their web sites.

Because of the risk to the lender for this type of loan, interest rates are high. However, because of the ease of checking an applicant’s information, many of these automated sites are allowing larger loans, greater flexibility in repayment, and lower fees. Many lenders will approve a small cash advance loan, and will increase the amounts allowed when the first loan is paid in full, giving customers a chance to build a good credit history with the lender.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.