A cash advance involves borrowing money against your income or credit limit.
This means that while some cash advance providers take into account your credit score, others (such as some cash advance apps) don’t require any credit check.
With Cleo, you could get a spot of up to $250.** No credit check. No interest. No stress.
There are plenty of cash advance apps that don’t require a good credit score in order to provide you with a cash advance, so you can access cash even if you have bad credit.
Instead, these cash advance apps will take into account other factors like your income or your employment status to decide your eligibility.
So the good news is that bad credit shouldn’t stop you from accessing a cash advance.
It’s still great to shop around to find the best cash advance service for you, particular to your unique financial situation.
For example, some cash advance apps require you to be employed in one physical location, whereas others (ahem, Cleo) are freelancer-friendly and don’t require any employment verification at all.
More on how to get a cash advance with bad credit further down. Before that, we’re gonna take a quick look at why it’s hard to get a cash spot from some companies you have bad credit.
Why it’s hard to borrow money from some services when you have bad credit
As we said, there are plenty of places you can apply for a cash advance without requiring a credit check. The reason it might be easier to get a quick cash advance with bad credit from some services is because of the factors they take into account when calculating your eligibility.
Here’s why it’s hard to get a spot from some companies when you have bad credit:
1. Limited Lenders: With a bad credit score, your options become limited. Most traditional lenders, such as banks and credit unions, may refuse to lend money to individuals with bad credit scores. They may view you as a high-risk borrower and may not want to take the chance of lending money to you.
2. Higher Interest Rates: If you do manage to find a lender willing to lend you money, they may charge you a higher interest rate. Lenders see bad credit scores as an indication that you may be more likely to default on the loan, so they charge a higher interest rate to offset the risk.
3. Strict Eligibility Criteria: Even if you find a lender willing to lend you money with a bad credit score, they may have strict eligibility criteria that you need to meet. These criteria may include a high income or a co-signer, which may be difficult to meet for someone with bad credit.
4. Limited Cash Amounts: Even if you manage to find a lender who will lend you money with a bad credit score, they also may only offer you a limited amount. This is because lenders see you as high-risk, and they want to minimize their exposure to risk. As a result, they may only offer you a spot amount that is less than what you need.
When it comes to bad credit, our financial system can really show its nightmarish side. All of the factors above can lead people with poor credit to take out loans from super sketchy lenders who charge a million percent interest.
Dw, there are safer alternatives.
How to get a cash advance with bad credit
Cash advances from money apps are usually designed to be convenient, with little or no paperwork required.
They often don’t require a credit check or extensive proof of employment.
Because we’re slightly biased, here’s how you get a cash advance from Cleo.
It’s as simple as this:
2. Connect Cleo to your main bank account (just so we can calculate your eligibility)
3. Find out if you’re eligible
4. Decide if signing up for Cleo Plus* is right for you
5. Confirm your details so we know you’re human
6. Choose when you want the money
7. Choose your repayment terms
Download the Cleo app from the app store for iOS/Android. Dw, it’s super secure:
🔑 We never store or access your banking login details
🔑 We hold regular security audits and tests
🔑 We use the same level of encryption as your bank
2) Connect Cleo to your main bank account
You won’t be charged. We just use this information to access your transaction history, so we can determine if you’re eligible for a cash advance.
And, our AI uses this information to analyzes provide you with a super-smart personalized budget.
At this point you already have access to all of this for free:
💙 A personalized budget that automatically categorizes your spending
💙 Spending limits Cleo will call you out on
💙 Roast mode, for when you need to be told exactly how many Uber trips you bought last month
💙 Hype mode, where Cleo shows you all the great stuff you’re doing with your money
3) Find out if you’re eligible
In the chat feature, type in “cover me.” Cleo will take you to the next step.
Unlike other apps, we’re freelancer friendly, so we don’t require any timesheets.
We just use the information you’ve already provided by connecting your main bank account to decide if you’re eligible.
4) Decide if signing up for Cleo Plus* is right for you
Congrats. You’re eligible. Now is the time you might want to consider signing up for ✨Cleo plus*✨
Once you've signed up for Cleo Plus*, you can find out exactly how much you're eligible for. Cleo Plus* gives you access to the cash advance, credit score coaching, and cashback from selected stores.
If you’re someone who overdrafts regularly, you could probably save money with a Cleo Plus* membership.
Here’s the math: statistically speaking, if you overdraft once in a month you’ll overdraft two more times. With overdraft fees of up to $35, this can add up to $100 dollars a month.
That’s $1,200 in overdraft fees over a whole year. Cleo Plus* is $71.88 for a year. If the Cleo cash advance helps you avoid overdrafting twice, you’ve pretty much made your money back.
5) Confirm your details
You just need to confirm a few details so we know you’re not a robot. Your social security number, your phone number and your address.
6) Choose when you want the money
At this point, Cleo asks you a pretty fun question. When do you want the money?
You can choose between:
💰 3-4 working days
💰 Today, with an additional express fee
7) Choose your repayment terms
You choose your repayment terms. And again, there’s zero interest.
So if you’re eligible for $120, repayment is $120. That’s all.
On the date specified, we will automatically take payment for your advance.
Want to send your credit score to boot camp?
As well as a cash advance feature, Cleo also has a pretty neat credit building service.
If it is the credit building thing you’re after, check out Cleo Builder. Just download the app and type “Credit Builder” to Cleo to get started working on your credit score.
Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. Big love. Cleo 💙
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at email@example.com. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.
**Eligibility requirements apply. Not all users will qualify. Advance amounts range from $20 to $250. Same day transfers subject to express fees. Visit meetcleo.com/terms for more information.