I Need a Loan Today with Bad Credit – How Much Will it Cost Me?

Cash loans for people with very bad credit can be hard to find. Don’t give up hope as you can still get the fast money you urgently need, but at a price.

I need a loan today with bad credit, but don’t know where to turn. It’s an all too familiar problem, especially when you’ve been declined elsewhere. At the very time that you need some quick cash, your options are most limited. If you’ve been refused credit by your bank, it’s time to consider turning to a specialist poor credit lender. You won’t need to pass a credit check and you’ll receive the cash within 24 hours of making your application.

Unsecured loans with bad credit are widely criticized for being an expensive way of borrowing money. The reason that they aren’t cheap is because administrative costs are high and the probability of default rises exponentially as your credit score falls. Borrowing costs vary considerably between adverse credit lenders, but you should expect to pay up to 25% for a fast cash advance that lasts for a month.

How Much Will Bad Credit Cash Loans with No Credit Checks Cost Me?

Payday stores – Most states have no restrictions so the terms of the agreement are at the discretion of the lender. However, payday cash loans are illegal in about a third of all U.S. states, including Georgia, Maryland and Colorado. Others impose a range of restrictions. For example, Californians can borrow up to $300 at a maximum of 459% APR. That’s 15% per month – hardly cheap, but cheaper than it might be.


Pawnshops – David Crume, president of the National Pawnbrokers Association (NPA), estimates that the demand for pawnbroker loans has risen by 20 to 25% over the last few years. This is despite the fact that they cost “10% to 20% per month,” according to Janet Morrisey in a Time Magazine article called “Pawnshops flourish in hard times, drawing scrutiny”,. Your bad credit cash loan is normally capped at 50% of the equity in the collateral to allow for interest or renewal.

Doorstep lenders – The rate of interest on a doorstep cash loan is determined based on the amount you wish to borrow relative to the term. The longer the term, the less interest you’ll pay. For example, a £300 cash advance over 31 weeks from Provident Personal Credit will cost you 365.1%. Increase the borrowing term to 52 weeks and you’ll pay “just” 272.2%. Don’t be fooled, you’ll pay more because there’s more time for interest to accrue.

I Need a Loan Today with Bad Credit, But What Happens if I Can’t Repay it?

You may have an emergency bill to pay but, if you know that you can’t afford to repay the debt in 30 days time, you’re just digging yourself into a bigger hole. If you default on secured fast loans for bad credit you stand to lose your collateral. That’ll normally be the end of your woes.

Unsecured bad credit cash loans continue to accrue interest and charges, but you’re unlikely to lose any personal property. However, you will be pursued by collection agencies for the unpaid balance. You can normally include unsecured forms of borrowing in a debt-free solution.