LOS ANGELES, December 28, 2021 (Newswire.com) - iQuanti: If you're working on improving your credit score, you may think taking out a loan isn't an option. But getting a cash advance with poor credit may be a viable option for borrowers with a steady income. In fact, many cash advance lenders have more lenient credit score requirements and may look at your employment history or income instead during the approval process. So, if you need fast access to cash, here's how you can get a cash advance with poor credit.
What is a cash advance and how does it work?
Cash advances are short-term loan options to tide over borrowers until they receive an upcoming paycheck. These loans are often for small amounts, typically a few hundred dollars, and are generally used to cover emergency costs or necessities that can't wait until after payday. Cash advances are a great option for borrowers that need access to funds quickly. If approved, you could see money the same day you apply or within 24 hours.
How to take out a cash advance
The process of applying for a cash advance can be quick and easy if you take the following steps:
1. Gather required information
Gather any necessary documents and information needed to fill out your application. Many cash advance lenders have a list of required information that may include:
- Valid email address
- Valid Social Security number
- Checking account information, including routing and account numbers
- Proof of income, like a paystub
2. Submit your application
Cash advance lenders typically accept applications online or in person. If you're looking to quickly see if you qualify for a cash advance, an online application may be the right choice. You'll need to fill out relevant details on the application, like those listed above, and wait for approval following submission.
Borrowers that live close to a cash advance store may also have the option to apply in person. If you choose to go this route, you'll have to provide physical proof of the above information. That means ensuring you have your ID, proof of Social Security number, proof of checking account, and paystub.
3. Receive the funds
Upon approval, applicants may receive funds in their account in as little as a few hours. Then, you're free to spend the funds as needed to tide you over until your next payday.
4. Repay the loan
It's important to ensure you repay the loan on time, including any fees and interest. Doing so will help you avoid future fees such as late payments or additional interest.
The bottom line
As you work to improve your credit score, you may still be able to access the cash you need by getting a cash advance. Keep in mind that these loans should be repaid on time, often with your upcoming paycheck, to avoid excess fees and a more expensive loan. But as long as you're smart about repayment, a cash advance may be the right option if you have poor credit.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Source: iQuanti, Inc.