Tag Archives: cash loans
Fast Cash Loans: The Instant Cash
Summary: Fast cash loans are those really fast means of getting really quick sums of money to fulfill the urgent needs put forward by the emergency happenings or mis-happenings.
These borrowings provide instant funds for the borrowers during the times of financial exigencies. Such loans are taken as short term funds and are approved without any requirement of the security against them. But before going for availing these loans, the borrower must compare the numerous quotes of various credit givers with the help of Internet.
Though dealings in the matters regarding emergencies are related to the availability or non-availability of finances, but sometimes the funds might not be available to the borrowers. If a person happens to be a salaried one, then arranging the necessary money becomes really hard because the sources of income of that person are not sufficient to meet these economic challenges put forward by the unseen forces. It is because so around the month ends, the funds get almost depleted. In these situations, the borrowers can go for fast cash loans. These loans are also called as the ‘payday loans’ which are designed specifically to enable the borrowers in handling the emergencies and the related unwanted expenditures without any lapse of time.
The ‘fast cash personal loans’ are devised to help the credit taker in tackling the impending emergencies at such times when he/she does not have the finances in hand. As the name suggests, these borrowings are availed to the borrowers just within a few hours after their submitting the application form to the loan givers. The note of sanction instantly arrives as there is no lengthy paper-work involved, nor there is any requirement of security. To get the loan amount, the borrower is just required to give some documents like the employment status, the total income earned, bank statements about the client etc.
Though the credit givers approve these loans without needing any item of collateral; some fund providers prefer to use a post-dated cheque containing the loaned amount along with the loan availing process fees. Whenever the repayment time comes to an end, the lenders take out the sum from the borrower’s bank account. Such funds are basically short period money provisions, and they are completely unsecured in nature. With these funds, the credit givers sanction the loaned amount depending on the basis of the credit-takers upcoming pay-cheque. This is one of the main reasons why these funds are available for a time of 2 weeks to a month only.
Usually, these fast cash loans have a very big interest rate. This is done by the credit givers to cover the risks involved in the dealing because the amount is granted without putting anything as a security and that also on a very short term basis. This is the reason the financial experts recommend these loans to be utilized only at the times of economic emergencies and not for meeting any day to day expenses.
The fast cash loans are approved by the lenders to the clients without doing any credit checking; and thus, these funds are easily available. Because for these funds the lenders do not perform any credit checking, this shows the way even for the bad credit credit takers to avail the funds without any problems. But, the clients should analyze the terms and conditions in a thorough manner which can be accomplished by comparing the loan quotes with the help of various online resources on the Internet. Further, after getting the loans, the borrower must repay the amount on time, otherwise some legal proceeding might be taken up by the lenders.
A Guide to Emergency Cash Loans and Payday Loans (Page 1 of 3)
In this rapidly deteriorating economic climate, emergency cash loans and payday loans are becoming increasingly popular. The problem with these is that more and more people that have never required a short term unsecured loan in the past are finding a need to obtain one for that rainy day for which they have no longer been able to save up.
Many people are spending their savings, and the term life savings is now a bit of a joke. Those that can afford a life savings scheme dont need it, and those that need it cant afford it. Of course I dont mean that literally, because many people are saving and need their savings, but nevertheless the sentiment is pretty accurate. Saving is getting harder, and when that unexpected expense comes along then those that not too many years ago would have had something put by to cover it no longer can.
Hence the upsurge in emergency loans and payday loans, and there is really very little to chose between them. This guide is intended for the newcomer to this type of short-term borrowing, and how you can make it work for you, or how it can cost you more than you can rally afford. Its all about using the loan for the right reason and paying it back as agreed.
THE AMOUNT
Unless you are dealing with a company with few morals, you will likely be offered no more than up to $1,000 for your first loan. Some companies restrict that to $600 for first time customers. The reason for that is that the loan is not secured, and even though legal action would sequester the cash back from your income, most loan companies would rather not do so for a large amount, and it is easier and less expensive to recover a small amount than a large amount.
Once you have successfully repaid your first loan, then the amount you can subsequently borrow steadily increases.
THE REASON
The reason for taking such a loan has to be compelling. If you can borrow from a family member or good friend then do so because it will ultimately be less expensive for you (unless they charge you a high rate of interest!). It is not economical to use an emergency loan to pay another loan, although if you are in danger of defaulting on accredit card payment you might think the extra expense worth maintaining your good credit record: no price can be put on that.
However if your credit is shot, as it is with many people seeking emergency cash, it would likely make no difference other than the fact that you could likely negotiate lower charges with the credit card provider than you would get with a payday loan.
There are other reasons for needing emergency cash loans apart from being unable to pay regular bills, among them family deaths where the life insurance is insufficient to meet all the expenses. This is becoming more common as process rise while investment rates remain stagnant. The same is true at the other end of the life scale: weddings. These too can be high cost events that few couples or their parents have had the opportunity to plan for financially.