When an urgent financial need arises, an instant loan decision is of fundamental importance. A fast unsecured loan, without credit scoring, can help someone who needs to borrow money quickly. This could be to pay the rent, mortgage or a utility bill. It is an any-purpose loan as the lender isn’t concerned with what the money is used for, only their ability to repay the debt at the end of the borrowing term.
Approval for Loans for Bad Credit
The eligibility criteria are different for a quick cash advance because the majority of customers have a poor credit rating. Lenders are more concerned with the customer’s ability to repay a small cash loan than with their repayment history. It may be possible to get an instant loan decision for a fast cash payday loan without security. A pawn shop loan could help someone who has collateral and won’t qualify for other small cash loans due to unemployment.
An Instant Loan Decision for a Fast Cash Payday Loan
It may be possible to get a loan for bad credit for up to $1,000 from a payday lender. In order to get a fast cash loan, it is necessary to be a U.S. citizen, at least 18-years old and in full-time employment. The cost of borrowing $100 for a month is normally $20 to $25. The customer provides the lender with a postdated check that clears on payday for the principal and any interest that will accrue. This means that the client will be expected to have a valid checking account and be able to provide at least two forms of identification.
A Small Cash Loan from a Pawnbroker
A pawn shop loan can help customers who won’t qualify for a fast cash payday loan, possibly due to unemployment or no checking account. An instant loan decision will be provided because the customer provides collateral (gold, silver, jewelry, electrical equipment). Once the value of the collateral has been assessed, the maximum borrowing sum will be determined. The customer must redeem the item at the end of the borrowing term or will be sold in order to recover the debt.
Is an Instant Loan Decision a Good Thing?
A quick lending decision removes the element of doubt when a customer needs a small cash loan. However, lenders deal with customers who are far more likely to default on the agreement. This means that the cost of borrowing is far higher. It is important to appreciate that the interest payments on a loan for bad credit will leave less money to pay the bills in future months.