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20 September 2020

Can Bad Credit Kill a Cash Advance?

Bad credit places many extra costs on the lives of millions of people, most of whom are impacted by the recession – as so many TV commercials tell us. But bad credit does not mean you cannot get a cash advance. In fact, the “bad credit cash advance” is a tool of choice for millions of people who are still working but are facing cash crunch situations. Here is the plight of one such person who needed to find money, despite her credit history.

Sandra F. asks:

"I hate those commercials because I think I’ve seen them ten thousand times. Now the song is in my head – and I hate that song. Thanks!

I am divorced now, but my ex-husband racked up bills on three credit cards just when we were separating. By the terms of the divorce, I am 50% responsible for paying down those cards. It is an impossible task as I barely can afford to keep up the rent and childcare costs for when I’m at work. I sometimes run into expenses that put my income-outflow numbers into the negatives. What can I do when my credit is so bad?"

The short answer to your question is yes, you can get a bad credit cash advance despite your credit history. These are loans based on your job, which means you have a regular paycheck that will likely be able to cover the loan. They are not interested in the mistakes your ex-husband made. They simply like to see that you have income.

If you are looking for a bad credit cash advance through an online lender, try The 1PLs Company, which reviews different online paycheck lenders to identify which might best fit your situation.

Your alternatives are pawnshops, car title loans and loan sharks. Consider the downsides of each of these:

Pawnshops – You generally can borrow about ten percent of the value of an item, for example that trumpet you bought in 8th grade. It might be worth $300 new, so you will be able to borrow somewhere between $20 and $30 against that. For more money, you might need something more valuable (antique lamp, wedding rings, some places will take iPhones and very new laptop computers). If you can pay back the loan, plus a 20% fee and perhaps a few points of interest in a month, you’re good. But if you cannot repay the loan in month, the interest will accrue to a higher loan cost every month. After a point (stipulated in the contract with the pawn shop), you will forfeit ownership of the item. Maybe the trumpet doesn’t matter that much to you – but you might have been able to get three or four times as much if you instead just sold it.

Car title loans – To begin with, you need to own your car outright. (If your car is still owned by an auto loan company, such as a bank, you do not have the title to use to get a loan.) The loan value may be better than at a pawn shop, as it can be much closer to the value of the vehicle itself; the flip side of that is your loan may be so big you will have difficulty repaying it. Also, interest rates are often calculated per month. So a 2.5% loan is actually a 30% annual rate. You also need to read the fine print on the loan agreement. In some agreements, they can repossess the car if you miss a single payment. So not only might you be paying a high rate of interest, but you can actually make several payments only to lose the car in the latter stage of the loan. That’s a steep price to pay.

Loan sharks – This is a generalized term for private individuals who make loans to people they know or who they are introduced to through people they know. There are many instances of physical threats to people who fail to repay – also at high interest rates – on borrowed cash. So at the very least, be absolute certain you will be able to repay on the borrowed cash from such individuals.
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