Fast Loan With Bad Credit

It is possible to get a fast loan with bad credit, however; such loans often come with high interest and rigid terms.

There are several kinds of fast loans for people with bad credit available online. These loans are fairly easy to get but they generally have to be paid back fairly quickly.

Some kinds of online loans

The most common online loan for people with bad credit is a cash advance. A cash advance is an amount of cash deposited directly into a person’s bank account electronically. Many companies will give a person a cash advance if they agree to pay it back quickly.

One common method of paying back a cash advance is to have a person agree to let the lender take the amount to repay the loan directly from their bank account. The borrower provides banking information and agrees to have the amount to repay the loan in the bank on a certain day.

Cash advance loans are made to people with bad credit because they agree to pay the loan back.

Secured loans

There are several kinds of secured loans available for people with bad credit online. One of the most popular involves a structured settlement or annuity.

Some lenders will loan money to those who receive a regular payment from a structured settlement or annuity. They’ll loan the money because they know the person will be paid by the annuity. The money the person receives in the future is the collateral for such a loan.

Payday loans

A related kind of loan is a payday loan in which a lender uses a person’s future paycheck as collateral for a loan. Generally this is a short term loan that a person agrees to pay back as soon as they get the money.

Lenders give these loans to people with regular sources of income such as jobs, businesses with demonstrated cash flow, government benefit checks, pensions or regular payments from other sources. The lender doesn’t need to do a credit check because the future payment will be the collateral for the loan.

Payday loans are available online and from storefront lending sources in many cities and towns.

Tax Refund Loans

A very popular kind of secured loan in the United States and Canada is the tax refund. Most Americans and Canadians who have a lower income are eligible for a variety of refunds and credits on their income tax. Many tax preparers will give people a loan equivalent to a majority of their tax refund. In states with income tax it is also possible to get refund loans based on state tax.

No credit check is needed for this kind of loan because the tax refund is being used as the collateral. No lender will give a person a tax refund loan until the Internal Revenue Service (IRS) has accepted a person’s tax return.