The term probably tells it all. Instant cash loans are loans that you can acquire instantly during financial emergencies, or at any time when you are short of cash and you need to make a big purchase or fund an upcoming event or activity. Financial experts, however, say that instant cash loans do no good and will only bring you to further financial difficulties. However, the increasing number of customers, along with the continuous growth of the industry itself, will attest to the fact that they bring several benefits.
No Credit Check Instant Cash Loans
One thing that is remarkable about instant cash loans is that lenders that offer such deals do no credit check with Experian, Equifax, or TransUnion, the countries’ three major credit bureaus. This means that you won’t be gauged according to your credit score – that is, even if you have bad credit, your chances of getting approved are as good as someone who has high credit score.
When you apply for loans from banks, expect the representative to ask you about pledging collateral. Collateral is anything – a property like home or car – that you provide lenders to secure the credit. With instant cash loans, you don’t need to put your properties at risk. Most online lenders require no collateral, although if you want better deals, some lenders may also give you one on the condition that you pledge one of your properties.
No Employment Check
Another thing that’s unique is that some lenders don’t require that you are employed. Although most lenders gauge your ability to pay based on the employment details you provide them, you always have the option of applying for secured loans, or credits that you may be qualified provided that you have some sort of collateral.
Same Day Instant Cash Loans
Instant cash loans are also popular simply because they can be acquired within the day you filed the application. Online lenders will immediately process your application, evaluate whether you are indeed qualified, and when you are, your funds will be deposited to your bank account. Unlike traditional lending methods, you don’t have to wait on queue to talk to a loan representative, nor wait for days for your money.
When taking out instant cash loans, however, there are certain things to keep in mind. The most important of which is to check the interest rates that lenders charge. In general, interest rates for instant cash loans are higher than regular types of credits. However, lenders charge different rates, so you may be able to find rates that are cheaper than the other. Another important thing to keep in mind is the date your loan is due for payment. The payment period is shorter than for regulat bank loans, which means you may be requested to pay the money back within a couple of weeks or within a month.