Instant Cash Loans

Instant Cash Loans

Online instant cash loans are the way to get quick money in case of emergency. Online instant cash is usually approved in the form of short-term loans. They allow a relatively small amount of money for a range of purposes. In most cases instant cash doesn’t exceed $500. 

Before you ask me “How can I get an instant cash loan” make sure you know that the interest rates, annual percentage rate, and fees for this type of funds are rather high. If you apply for instant cash finance, be ready to pay up to 15% for every $100 you borrowed.

Need Money Fast?

In this article we will pay attention to the advantages and disadvantages of online instant cash, find out the way it works, define who are instant payday loans the most suitable for, how a person can get it from a lender, and answer the most common questions connected with this topic. So, let’s get down to business!

Key Benefits of Instant Cash Advance Loans

Cash advance loans have many proponents nowadays. It is explained by the fact that such loans provide numerous advantages to the borrowers. Among the greatest benefits of instant loans there are the following:

  • The instant cash advance allows people to get quick cash in case they need money right now. It means that a borrower doesn’t have to look for the nearest bank office and stand in queues. A client can get a loan approval online and make use of the same day loans.
  • Fast cash loans can be available even for people with bad credit history and poor credit score. It allows borrowers to get online loan within one business day irrespective of credit difficulties.
  • Cash advance loans help customers avoid loads of paperwork and exhausting check-ups. Unlike traditional banks, online lenders approve emergency cash for a range of loan purposes.

Disadvantages of Instant Payday Loans

As you know, there are always two sides of the same coin. Despite the fact that cash advances offer appealing services to its customers, there are still some cons you should consider:

  • Instant funding will cost you more. A payday loan usually charges high interest and APR (it may be up to 1,500%. Since the repayment terms are rather harsh, this type of a loan is not suitable for many borrowers.
  • You risk to get caught in a trap. If you fail to repay a payday loan on time, you will become a debtor. In some cases you may face hidden fees because of missed payments and unreasonably high interest and APR.
  • Online lenders usually have access to the customer’s bank account. It allows them to charge payments directly from a checking account. Well, you can cancel the authority of a financial service provider at any time. But for many people it is the reason to abandon online loans.

What is a Instant Cash Loan?

Instant cash loans are also known as cash advances and  payday loans. It is an unsecured loan that is usually received via an online application that offers financial services. It is a type of a personal loan with instant approval.

The funds can be cashed out within one business day and used for a range of purposes. It is a perfect option for people who need money immediately and don’t want to disturb relatives or friends. In case of emergency or unexpected expenses you can send a loan application online and wait for a few hours. It is the main reason why bank users switch to such an alternative.

Fast cash loans have relatively short loan terms which take between 1 month and 1.5 year (to prolong it you may be asked for additional fee). The conditions of instant funding vary from one lender from another and are written down in a loan agreement.

The amount of money that a borrower can get is usually small. Despite this fact, a customer will be charged a high interest rate for using cash advance loans. In such a way, before downloading a loan application make sure your monthly income will allow you to repay your debt on time.

How Does Instant Cash Work?

The borrower usually writes a personal check and dates it with the next month date. In this check a person also defines a sum of a future direct deposit and the next payday. In most cases the owed sum of money is charged automatically from an active bank account the day after the specified date. Then customers exchange their checks for cash.

Most borrowers who use instant loans tend to have bad credit scores and history. They may not be able to get a credit card and have to apply to companies that provide such loans. Even if the borrower feels that the fee may be fair, for example, $12 for $100 for seven days, then expressed in APR, it will be more than 600% per annum.

Almost anyone can get direct deposit on a bank account within one day. Direct lenders can approve a loan for both a first-year student and a reputable businessman. Yes, rich people have financial problems as well. Payday loans often help companies to survive during a crisis or business losses.

However, the user’s data must meet several requirements so that the borrower can register on the site and request a quick loan on the card. However, a borrower still has to meet several requirements to get an instant loan.

How to Get Cash Loan Instantly?

It isn’t difficult to apply online for a payday loan. Even an old woman who rarely sits at a computer can get instant funding without putting much effort into it. What’s more, any loan application offers more convenient services when compared with those provided by banks. It means that a person doesn’t have to go out, look for the nearest office, and stand in queues.

A borrower also won’t be required to undergo serious check-ups and fill in loads of documents. To make use of a cash advance you just need a smartphone, laptop or tablet and stable Internet connection.

So, what should a person do to get a payday loan?

A borrower must choose an online application that offers payday loans and download it. Then this person will be required to fill in the following information:

  1. Valid passport data: name, surname, date of birth, etc;
  2. Bank account data;
  3. Phone number – it is needed for managers who may call you to discuss the details of  a loan agreement;

Then a user gets access to the personal account where he or she can find information on how to get a fast cash advance, the maximum loan amounts, terms and conditions of getting the same day funding. A customer can also calculate the percentage and the amount of potential payday loans using an online calculator (one of the most convenient features offered by reputable direct lenders).

