“Neither a borrower nor a lender be” that famous line from Shakespeare’s Hamlet! But is that something that channels its definition in the present context?
Indeed, NO! In the present scenario, it is a common practice for the consumers to borrow money, and the lenders are busy lending them. Recent research on financial records shows that around 80% of Americans owe an outstanding balance on their name; the type of debt may vary! That can be anything ranging from a conventional long-term loan like mortgage loans, student loans, and home loans at various terms and conditions. On the other hand, to aggravate the big numbers for a broader one, around 46% of Americans do not have enough cash to cover a debt of $400 at times. If your financial conditions seem similar to this, well, you may be one of those people who got their headcount for research!
Something in deep!
In earlier days, when people would apply for loans, they would be prepared to get the loan amount after a few days. There was no such thing as instant loans or immediate cash loans. If there was an emergency, they would depend on their near and dear ones to help them or in most cases, and they would use the saved money which they had kept aside to be used on rainy days. Things have changed quite a lot now. If you have saved money, it is definitely a good practice, but sometimes the saved amount also falls short of the requirement. An emergency needs to be dealt with immediately and for this you need to get a financial help. Fast cash loans come handy in such situations. These loans are instant loans and as the name suggests, they do not take much time to be processed. The fast cash loans are transferred in your account within the same day of your applying and sometimes take only a few hours to get processed.
Why go for fast cash loans?
The fast cash loans are helpful in managing small cash needs like clearing of your medical bills, food bills, other payments due or some kind of urgent purchases made by you. One thing that should be clear about these cash advances are that you cannot expect a huge amount of loan amount through these loans. Being instant loans the amount sanctioned ranges between 100 USD to 2500 USD to the maximum. Such loans do not require any kind of credit check and hence are even apt for people with a bad credit. There are many people who do not have any collateral or cosigner to help them take a loan, a fast cash loan again comes to their rescue. The lenders of such loans do not ask for any cosigner or collateral and hence proves to be a preferred loan scheme.
Is it helpful?
Fast Cash loans also known as payday loans have one major drawback, and that is its high rate of interest. This interest rate generally ranges from 10-20 percent. This drawback is usually not considered as a drawback as it is very convenient and easy for the borrower. So even if you are paying a higher interest rate as compared to that of other loans and schemes, irrespective, it is a great bargain for you as the lenders provide you instant access to your desired amount.
Instant loan decision
The thing which is different for the fast cash loans is that quick access to credit is given to you. Well, in case of any emergency, this can be a better option to get your work done if all others do not respond to your need. Interestingly, in recent times, around 50% of Americans backslide their credit reports for a good score. In fact, half of the population has a credit score below the coveted mark of 680. So, that makes them ineligible for getting loans from most of the banks in the US. That is something decided by the Federal Reserve Board of the country.
Now, the situation has many facets to cover. The inapplicability of people to seek financial help from most of the banks in US makes them unprepared to handle any emergency expenses or those unexpected ones in a short time. Paying the bills if the paycheck gets delayed can be a serious issue for most of your reading this! You may also require instant cash for medical emergencies, as they are something that does not tend to knock your door with much preparation!
Explore the various fast cash loans that allow you to opt for next day funding!
Best Egg is a popular online lender for quick cash with relatively low borrowing limits. Contrastingly, some borrowers may secure loans that are as high as $50,000. For the process, there is an origination fee that is around 0.99%-5.99% of the total loan amount. Moreover, if you are opting for a fast cash loan from this site, you have to go for various repayment terms as those are pretty well restrictive. Contextually, people who willingly go to be customers for Best Egg, must opt for funding the loan just a day after the loan has been sanctioned to them.
Talking about the credit score to have a deal with them! You are required to have a credit score of 640 to strike a loan for a decent interest rate, not too high, and that not too low. There are various state restrictions that you may qualify for some minimum amount, as suggested in the site.
It is a loan lending marketplace where you can have your fast cash just in a pinch. The loan amount can vary between $5000- $30,000 through this lending site. The time of funding id indeed, within one day of the quick loan acceptance. The range of loan is rather competitive, and that is majorly decided by your credit score, application, and income. There are no prepayment penalties, and the origination fee may be up to 8.00%. Well, for getting fast cash from this site, a minimum credit score of 620 is a just to have criterion.
Well, this is a San Francisco based company that offers fast cash for you at reasonable terms. The origination fee may range anything from 2.90%-8.00% of the total loan amount. The loan amount may vary from $1000-$35,000. It is to note that there are valid state restrictions that you must go through before opting for getting fast cash from this site.
Advantages of fast cash loans
A fast cash loan can be effectively handy to use in many emergency situations. It holds an excellent option for you while you do not receive your paychecks on time. You may have your bills and groceries that require an instant fast cash solution for keeping your financial aspects in track!
Well, contextually, a fast cash loan solution should always be considered as a short-term loan solution. If you practice this solution on the long-term aspects, that may adversely affect your financial budget.
Now if you have made up your mind of applying for a fast cash loan, do pay attention to the following eligibility criteria which you need to fulfill to get a loan:
- First and foremost, you should be a US citizen
- You should be about 18 years of age or above
- You should have a bank account
- And you must be an employed individual with regular income.
The fast cash loans do not require you to walk into the lender’s office. The whole processing of these loans are done online, and you can get these loans simply by sitting in your house and applying online. As these loans have no paperwork involved, you need not worry about fulfilling any formalities. Just apply for the loan online and sit back, relax and wait till the loan amount gets transferred to your bank account.