Fast Cash Loans
What you must know about getting fast cash loans without credit check
Fast cash loans also called as quick cash loans and payday loans, help debtors get quick money when they are in dire need of it. Whether due to medical emergencies, college admission, debt consolidation or anything else, financial emergencies can crop up at any point of time without any prior notice. If you’re going through such a situation and you have no money to handle the crisis until your next payday, you can opt for borrowing a fast cash loan. However, if you have any other suitable option like borrowing from a friend or a relative, you can go for it.
Fast cash loans – Basic requirements
A fast cash loan doesn’t require the borrower to reveal the purpose of seeking the loan or answer any personal question. The lenders of fast cash loans lend money much faster than other conventional loans. However, there are some basic requirements that you should satisfy in order to get such a loan. Here are the requirements of getting a fast cash loan.
Minimum requirements – The amount of a fast cash loan usually ranges from $500 to $1,500. The minimum requirements for the loan and the terms of the loan may vary from lender to lender. However, most lenders require a borrower to have a minimum monthly income of $1,200 and have a full time employment. The borrower should be 18 years or more and a legal resident of the country. He should also have an active checking account. If you meet these eligibility criteria, you can apply for a fast cash loan. However, if you’re asking for more than $500, you need to furnish your bank statements of last 30 days. You should also void one personal check for your lender.
Extra requirements – Fast cash loans are normally sanctioned and disbursed within an hour of filling out and submitting the application form. Most lenders of such loans are online lenders. They want the loan applicant to be employed with the same company for at least 3 consecutive months. The applicant should also have a regular paycheck, which is directly deposited into the bank account. If you can satisfy these requirements, your application will be approved and the loan amount will be directly deposited into your active checking account.
Required documents – You need to fill out an online loan application form. Once the loan is approved, you have to furnish your bank statement, your driving license, recent pay stub, Social Security card and a cancelled check through fax or in person. The lender may require you to bring a photocopy of current telephone bill and the loan agreement signed by you.
Fast cash loans – Potential
If you’re an eligible candidate for getting a fast cash loan, you can take advantage of such a loan online. Online lenders ensure more flexibilities than local lenders. Irrespective of the lender, you need to pay back the loan on the next payday. After you satisfy all requirements, the lender will directly deposit the loan into your bank account without any credit check with any of the main credit report agencies like Equifax, TransUnion and Experian. However, there are some lenders that may like to check your credit with Teletrack that maintains records of your outstanding and defaulted payday loan or quick cash loan, if any. Therefore, make sure your lender won’t check your credit even with Teletrack.
Fast cash loans – Cautions
Fast cash loans are short-term loans, which are disbursed for normally 2 weeks. After that period of time, your active checking account will be automatically debited. However, you can ask for loan extension for another 2 weeks against renewal fees. Extension of loan will require you to pay interest due on your fast cash loan. Remember, the interest rates for such loans are very high. Therefore, if you keep rolling on the loan, you may be trapped into a loan cycle, which you can hardly get rid of. Pay back the loan once the crisis period is over to avoid paying in interest.
Fast cash loans – Potential risks
If you fall behind in making payments towards your loan or can’t at all repay the loan, it will be reported to the credit agencies. As a result, your credit rating will be hurt. The lenders often assign a debt collection agency to collect unpaid loan. These debt collectors generally report any delinquent and default account, irrespective of the loan amount, to the credit agencies. Reporting to the agencies can be a disaster to your credit. Unless the original loan balance is below $100, your FICO score is most likely to be hurt severely for not paying the loan in time. Therefore, be regular on your payments.
How to save on fast cash loans
The best way to save on a fast cash loan is comparison. Compare the terms of the loans offered by different lenders. The terms may include credit check, interest rates, life of the loan, pre-payment penalties and additional fees. Comparing terms would help you find the Various Lenders that disburses bigger loan amount with lower interest rates. Whether you’re flexible with a local lender or an online lender, make sure your lender doesn’t require any credit check. When it comes to fast cash loans, it is better to work with an online company. Online lenders approve and disburse loans faster than local lenders.
Like any other loan, a fast cash loan should also be paid off in time to avoid paying in interest. These loans are good as long as you’re confident about regular and timely payments.
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