Payday or pay-check advance, also known as cash loans, come in two types—good and bad credit.
If you apply for a good credit cash loan, most lending companies have more requirements to ensure payment. Two of these requirements are a good FICO score, which should be above the 640 mark; and collateral such as an ATM salary card. But most lending companies do not require that you pledge your ATM card. However, there is a certain credit score that you should comply with.
You may apply for bad credit cash loans when your FICO score is below the specific requirement. There is also no collateral needed when you apply. Most online lenders require no credit check, so your FICO score does not matter to them. However, the interest rate is a bit higher than in a good credit loan, and depending on the amount of cash loan and the lender’s policy, the term of payments also vary.
Requirements of Bad Credit Cash Loans
The quickest facility to apply for a bad credit cash loan is via trusted online lenders. The processing is easy as you only have to fill out a web-based form and comply with the requirements by uploading. The information required on your form are basic such as your full name, residential address, personal contact information, name of employer or company you are working with, its address and contact number, the length of stay at the present company, and salary rate.
The documents you need to upload are those that support the information you entered on your application form, specifically, a valid ID bearing your full name, photo, residential address and contact details. Some online lenders also require your payslip to have a basis on the amount of cash loan you will be approved of.
Besides these two, you must also be at least 18 years of age, and have a checking account. Your checking account number should also be indicated on your form because when your bad credit cash loan is approved, the money is deposited directly to your checking account.
Cash loans are generally availed of when you have cash emergencies. To timely address such urgency, the processing of loan will only take three to four hours or within the same day that you have completed all requirements.