There aren’t too many options available to you when your credit score is low and you need a fast cash loan to cover urgent expenses. In this post, we’re looking at the main advantages of instant cash loans for borrowers with bad credit history. If you’re on the hunt for an instant injection of cash to sort out your immediate money worries, have a read through this post to see if a payday loan sounds like the right move for your situation. We’ll start with:

The application process involves no credit check

At Cigno Loans, we offer fast payout cash loans for up to $500. We don’t include a credit check in our process so that we can offer payouts within 24 hours. This kind of speed is impossible to achieve if you’re relying on credit agencies to process reports as part of the application process. We understand that in times of need, speed is key. This is exactly why we prioritise income as an indicator of an applicant’s eligibility for one of our short-term loans.

You might have a really poor credit rating, but as long as we can see that you’re currently earning a steady income, we’ll be able to help you out with a fast payday loan straight to your account. All we need from you in the application is proof of your current salary in the form of your most recent bank statements, and your government issue ID. That’s all it takes! Once we have assessed your financial situation, we’ll send you an offer for the amount we’re happy to lend you and process payout as soon as we can if you accept our terms.  

Due to this level of simplicity, we’re able to help those who’ve been let down by credit card issuers or banks. We don’t think your credit score is the only factor that truly reflects your ability to borrow responsibly, so we like to give chances to those that would be rejected elsewhere.

It’s a chance for you to prove your ability to pay back credit

The vast majority of borrowers that apply to us with bad credit, have a damaged rating because they’ve failed to make repayments as agreed for other loans and personal credit. When you take one of our short-term loans, it’s a great opportunity to actually show that you’re now a far more responsible borrower. This is often one of the best benefits of cash loans for bad credit customers.

The worst thing you can do to damage your credit report is to borrow money and fail to pay it back on time. Likewise, the best thing you can do improve your standing is successfully take credit from a regulated source and pay it back exactly as agreed.   

We tend to be more understanding than other forms of credit

Like any other form of lending that is offered to people with bad credit history, not paying in time can have some serious consequences. Unlike other sources of funding, at Cigno we have a deeper understanding of our customers and appreciate how important it is to work with you when things go wrong. Saving money in modern society is not always possible, and we know how easy it is to become a little short in a mix up.

When you mess up repayments on a credit card, you’ll have the major fees to deal without question. With us, as long as you contact us as soon as you think you’ll have trouble paying, we’ll do everything we can to try and amend your repayment schedule to suit your needs better. We don’t see you as just another number. It’s in our best interest for you to pay back what you owe smoothly, so we’re always on your side to help make this happen without harsh consequences.        

These are the key benefits to using a cash loan for bad credit customers. When you’re in a pinch with cash, it’s hard to find the exact amount you need made available within hours. With a payday loan, you can specify the precise level of funding you require to make it through to your next payment from work. We hope this quick overview has helped!

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Read more about bad credit loans here, or in our previous blog post: Why No Credit Check Loans are Your Solution to Unexpected Expenses

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.