Keyword Quick Cash
5 Things to Know About Quick Cash Loans A quick cash loan is usually given for a short period. These loans usually don’t require a credit check. They seem convenient to borrow but you should know all the details before applying for a quick cash loan as these loans usually come with high interest rates. When you are in a financial pinch, a quick cash loan might sound like the right option you have in front of you because you can get cash instantly. But they are not. These loans pull you into more financial trouble and may leave you with added debt. Here are the 5 things you should know about quick cash loans: 1. They may not be instant You may apply for a quick cash loan considering that you will receive the funds instantly. But you should know that even if the loan application process is quicker, it usually takes time to get funds into your account. Typically, a lender takes a few hours to a few days to deposit funds into your account once approved. For example, if you submit your loan application today, you might get a loan the next business day or the lender might keep you waiting if they need more information from you. 2. You will pay a high interest rate Loans that are marketed as quick cash loans are actually payday loans or cash advances, which come with exorbitant Annual percentage rate (APR). According to the Consumer Financial Protection Bureau, payday loan lenders typically charge fees of around $15 for every $100 loaned, depending on the loan terms and the laws in your state. This equates to an APR of almost 400% for a two-week loan. Other instant loans may charge even higher fees, with equivalent APRs of around 700% to 900%. 3. They are small loans
Quick cash loans are usually small loans. This is not a loan that you are looking for if you are expecting to fund a major home renovation. The borrowed sum could be as low as a few hundred dollars because they are commonly seen as loans that help during emergencies. 4. You will have to repay in a short period Short-term loans must be paid back in a short period, which can be as soon as your next payday, or within two weeks. You don’t have much time to repay the loan, which may trap you in a cycle of debt. 5. You can get a loan with bad credit Quick cash loans might attract you because they are provided even if you have bad credit or less-than-perfect credit. The majority of the lenders who offer quick cash loans don’t check your credit score. These loans look attractive but won’t help you build credit if the lender doesn’t report your payment history to the credit bureaus.
So, would you apply for a loan that puts you into more trouble or instead prefer an alternative to these quick loans? If you need any other loan, consider applying for a line of credit. Top lenders like Advance Financial will offer you a loan of up to $4,000 (varies depending on the state you live in) and the convenience to repay the money in flexible payments every month.