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The terrible economic situation is forcing many more people to look into the possibility of getting a quick cash bad credit loan.

A quick cash bad credit loan - which is also known as a cash advance or payday loan - is a onetime high interest loan of cash. Such loans are given to people who can demonstrate that they have a steady source of income such as a regular paycheck or a government benefit payment. Lenders are able to give such loans to people with bad credit because they agree to pay them off using their next paycheck.

The High Cost of a Quick Cash Bad Credit Loan

A lot of people end up owing hundreds or thousands of dollars to cash lenders. They end up spending all of their salary or government benefit check to pay off these loans.

Nobody should take out a quick cash bad credit loan unless they know that they will soon have the money to repay it. If you are unsure about being able to pay off a cash loan you should never take out a cash loan.

Most people can get a better deal on a loan at the pawn shop or through a credit card. An advantage to a credit card is that a borrower can pay only the minimum and delay paying the balance off until they have the money to do so.

Types of Quick Cash Bad Credit Loans

A popular variation on a quick cash bad credit loan is a check loan or check into cash. To get such a loan a person writes out a check in the amount of the loan and the interest. The lender keeps the check as collateral to the loan and cashes it on a date that the borrower has agreed to say the day after payday.

There are also online and direct loans that utilize a person’s bank account. In this loan process the borrower gives the lender their electronic banking information. The lender deposits the funds into the borrower’s bank account. In exchange the borrower agrees to let the lender withdraw the loan payment directly from his or her bank account on a specific day. Many people prefer online quick cash bad credit loans because they don’t need to go to a check cashing store to get such a loan.

Some fast cash lenders are now making similar loans available to over the counter customers who have bank accounts as well. These loans work in the same way as the direct loans. The only difference is that the application process is completed at the loan store rather than online.

Disadvantages to Quick Cash Bad Credit Loans

A disadvantage to such loans is the fact the money has to be in the bank account on a certain day. If the money isn’t available the lender will probably change the date of the payment but they’ll also charge the borrower a penalty.

Since the cost of bad credit fast cash loans, borrowers should only use them in emergency situations after other sources of funding have been exhausted.