Best Emergency Loans for Bad Credit (Review 2022)
CashAdvance.com is another well-known marketplace for bad credit emergency loans. This online lending platform has been in business since 1997, offering small personal loans through its vast network of reputable lenders. If you are looking for fast financing, you can get CashAdvance.com products across the United States.
Types of financing
Online lenders in partnership with CashAdvance.com offer traditional loans to borrowers who need small personal loans, but cannot qualify with conventional banks. Not only that, but the CashAdvance.com network also includes lenders who offer lines of credit.
Unlike other marketplaces, CashAdvance.com specializes in providing the smallest of small emergency loans to those in need: the minimum loan amount is $200, while the maximum amount can reach $1,000. There are no restrictions on how the money will be used.
Characteristics of the loan
If you apply for an emergency cash loan on CashAdvance.com, expect higher interest rates. First of all, the platform only offers short-term loans and the repayment period can be as short as a week. The maximum repayment period is 12 months. Your monthly payments will include both principal and interest, so chances are they will be quite high. After all, this platform offers an emergency cash advance to borrowers with bad credit, and the best loan terms don’t come with those.
The APR differs from lender to lender: for example, a loan of $500 with a term of one year will have an APR between 15% and 30% – very high compared to other platforms, so you should choose the loan offer with the lowest rates.
First, you will need to meet the basic loan criteria i.e. be at least 18 years old, be a US resident and have a valid bank account. CashAdvance.com will also review your employment records and ask you to state your monthly income, which should not be less than $999. So, if you are looking for unemployed emergency loans, it is better to apply through another platform.
CashAdvance.com does not display minimum FICO requirements on its website, but it encourages borrowers to apply for a loan even if their credit score is extremely low.
State restrictions are the main drawback of CashAdvance.com fast loans for bad credit, so check first if it works in your state.
Application process and speed of approval
Applying online at CashAdvance.com is simple: you need to fill out the website form and create an account. Then, this platform offering loans for emergencies examines your needs and forwards your request to lenders who are likely to accept your request. If you accept an offer, CashAdvance.com will deposit the money into your bank account the next business day.
When applying for an emergency loan on CashAdvance.com, you will need to provide your contact details, bank details and social security number. This data will be shared with the CashAdvance.com network lenders. The platform uses 256-bit encryption to protect your data and activities from third parties.
Another good thing about CashAdvance.com is the autopay option. To receive payments and fees for an overdue loan, emergency lenders will automatically withdraw funds from your account before the due date expires, saving you late fees.
CashAdvance.com has a good reputation among its customers. The platform is praised for its fast funding and courteous customer service. The company, however, is not BBB accredited and its rating on this site is A.
If you don’t have a good credit rating, but need a small, short-term loan right away, CashAdvance.com is a good option. Beware, though – the APR can be huge, depending on the lender and terms you choose.
Reasons to apply:
- Automatic payment option
- Quick funding
- Great customer support