Everyone needs financial help from time to time. You will need to be able to pay unexpected expenses like medical bills, a car breakdown, or hiring a professional plumber.
Everyone needs financial help from time to time. Unexpected expenses such as medical bills or your car breaking down can all require a certain amount.
What happens if your savings aren’t enough? How are these costs covered if your credit cards are maxed out and you have no savings? Such scenarios are why many people seek fast cash loans to help cover these costs.
According to a Federal Reserve study, 4 in 10 Americans wouldn’t be financially able to pay $400 in an unplanned expense. Some people borrow money from their friends or sell things to pay for unexpected expenses. Others choose to get a quick loan now.
What is a Fast-Cash Loan?
A fast loan is a short term loan where funds are quickly available after an approval.
These loans are usually unsecured. That means they don’t require collateral like a house or a vehicle. Lenders often charge higher interest rates because the loan is unsecured.
A fast cash loan is a good option when you urgently need money. It should be used only as a one-time solution for unexpected expenses.
How to Apply for Quick Cash Loans?
This loan application is simple. Online lenders or a shopfront lender are both options. An online loan is usually the best option as you can complete the application right from your home. It’s also easier than visiting several locations to compare the different lenders online.
After choosing a lender you need to complete an online application. This typically takes several minutes. Lenders usually don’t need to do a hard check on your credit like banks. Therefore, an application can often be approved quicker. In order to get quick cash loans, the terms aren’t always very rigid.
A lender conducts a soft-credit check instead to confirm your employment and ability to repay the loan amount. This takes about a minute and is usually quick. In addition to performing a soft credit assessment, a lender may request a bank statement to confirm income. Usually, you can get a check as soon as your loan is approved.
Online applications can be processed quickly and funds may even be available in your bank account within 24hrs. Depending on the type of loan and repayment schedule, you will be responsible for repaying the borrowed amount along with interest and additional costs within a specific time frame.
Different types of Quick Cash Loans
In minutes, you can apply for two types of loans: personal and payday. The biggest difference lies in how much you have to repay and what the borrowing costs are.
Payday Loans are the best option for emergency cash loans. Payday loans can be borrowed for as little as two to four weeks and then repaid with your next paycheck.
Payday loans often have higher interest rates, due to the fact that they are short-term loans. Lenders typically will not accept borrowers who have lower credit scores. Your credit scores will affect the amount of money you are able to receive from a fast-cash loan. It’s always a good thing to improve or raise your credit score.
A payday loan is available for $100 borrowed over a period of two weeks. The cost ranges from $10 to $30. Many lenders allow you to transfer your debt if it is not possible to repay.
Rollovers allow you to only pay the interest. You would then be able to pay off the borrowed amount with your next paycheck. However, there would be additional costs to cover the extended period.
Payday loans that are not guaranteed credit are often considered predatory. This is due to the higher interest rates, the possibility of rolling over debt, and other questionable lender practices. Payday lenders should be able to offer you terms that are acceptable. This is why this type of loan should not be taken out. PaydayNow is known for offering fair loan terms with flexible repayment plans.
It is important to understand all terms and costs of a lender and that you fully comprehend the risks. Borrow responsibly and be sure to repay all monies on time.
Personal installment loans generally have a lower interest than payday loans. Personal loans require a series of monthly payments, so you won’t have to pay all the interest and principal back in just two weeks.
PaydayNow specializes in outstanding personal loans. They offer competitive interest rates, flexible repayment plans and can help you manage your finances.
Personal loans are a great option for financial emergencies.