Does your car need repairs? Or, are you struggling to pay for unexpected medical bills? Whatever the reason is, sometimes you need some fast cash. Unfortunately, obtaining any type of loan is challenging when you have bad credit. It can also be tough if you don’t have a credit history.
Lucky for you, there are still options out there. Here’s how you can get a cash loan with bad or no credit.
What is a Cash Loan?
A cash loan is the quickest way to get the money you need to cover unforeseen expenses. This is a loan that the borrower receives in cash. You can receive cash loans from businesses or private individuals.
Cash Loans vs. Personal Loans
Many people may be confused about the differences between cash and personal loans. Cash loans are generally much smaller than personal loans. They are also meant to be paid back in a shorter amount of time.
Another major difference between cash and personal loans is what they are used for. People typically get cash loans to cover emergency expenses. On the other hand, personal loans are used for larger purchases, like putting a down payment on a house or paying for an upcoming vacation.
How Can I Get a Cash Loan with Bad Credit?
One way to get a cash loan is to borrow money against your next paycheck. Simply put, you can get the cash you need now and repay it when you receive your next paycheck from your employer.
A second way to obtain a cash loan is with a cash advancement. However, these loans are only given to customers who have credit cards. While you don’t have to have perfect credit to receive a cash advance, you need to provide proof of income.
But what if you’re unemployed? Another way to get cash on the spot is with a collateral loan from a pawn shop, such as Maxferd. With a collateral loan, you borrow money against items you already own, including jewelry, electronics, musical instruments, and designer handbags. Best of all, there is no credit score check required. You can get large amounts of money without a cosigner, regardless of your credit history. And we’ll never report you to the credit bureaus.
Benefits of a Cash Loan
If you have poor credit and need upfront cash, a cash loan could be a great option. Unlike conventional loans which require a credit check, cash loan lenders don’t need to dig into your credit history.
Several other key benefits of a cash loan include:
Fast Cash: These loans provide you with immediate access to cash. Typically, you’ll receive same-day approval and get your money within one to 24 hours.
At Maxferd, you’ll get money in a matter of minutes. At our Los Angeles pawn shop and four other convenient locations, you can borrow between $5 and $1 million.
Flexible Repayment Options: Cash loans are easier to repay thanks to their flexible terms. Additionally, the interest rates are a lot lower than credit, and it’s a fixed amount.
Our pawnbrokers strictly follow the California Financial Code. That means that our interest rates and loan periods are regulated. We’ll never overcharge you. You have four months and 10 days to repay your loan. Best of all, there are no monthly payments. You only pay us when it’s time to settle your loan.
Convenient and Confidential: Cash loans are easy to apply for. All you have to do is walk into our pawn shop and have us evaluate your jewelry, gold coins, or designer purse. Based on our estimate, we’ll give you the money you need. All personal information and transactions are confidential, except when shared with law enforcement if necessary.
Get the Cash You Need Today
If you have bad or no credit and need cash, contact Maxferd today. For over 135 years, California residents have depended on us for fast cash to cover unforeseen emergencies and expenses.
To learn, visit one of our five locations or call (800) 888-PAWN (7296) now.