What Is a Fast Cash Payday Advance loans?
For people with bad credit, fast cash advance payday loans are a great alternative to high-interest credit cards for small, short term loans. Generally, these loans are given for a short term, hence the name “Fast cash advance payday loans,” since they are meant to act as an advance of your paycheck for those times when you are short on cash. Payday loans will need to be repaid by the next payday or two, so they carry a term of 14 to 30 days.
These Fast cash advance payday loans are an excellent option for those with bad credit since they are granted based on income rather than on credit scores. Often, payday advance loans will not even require a credit check to be performed and may not yet be reported to the three credit agencies. Therefore, they will not negatively impact your credit report in the future.
Looking at the Numbers
Because of the short terms of these loans, they will carry higher interest rates than those given by traditional personal loans – those are the rates that you see banks advertise. However, Fast cash advance payday loans can take reasonable interest rates as low as 10%, which is much lower than many credit card companies offer to those with bad credit. Other payday lenders will charge as much as 30% interest, however, so you need to make sure that you contact more than one lender and compare the rates that they offer.
Why Choose a Payday Advance Loan?
Many people may wonder what the benefit of a Fast cash advance payday loans could be. Many people use Fast cash advance payday loans for a variety of purposes, which include emergency cash for car repairs and the like or as a means to avoid overdraft fees in their checking account. The idea behind a Fast cash advance payday advance is to serve as a paycheck ahead of time. If you find that you are losing grip on the timing of your monthly bills, the quick cash infusion provided by a Fast can fill that gap.