One of the worst things that can happen to anyone is to run into a situation where they are strapped for cash and can see no immediate visible solution to the problem. For employees, this is especially bad if they are still far away from their next salary.
Loans exist for this very reason - to ease people's financial burden so that they do not keel over for debt's sake. Loans typically have requirements that must be met before you can qualify for a loan. But if you have bad credit then I'm sure that you have been given the left hand of fellowship before while applying for a loan.
Thankfully, we now have lenders that offer loans types that are more accommodating; people with less than excellent credit now stand a better chance of getting their loan application approved - and faster too.
Of course, you need to and have a monthly salary that the loan repayment will be withdrawn from on a monthly basis. These are more or less the only requirements to apply for a quick cash loan.
Below, I have outlined a few loan types offered by these lenders that will enable cash strapped persons to get access to quick funds for varying reasons.
The first one is:
1. Cash advance
Imagine yourself standing in your boss's office and trying to explain to him that you will need cash advance on your next paycheck to meet some unexpected expense.
This is a really awkward and uncomfortable situation for any employee to find him/herself in.
Many times, we will decide instead to go to family or friends to get this advance, but even that can also prove to be another dead end.
For many lenders that offer cash advances, all you need is to complete an online application form, have your data verified and have your money in your account in as little as an hour.
It can even be faster on select occasions.
The repayment schedule for your advance is agreed upon during the application process and is part of your contract with the lender. This way there is no confusion, as you know exactly what you are getting yourself into.
2. Emergency loans
The word 'emergency' should give you a pretty good idea about how fast this kind of loan can be acquired. Maybe an unexpected medical bill, or light bill or any other payment with a deadline has come up and you have no way to pay the money.
For many lenders, the emergency loan costs anywhere from 3% - 6% per month, with an establishment fee of around 20% of the amount borrowed. So a $500 (with a cost of 4%) loan from a lender, if repaid over a month would cost around $620 ($500 × 24%). If the loan was to stretch into a subsequent month then the calculation will be $640 ($500 × 28%).
This turns out to a repayment of $160 per month over the course of four months.
3. Car Title Loans
This one requires collateral and the subtitle should tell you what the collateral is. For this kind of loan you need to sign over the title of your car to the lender. The lender has the right to repossess your car should you fail to complete the repayment within the duration of the loan.
Most car title loan lenders do not require you to have good credit; they have your car and that is all they need. While some lenders will require that you keep your car with them or even put a tracking device on it, most will let you keep driving your car while the loan is running.
No conditions, no tracking device, nothing.
Also, the time from approval to receipt of money can take anywhere from minutes to a few hours.
This type of loan is gaining popularity among borrowers and continues to grow. You should know, however that it is not accepted in every state of the US, so do your research properly before applying for this kind of loan on your state.
4. Leisure Loans
I use the word 'leisure' here loosely because there are times when your need for this kind of loan is a matter of emergency. They help to take care of travel costs of unexpected trips or trips that you have put off for far too long due to lack of finance.
It could be for family emergencies, weddings, new babies, funerals amongst others.
Another instance here would be for that holiday trip with your spouse that you have put off time and time again due to lack of funds. This one is not an emergency, but will definitely help your relationship. People who cannot keep waiting around for their next pay check can opt for this loan.
A leisure loan typically ranges anywhere from $200 - $6000. Filling the application for this loan should not take more than 5 minutes and once your application is approved you receive the notification to that effect within the hour on business hours.
The funds are transferred to your account immediately after approval.
Depending on the bank used by the borrower, the money will typically be accessible in your account the next day, so there is no waiting around for days to get the money in your hand.