Everyone has experienced that stomach-clenching moment when you realize the amount of money in your checkbook is not quite enough. Financial emergencies have a way of cropping up at the worst possible times. Luckily, you can get fast cash quickly and painlessly through a cash advance lender. These are also known as payday loans, and have become a popular option for desperate Americans.
The next time you need cash in a hurry, consider these five reasons to take out a fast cash loan.
1. Cash Loans Help Pay for Unexpected Expenses
Don’t think that payday loans are only for people who need money quickly for an unsavory purpose. Also don’t assume that these consumers are any less responsible than anyone else. Even the most budget-conscious person can have their washing machine break down, their tire blow, or be faced with a huge medical bill. While we would all love to have money stashed away for these unfortunate incidents, the reality is that the average American does not have an emergency fund.
Instead of panicking that you don’t have the money, consider applying for a cash loan. When you know that you will have the money the next time you get paid, a fast cash loan is the perfect solution. This is not a long-term loan, because it is not a long-term problem. Borrow the money, fix the washer, and then pay the money back with your next paycheck. It is an easy, painless solution that can provide you with a sense of peace, instead of panic.
2. Cash Loans Have a Fast Approval Process
The process of applying for a traditional loan can be long and drawn-out. When you need money NOW, you probably do not have the time for your loan application to be reviewed and then approved. Cash advance lenders have a great deal of experience processing these types of loans, and they do it every day of the year. Most cash lenders will approve you within 24 hours of applying, and they may have faster ways than a snail mail check to get you your money. For instance, they may be able to wire it to your bank, or pay through PayPal. This fast approach to getting cash means that no one will ever know that you had to borrow money.
3. Applying For a Cash Loan is Easy and Fast
The application process for a cash loan is short, simple, and to the point. You will need to provide basic contact information, and show proper identification. Some cash advance lenders require you to prove that you have a regular job and will be able to pay back the loan. This can just be in the form of a recent pay stub. They will then confirm the basics, such as your name, age, and address, and most of them will approve you on the spot. They do not check your credit, which is one of the things that make a traditional loan application take so long.
In today’s increasingly online world, consumers want to be able to do everything from their computer. To deal with the increasing demand for online applications, many cash lenders have set up websites for their customers. These websites are safe and secure for you to use. They will encrypt your private information and you do not need to worry about anyone else being able to see it. Fill out your application online before you go to bed, and wake up in the morning with money in your pocket.
4. Cash Loans Can Help Protect Your Credit Score
There are two ways that cash loans help protect your credit score. First of all, cash lenders do not check your credit to approve your loan. You do not need to worry that a stranger is going to be poking around your credit history, leaving you open to identity theft. Also, every time any lender checks your credit, this is reflected on your credit history. By not having to pull your report, a cash advance lender is leaving your score intact.
When you pay a bill late, this shows up on your credit history. If you actually get sent to collections, your credit score can suffer such a major blow that it can be hard to recover. A poor credit score can prevent you from being approved for major loans, such as for a house or car, and can increase your insurance rates. By receiving a fast cash loan, you can pay your bill on time and not worry about dinging your credit score.
5. Flexible Repayment Makes A Cash Loan The Perfect Choice
A cash loan is not an interest-free loan. To budget accordingly, make sure you figure in your interest due so you know exactly how much you need to repay with your next paycheck. All cash advance lenders are upfront with their interest and fees, and you will know the minute you apply how much you will owe them. This is one reason why you shouldn’t use these loans just to buy a new furniture set. The interest does tend to be higher than a traditional loan, but the payoff is that you get your money faster, and with less hassle.
So what happens if something else comes up in the meantime? As the saying goes, when it rains, it pours, and many times, consumers find themselves short of the amount needed to pay off their loan. Luckily, cash lenders have dealt with various situations so many times that they offer flexible repayment terms. They may even approve you for more money, even if you still owe them from your last loan. This flexibility is what draws many consumers to take out a fast cash loan.
You may have to fill out another application form to get more cash. Of course, interest will continue to accrue on any unpaid balances. Although paying more interest is not usually something you desire to do, most consumers are just relieved that they have other options for repayment.
This covers the basics of fast cash borrowing. For specific information, make sure to ask the cash advance lender you have chosen. With the ease of applying, fast approval, and flexible repayment terms, a fast cash loan may be the perfect solution to your short-term financial problems.