Fast cash loans are loans that you take when you are in short of money towards the end of the month. Likewise they are also called payday loans and they are quite easy to get. There are not much criteria to fulfill if you want to get an easy cash loan.
All you require is to be at least eighteen years of age, be a citizen of United States, have a savings or a checking account and show pay stabs of at least of 6 months previous. All these will ensure that you get a fast cash loan in no time. Payday loans have come a long way in helping middle level working employees solve their credit trouble. For people who live from one paycheck to another, there are times when you run out of cash towards the end of the month but there are expenses that you have to meet. What do you do in such cases?
These are the times when an advance cash loan, which credits your account with a certain amount of cash within twelve to twenty four hours to meet your financial emergency, comes in use. The best part is since it doesn’t involve you getting any approval for your credit records, these are very easy to obtain.
What are the advantages of fast cash loan?
There are various advantages that instant payday loans offer. These are:
- You can get the loan money very fast, that is, within a period of twelve hours to a maximum of one day.
- You can fill out an application and submit it online.
- You can compare rates and other offers that the lenders are providing you by browsing for different lenders online.
- You can get the loan even if you have a bad credit score.
- You can have financial salvage when no other loans could have helped you.
- You don’t need to go through extensive checking of documents thereby saving time and energy.
What are the disadvantages of fast cash loans?
Along with advantages, there are some disadvantages that fast cash loans have too. These are:
- These have a very high interest rate.
- These have a payback period of maximum 30 days. If you fail to pay back the amount you had borrowed within this time, you will face a penalty in the form of late fee and also an increased interest rate.
Thus you can see payday loans are good only as long as you use them for the purpose of emergency. You should not make it a habit to use payday loans.