Fast Cash Loans
Borrowing money can be rather hard when you do not know where to look and you know that your family and friends are not the best source. However, the good news is that a fast cash loans can save the day. You can borrow money from a quick cash loan lender and get the money you need in a very short period of time.
What are Fast Cash Loans?
Fast cash loans are short terms loans that are also called quick cash loans, cash advance loans among other terms used to market them. A fast cash loan is a small amount of money, which minimum and maximum amount often range between $100 and $1,500, although local state law and/or your net income are factors that determine how much you can borrow. This type of loan is expected to be repaid by the next payday; hence, they are also called payday loans. Nonetheless, the usual repayment period is two weeks, thus if you borrow the money the day before your payday, you will usually have to pay back your debt on your following payday. Most lenders can work with you on the date.
Fast Cash Loans Requirements
Applying for a loan is very easy and all the process can be done online. In fact, you do not need to fax any documents and no credit check is performed by the lender, so that your credit history is not a determining factor to get your application approved. However, on of the main requirements is your employment status. You need to be employed by your employer for at least six months, but some lenders may accept applications from self-employed workers as well. In addition, you need to be a legal adult and legal resident of the United States, besides having a bank account to get your money deposited into it, although you can also work out this requirement asking the lender to send a check to your address or picking it up at their office.
Things to Remember
Fast cash loans are almost instantly approved, but your paycheck serves as collateral to obtain it. When this requirement is not met, the lender may ask for extra income proof, as in the case of freelancers. This type of loan also has the highest interest rates in the financial market so is good practice to repay your fast cash loan as soon as possible to avoid falling into a debt cycle that is hard to break.