Because of your past faulty payment history, a lender is usually not willing to provide you a new loan, or it will come with harder conditions. The salaried people of US, however, do not face any such barriers in taking out poor credit cash loans. These are especially carved out loans for their emergency requirements, as the approval comes without inquiries. But, you should watch for the pitfalls as well.
The loan is provided to people having in their name some tags of poor credit like late payments, arrears, payment defaults etc. There is no credit check made on these borrowers. This is mainly because the lenders think the salaried people can easily repay the loan from the next paycheque. These loans are also known as payday loans. Despite the blemished history of the borrower, the loan amount is wired to his or her bank checking account within 24 hours.
However, the applicant must be in the current job for past six months and should be drawing a monthly salary of no less than $1000. Only adult people of 18 years of age and above are eligible to apply. You can borrow anywhere from $100 to $1500 for a brief period of 14 days, until your next paycheque. The loan can also be stretched for a month on paying the interest charges.
Poor Credit Cash Loans are also associated with high costs for the borrowers. Interest rate on small borrowed amount for only two weeks goes as high as 30 percent. That is why one should avoid extending the repayment, as it only makes the loan highly burdensome on the borrower's salary and may even result in a crisis.
You can find numbers of offers of poor credit cash loans on internet. Compare them to find out that some of these offers are being given at lower rate as well. Make sure that you repay the loan without extending it, so that your rating improves in the coming days.