Are Instant Loans Unsecured?

Unsecured loan is a financial term referring to any type of loan that is not secured by a guarantor or is not secured against certain assets of the borrower in case of bankruptcy or failure to meet repayment conditions. On the other hand, such a secured loan as a mortgage uses real estate as a collateral.

Cash advance is an example of this type of a loan. Its main feature is that its approval posts an increased risk of non-payment for online lenders and banks. To compensate for this risk the providers of financial services charge high interest rates for this type of a loan. Many borrowers may spend years paying off their debt. The final repayment sum can be more than double or triple the original amount.

In case of the borrower’s bankruptcy unsecured lenders claim joint requirements to the client’s assets. It happens after specially defined assets are transmitted to secured lenders. Unsecured creditors generally realize a smaller proportion of their claims than secured creditors.

Who is Eligible for a Quick Payday Loan?

To get payday advances you don’t need to have a high credit score. However, there are still some requirements that a borrower must meet to make use of loan funds.

  1. A person must be 18 and older – urgent card loans are available only to adults;
  2. You must be a U.S. citizen (in most cases);
  3. Permanent registration at the place of residence (it is a measure necessary to ensure the security of personal loans).

As we have mentioned above, payday loans are available for all walks of life. A borrower won’t be asked about a source of income, working experience, credit history or bad credit score. Users will get money on their account shortly after instant approval of a cash advance.

Instant Cash Loan vs Title Loan

Sometimes people don’t feel the difference between cash advance and title loan. To help you understand it we have prepared a table for you!

FeatureCash AdvanceTitle Loan
TypeUnsecuredSecured
CollateralNoCar
Loan termShort-term solutionShort-term solution
Loan amountSmall amountsUp to $50,000
APRAbout 400%About 300%

Can I Get an Instant Loan if I Have Bad Credit?

Unfortunately, we can’t always be prepared to unexpected life scenarious. Sometimes we may need money immediately. In this case instant cash advance can become a helping hend for a borrower.

Even if you have a bad credit history you still can receive instant loan, since online lenders rarely make credit checks. However, you should remember that the higher risk lenders have when giving you money, the higher ineterst you will be required to pay.

If you fail to repay the loan on time you still have a chance to rectify the situation. In such cases you will be offered a credit counseling by your lender. It is when specialists try to help a debtor to find the ways to repay the owed sum.

Simple Guide for Choosing Good Online Lender

To find a reputable lender you need to put effort into the searching process. Firstly, make sure that the chosen apps offer payday loans. After it you can start analyzing the provider of financial services. To understand whether it suits your needs you should consider the following aspects:

  • Experience and reputation: How long is this app on the market? Can you trust it? Make sure the platform provides financial protection and can boast of high rating and positive customer feedback. This information will help you evaluate the quality of rendered services.
  • Loan terms and consitions: before applying for instant cash advance you should get to know about the loan amount, APR, interest rates, origination fees, available financial products presented by each lender. Only after compering all loan options a borrower can chose the most suitable one and ask for cash advance.

Instant Payday is not a Sollution of Financial Problems

You must remember that loans won’t help you to overcome financial problems. Since payday loan is an installment loan, many people hope to repay their debt gradually.

An average borrower knows that a lender doesn’t conduct a credit report and feels that he or she can afford a loan. In fact, most of clients don’t. Fast loans are usually short term loans.

In most cases borrowers can’t repay their debts before the next payday and then try to seek credit counseling. You should remember that the only way to change your life is to review the financial habits and learn to manage a budget effectively.

What Are Instant Cash Loans are Commonly Used For?

Instant cash advance is usually applied by those who need quick cash. Borrowers might face unpredicted developments and accedents that require money immediately. In most cases people need to cover unexpected bills.

As we know, banks don’t allow customers to take an instant decision. That is why alternative lenders that offer loans online have become so popular among cutomers. Clients often apply for payday loans to pay for medical bills, utility services, abd the like. You sould remember that the loan amount is usually small and a borrower won’t afford great investments.

FAQ

  • Can I get a loan online instantly?

Yes, you can. It is the main reason why payday loans are so popular among the borrowers. Some lenders can give you money within 5 minutes without a credit ckeck and loads of documents.

  • Why Does someone Need An Instant Cash ?

Cash advance is frequently used to deal with unexpected expenditures. A borrower can cover medical, insurance, utility bills and the like. The sum of a loan is usually small that limits acceptable loan purposes.

  • How fast can I get an Instant Cash loan?

The name of this loan type speaks for itself. Its main advantage is that online lenders give money immediately. It usually happens within one business day. However, some loans can be available 10 minutes after you send an application.

  • Can I get instant cash without a credit check?

Yes, you can get online loan without a credit check. Even if you have a poor credit history or low credit score, you still can get a quick cash in case you need it. However, be ready to pay high ARP and interest rates.