An emergency cash advance for bad credit can help the borrower out of a short term financial hole. Whilst it isn’t a long term solution, it could help with paying the rent or a utility bill. Unfortunately, most banks will no longer approve a guaranteed cash loan once repayments have been missed or the applicant is currently unemployed. This led to specialist bad credit lenders entering the market to offer same day cash loans based on a completely new set of criteria.

An Emergency Cash Advance from a Family Member

Whilst a guaranteed cash loan from a member of the family can cause tension, it has a number of advantages. The rate of interest will be very low which means that repayments can be spread over an extended period of time. This could give that person time to get back on his or her feet financially or find permanent employment.

Same Day Cash Loan from a Pawn Shop

A pawnbroker loan is amongst the easiest ways to borrow money for the unemployed. A bad credit lender will only require collateral, such as gold, silver or a watch, and a form of identification. The value of the item will be assessed in order to determine the maximum value of a cash advance for bad credit. The customer will receive his/her money and a receipt. It is important to redeem the item by settling the unpaid balance prior to the conclusion of the borrowing term.

Credit Card Cash Advance

Many individuals have existing credit cards that can be used to help pay the bills. If unsure if this is the case, request a free personal credit report and check for accounts that haven’t been closed down. It is possible to get a credit card cash advance by using a defined percentage of the allocated credit limit. Whilst the rate of APR is higher than a credit card purchase, it is cheaper than most alternatives, such as a payday cash advance. There is usually a fee for making the withdraw from a cash machine.

A Guaranteed Cash Loan from a Payday Lender

A payday cash advance is an any-purpose, no credit check loan. It is possible to borrow up to $1,000 for up to a month. It is necessary to be a U.S. citizen, over 18-years of age, in full-time employment, have a valid checking account and be able to provide 2 forms of identification. The customer will provide the bad credit lender with a postdated check that is set to clear when that person is paid. The customer will receive their money within a period of 24 hours.

Specialist Credit Cards for Poor Credit

A guaranteed credit card may only offer a credit limit of about $250, but this could be sufficient to pay the bills. It is important to appreciate that there are often a number of up-front charges, but it can help the customer to rebuild credit and qualify for mainstream financial products.