Fast Cash Loan
When money is needed urgently and you plan to return it in a few days, a fast cash loan will be an excellent solution. It can be obtained from a microfinance organization (MFI). Common features of a fast cash loan:
- funds for any purpose;
- no credit history check;
- simple and fast application;
- instant decision.
Almost any adult American can get such a loan. Loan refusals are rare and require good reasons.
What is important to know before taking a fast cash loan?
Fast loans differ from regular bank loans in the following features:
- interest is accrued daily;
- the procedure is performed online – you don’t even have to leave home if you opt for a money transfer;
- customers are served around the clock – you can get money even at night on a holiday;
- you can repay the loan ahead of schedule in a convenient way (electronic money, bank transfer, cash, etc.).
How to get a fast cash loan?
This simple procedure is performed on the Internet and does not require any special skills – even an inexperienced PC user can handle it. Follow simple steps:
- determine the required amount and term using a convenient calculator on the website;
- fill out an online application indicating the convenient way to receive funds;
- wait for a response from the system – usually, approval is given in a few minutes;
- receive money as a cash transfer.
Contact Payday Loans St Paul MN for financial support – we will help you find the right loan as quickly as possible.
Benefits of fast cash loans
- Quick decision. Despite the fact that many banks have already reduced the processing time for a loan application. In most cases, new customers will have to wait at least one business day. It’s good when you have this time – but there are times when you need money right now. And the fastest way is fast cash loans (also known as payday loans) – you will find out if the loan is approved for you usually within 5 minutes after filling out the questionnaire on the website;
- Immediate funding. The money will be deposited into your bank account immediately after the approval;
- Online application from the comfort of your home. The rapid development of the Internet in recent years has greatly simplified our lives. Taxi ordering, utility bills, food delivery and many other services have become faster and more convenient. This also applies to obtaining loans – an application can be completed in 5 minutes. In this case, you do not need to go anywhere, you only need access to the Internet. The application can be sent from a smartphone, tablet or computer;
- Transparent and clear terms. You immediately know how much it will cost to get a loan. Nothing could be easier – you enter the required amount and term on the site and immediately see the total loan cost. That is, even before applying for a loan, you will know the amount of all payments;
- You can get a loan even with bad credit history. Recently, banks seriously tightened their eligibility criteria, and many people still lend only to repeat borrowers. The most common reason for refusal is information from the credit history – many Americans had problems with paying off loans and borrowings in the past. Banks often refuse such clients. On the other hand, MFIs know how to work with them;
- Possibility to improve credit history. Another advantage of fast cash loans related to credit history is that such loans can be used to fix it. The logic is simple: if you have a poor credit history, you will most likely not be able to get money from a bank, but an MFI is ready to give you a loan. After you have received and repaid several loans on time, the chances of getting a large amount in the bank will increase, as this will positively affect your credit history;
- No documents required. To get a fast cash loan, you will typically need one document – your ID;
Simple questionnaire to fill out. An MFI has a short questionnaire that takes a few minutes to fill out. Typically, there is contact information, passport details and information about income and employment;
- No surety or collateral needed. Most MFIs do not require either surety or collateral because they quickly make a decision to approve a loan without making unnecessary demands;
- No additional fees. Companies do not charge additional fees for using the loan. Clients pay only the interest accrued under the contract;
- Simple repayment scheme. The repayment schedule is as simple as possible: you need to return the entire amount at one time (usually within 1-3 weeks). You can opt for automatic money withdrawal from your account.
- High rates. The main disadvantage of fast cash loans is a high interest rate. It is important to understand that no one takes such loans for a year, usually payday loans are repaid within 1-3 weeks. Therefore, when receiving a loan, you need to look not only at the annual rate but also at the amount of overpayment;
- A small loan amount. Indeed, if you need large loans, fast cash loans are not suitable for you. As a rule, you can get from $200 to $1,000;
- Short term. Usually, it does not exceed 3 weeks.
In general, there are serious advantages and disadvantages. You should weigh the pros and cons and make a decision.