How Do You Get A Cash Loan Fast?07/11/2019
The old saying that "money doesn't grow on trees" is true, but when it comes to borrowing money there actually are quite a few different trees to choose from. Usually the best way to have money available for emergencies or special occasions is to build a savings plan for those occasions. But if times are a little tough, a small personal loan may be in order. Most people believe the only places you can go to get a loan are either at a bank, or from your social circle such as family, friends and co-workers. But there actually is another option in a cash loan that you can get without having to go through those lenders.
What Is A Cash Loan?
A cash loan is a small dollar loan sometimes known as a cash advance. But unlike the usual cash advance, you don't need a credit card to be able to get one from us. Usually there are three kinds of loans within this loan, though some states have restrictions on which of the following loans are available:
- Payday loans
- Installment loans
- Lines of credit
Payday loans and installment loans are very similar to each other but with a couple notable differences. Generally, payday loans are for small amounts that cover your average weekly paycheck amount, and you usually get one or two weeks to repay them. Installment loans are usually for a little more and can sometimes be as much as your monthly pay would be. You also pay them off over time in increments instead of all at once like payday loans.
Lines of credit can work like payday or installment loans, but you only have to pay back the amount you actually use plus interest and other charges. For example, if you apply for a line of credit that's $1,000 but only decide to use $400 of it, you would only need to pay back the $400 plus interest and fees. A line of credit can also be revolving which means if you withdraw funds from it and repay it, it automatically renews for another period and you don't have to reapply for it like you would a loan.
Cash Loan Requirements
Unlike most other business or personal loans, cash loans don't have many strict requirements. The main requirements you have to meet to get a quick approval for a cash loan are age, income, bank and credit:
- You need to verify you are at least 18
- You need to verify you are employed or have a reliable source of income
- You need to have an active checking account that's been open for a certain period
- You need to pass an alternative credit check
What is meant by an alternative credit check? This kind of credit check is one that is instant and doesn't approve or reject you for cash loans simply based on numbers or minor credit problems you may have had recently. We just want to make sure you've shown some measure of financial responsibility, but we don't necessarily need great credit.
Where Can I Get A Cash Loan?
Cash loans were given their name because originally you had to go to places such as check cashing stores, pawn brokers, or other alternative lenders in brick and mortar shops to apply for a loan in cash. But with our quick loans, you can actually apply online right now from your living room. Instead of having to go to a bank and wait in line or spend time speaking with a loan officer, you can apply right here and go through the process much quicker. You may need access to a scanner or fax machine to be able to send in the required documents, but usually once you've done that, you're all set.
How To Get A Cash Loan Fast
When you apply online for one of our cash loans, you're already on the fast track for instant cash. But the main way to ensure you get your funds fast is to have the necessary documents on hand so that we can speed up the approval and forward them to your account. First, you'll want to fill in our estimate form using some general information about yourself and your income to get an idea of how much you're eligible to borrow. We'll then contact you via the way that's easiest to reach you to discuss your loan options and help you complete the online application. You will want to have the following documents for this:
- A driver's license or other acceptable government-issued photo ID such as a passport
- A paycheck stub, W2 form, official bank statement or other acceptable document detailing proof of income
- Checking account information that includes your bank's routing number and your account number
Generally a cash loan is an unsecured loan which means you do not have to use collateral such as a home, vehicle or any other valuable items you own. Although if you don't qualify for a payday loan, installment loan or line of credit, you may be eligible for an auto title loan depending on which state you live in. You also are not required to state what you want to use a cash advance for because as long as you understand and agree to the payment terms, it's your money to do with as you wish. So if you're in a situation where you need cash now, fill in our estimate form or contact us to find out how you can get money today.