Admit it or not, most of us run out of cash sometimes. This most especially happens if there are unforeseen expenses such as essential house repairs or car repair or medical and dental appointments. Taking out a regular loan from banks to solve such financial problems may not be the best solution because first, your need is small. Second, you need fast cash. Although borrowing money from friends or relatives is still the best solution to solve these problems (to save on the interest), this option is oftentimes not available. The good news is that there is still a good option: cash loans.
Cash loans are short-term unsecured loans offering $100 to $1500, depending on your lender. As unsecured loans, cash loans don’t require collateral. Moreover, cash loans are short-term loans payable in days to a month. Also called cash advance loans, cash loans works like an advance paycheck. You can take out cash loans before your paycheck and the loan amount + interest will be deducted from your salary on your salary schedule.
Cash loans offer a lot of benefits. First, with these loans, you don’t have to apply for large loans via banks. This works perfect for small financial needs in between paydays. Second, the approval speed is fast. Usually it only takes minutes up to a day, so you can get the money you need on the next day. Third, applying for one is convenient because you can do it online, without having to leave the comforts of your home. This means you also don’t have to be absent from work just to get your loan processed. In addition, as long as you can prove that you have the capacity to pay for your loan, the approval rate is high for you. You also don’t need to show a collateral or good credit rating to be approved.
Application Requirements for Cash Loans
Applying for cash loans online is easier than applying for a regular bank loan. An applicant will just have to fill out a form via the lender’s website, and send over the requirements electronically.
Among the requirements to getting cash loans are:
1. Proof of employment
2. Proof of income such as pay slip. This will determine how much you can borrow from the cash loans lender.
3. Proof of identity, such as IDs with picture. An example would be your driver’s license, professional license and company ID.
Before signing for anything though, it is best to check out your lender’s terms and conditions as the terms and conditions may vary from one lender to another. Also make sure to only deal with licensed cash loans lenders as they abide with your state laws on lending. This means you don’t get charged of high interest rates or unlawful fees.
Also keep in mind that the whole process of cash loans does not end in getting the approved money in your bank account. Rather, the process ends at paying the loan in full, with the interest, and be clear of your financial obligations from such transactions. Otherwise, as in any loan, you will be charged of late payment fees and other fines.