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Bad Credit Cash Advance Loans
Posted on Wednesday, July 13th, 2019 at 10:03 am in Payday Loans
Secured credit cards, overdrafts, and payday loans are all examples of bad credit loans that consumers with less-than-ideal credit scores often take advantage of when they need extra cash. All three variations are ways to get extra cash when you need it, but they each come with different benefits and drawbacks.
Overdrafts are probably one of the more popular methods of stretching your account balance. When your balance reaches zero and you still have bills to pay, you might overdraw your bank account to cover the expense. Banks offer overdraft protection with fees starting around $35 and increasing depending on how frequently you overdraw your account. This same fee is charged for overdrafts of just a few dollars to several hundred dollars, so overdrafts can get expensive quickly.
Try to avoid overdrawing your bank account as much as possible. If you find that you’re overdrawing your account on a regular basis, reevaluate your budget to see where you’re overspending and make the appropriate adjustments.
Secured Credit Cards
Some banks offer secured credit cards as an option for people with bad credit. If your credit isn’t good enough to get approved for a regular credit card, you can make a deposit on a secured card to open your own line of credit for emergencies. The amount of your deposit determines your monthly credit limit. To increase your limit, make a bigger deposit. If you can start out with just a few hundred dollars, you’ll have a nice backup for emergency expenses. Interest rates on secured credit cards are usually lower than payday loans due to the cash deposit paid on the card.
Payday loans are short-term cash loans approved in $100 amounts that can go up to $1500. These loans are designed for short-term emergencies and are approved with no credit check required. These loans are provided by independent lenders and usually have higher fees than other alternatives because of the risk to the lender. The average payday loan costs $20 per $100, so make sure you take these extra fees into account before borrowing your loan.
Payday loans are approved quickly, can come in higher cash amounts than a secured credit card, and don’t cost nearly as much as overdraft fees.
Consider applying for a payday loan the next time you need emergency cash.
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