Pros And Cons Of Direct Cash Loans

Pros And Cons Of Direct Cash Loans

Direct cash loans come with pros and cons, advantages and disadvantages. If you take them to get out of an emergency and pay outstanding bills that otherwise cannot be covered at its due date, then they are useful.

Nevertheless, as they come with high interests, it is preferable to pay them at its due date without a request for payday loans in Colorado rollover or you can also split them into several installment payments at a monthly basis that would affect much less your budget.

There is no credit check done and no employment verification. Suitable for unemployment situations too.

The form you are filling with us is not affecting your credit score as there is no “hard check” performed. It is an application form without credit score evaluation and without Teletrack scrutiny.

Neither the Teletrack database nor the information from credit bureau agencies are being utilized, generally speaking, by payday direct lenders as a means of checking the credit history of the prospective borrower.

Most applicants of direct cash loans would be approved regardless of their credit history, which makes these cash advances an attractive option for borrowers with bad credit. In general lines, as it has to be analyzed case by case, the borrower does not have to worry about the bad credit score being an obstruction toward the solution of the short-term financial difficulties.

Your bad credit score and history will not be an issue. As long as you show proof of a regular income, your past doings cannot necessarily affect your loan application’s outcome.

Any Source Of Income Can Be Suitable For Obtaining Direct Cash Loans

Regular source of income, that can be paychecks, alimony, partner income, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veteran’s assistance.

Any evidence as a sole proprietor, independent contractor, or current employment, that can demonstrate that you have a sort of regular source of income, even subject to fluctuations as with workers in the gig economy, and that you can pay at least the accrued interests of the loan at the due date.

Settle Outstanding Bills While Maintaining Your Credit Score

Instead of having the delinquency of an outstanding obligation and allow that circumstance to negatively affect your credit score, you will be able to pay that bill thanks to the loan obtained and maintain this aforementioned score.

Apart from affecting your credit score, the penalty of a bill not paid on the due date can be usually higher than the interest of our direct cash loans.

Spend The Money Of Direct Cash Loans Without Restrictions

In most of the traditional loans, you have to spend the money in a certain way contained in the promissory agreement, for example, to pay the mortgage of an eligible HUD property in an FHA loan, to consolidate or settle a certain debt or outstanding bill.

With these direct cash loans, you have complete freedom to use it in what you want. However, I will recommend to you that this loan is utilized only to cover emergencies, or outstanding bills, or any obligation that is approaching its due date and if unpaid will hurt your credit score. Do not use these loans for entertainment or holidays expenditures because they come with higher interests.

Any Credit Score Could Be Eligible With Direct Cash Loans

However, in direct cash loans, and cash advances, what matters for the direct lender, is your ability to repay the debt at the due date, that could be two weeks, one month, or once a month in the case of installment loans.

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