Loan Options for Poor Credit

More than 40 million people in the United States have poor credit. Their profiles became tainted due to a number of factors such as job loss, household changes, and disability. Emergencies still come about despite a poor credit profile. Quick cash solutions are products that caring lenders offer to those who need help. Quick cash lenders do not run credit checks on their applicants. Therefore, everyone has a fair opportunity to obtain an advance. The following are three solutions for debtors with poor credit who need immediate cash assistance:

The Payday Advance

Payday loans are short-term loans that have lives of approximately 14 days. These loans revolve around a debtor's pay schedule at his or her current job. An applicant must be 18 years of age and willing to sign a legal contract for a cash advance. Payday lenders issue loans that are between $100 and $1,500. The prospective borrower must have a valid bank account and a stable source of income to obtain approval.

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A valid bank account is an account that has a positive balance and no negative transaction history. Stable employment is consistent work that the person has done for a period of at least 90 days. Some lenders accept unemployment compensation and disability assistance as income sources.

The Installment Loan

Installment loans are similar to payday advances because they relate to the borrower's paycheck. However, installment lenders are flexible with their repayment expectations. An installment loan can have a life of 45 days to one year. The borrower has the option to pay very small installments instead of one large stressful sum. Loan requirements for installment advances are the same as payday advance requirements.

The Title Loan

A title loan is a short-term loan that lasts approximately 30 days. The 30-day repayment period gives the borrower flexibility and time. Title lenders do not perform credit checks because they use the borrower's vehicle as collateral for the advance. The borrower must allow the title lender to place a temporary lien on his or her vehicle until that person repays the advance. Title loans can be as small as $500 or as large as $5,000 or more. The lender bases the loan amount on the value of the person's vehicle.

A consumer who has poor credit can review these options as a start to the search for a reliable bad-credit advance. Most quick cash lenders provide their customers with funds within 24 hours.