Each of us may find ourselves between waves of expenses related to repairs of apartment, car repairs or you just have to pay for a medical appointment. Such situations always strain our savings and often require additional funds from outside sources.
According to the report issued by CNBC in 2020, millions of Americans cannot afford a one-time expense that exceeds 400$ (source:www.cnbc.com). Although the situation of most Americans can be regarded as stable, people who are currently going through financial storms should not be forgotten.
Luckily, fast cash loans come with a rescue mission. Thanks to non-banking institutions, these loans are amazingly easy to obtain, allowing us to quickly alleviate the emergency before we get into serious financial trouble.
What is a Fast Cash Loan?
When there is a lack of cash, a quick cash loan can solve your problem. It is helpful because you can use it for any purpose and all formalities can be completed without leaving home. The money usually appears in your account within few minutes.
A fast money loan is most often offered by lending institutions, but these are not banks. Nowadays, everyone can receive money via the internet – just request for a loan on the lender’s website and what is more, the process itself does not require many formalities. The bank’s requirements for borrowers are much more restrictive and the conditions of granting loans are dictated by banking law. Non-banking institutions are not subject to the same regulations as banks, so their approach to customers is more flexible.
These loans usually do not require any collateral, they do not operate on title loans basis, but their repayment time is usually quite short. The loan is easy to obtain and does not impose many legal obligations on a customer, and furthermore, it does not need any collateral, which results in a slightly higher interest rates and cost of granting the loan.
How to Request for a Quick Cash Loan?
Fast cash loans online only require an electronic request from the lending company of your choice that can be found on lender’s website. Each non-banking institution has its own rules for granting loans. Some of them verify client’s credit history and require an earnings statement, but there are also loans available for clients with bad credit score. The borrower must be at least 18 years old and able to pay back the intended amount. Remember to fill out the form according to the facts, because misrepresenting the actual financial solvency and providing the lender with false information is punishable under the law.
Once the request form for a fast money is approved by the lender and both parties agreed to the arrangements, the money should appear in your account almost instantly.
In some situations taking a loan online is the best solution, you save time by filling out a simple request form on lender’s website from home and it is clear that comparing several lenders online is much faster than going personally to several lender’s offices or banks.
Different Types of Fast Cash Loans
When we talk about loans that do not require filing out radical pile of documents and are granted in a truly short period of time, we distinguish two types of loans – Payday Loans and Personal Loans. The difference between these two loans lies in the repayment plan and the cost of providing the loan.
Payday Loans
The name “payday” of this loan already speaks for itself a little bit. Because it is the most popular form of loan taken by customers when they encounter sudden expenses, the repayment period varies from two to four weeks and should be paid back as soon as possible, i.e. on the day of the payday.
This loan is ideal for building or improving a credit score and it is worth emphasizing here that the better the credit history, the more the lender is favorable to confer on higher loan amounts with lower costs. But, by the nature of short term, this loan carries a slightly higher interest rate.
The average cost of a 100$ loan after two weeks is about 17$. When contacting the lender, it is worth to ask if there is a possibility of a paid extension of the loan. Such an option does not involve changing the interest rate or the number of installments but gives us chance to pay back a loan that will contribute to strengthening the good credit score.
Every person who decides to take a loan should focus on whether the lender is credible, otherwise our trust may be reforged into handcuffs of financial collapse.
Nowadays, the best way to check the credibility of a given institution is to check the opinions about it on various opinion-forming portals. If the lender is credible, has a lot of information on their website about their services, offers free money management guides and their offers are transparent, we know that working with such a lender will be a pleasure and you can learn something by the way. The portal that can be proud of this approach is ViLend.com with its extensive, diverse, and honest selection of offers. What is more, on their blog section you can learn a lot about how to invest, get out of debt or build a budget and more.
Personal Loans
The difference between personal loan and payday loan is that they are repaid on a monthly basis, the amounts are generally higher, interest rates are lower, and installments consist of smaller amounts. It means that personal loans are more flexible in agreements, but the repayment time is usually longer. ViLend.com adjust each loan to the requirements of the borrower, each individual requirement is considered, and the lender does his best to meet these requirements.
With this approach, ViLend.com specialists learn clients’ point of view and step-by-step adapt their system of offers to the requirements, which allows clients to invest more freely in their own future, and on the other hand, ViLend.com specialists become better in their profession – a profitable exchange.
Depending on the scale of the situation, a personal loan may prove to be the ideal solution to your problem.
Borrow responsibly with ViLend.com.