Finding the Best Cash Loans Online
It can be hard when you’ve got unexpected bills or large expenses, or those times where you just come up short before your paycheck. There aren’t very many financial products that are designed for these situations. Some people use credit cards, but those come with a wealth of problems, and not everyone can qualify for a credit card.
The answer to these troubling times is the cash loan. Instant cash loans can get consumers the money they need now, without the hassle of bank loans or credit cards.
What is a Cash Loan?
A cash loan is a unique financial product designed to fill the gap between longer term loans and the need to have a continual revolving line of credit, like a credit card.
Cash loans work by writing a check or giving electronic access to your bank account to the lender for the amount of the loan plus the financing charge. You can pay the loan off in cash when your next payday comes around, allow the check to be deposited or the automatic withdrawal made, or just pay the financing charge on the loan and let the principal roll over to your next paycheck.
Cash loans offer tremendous flexibility. You can get a cash loan for nearly any amount, up to the value of your paycheck. This allows you to fill the short-term funding gaps that life throws at you sometimes, without having to worry about the risk and responsibility that comes with having a credit card.
Types of Cash Loans
There are two main types of instant cash loans, payday cash loans, and cash title loans.
Payday Cash Loan
A payday cash loan involves using a check or electronic access to your bank account as security for your short-term loan. You write a check or give bank access for the amount you want to borrow, and then give the lender permission to deposit the check or withdraw the funds on your next payday.
These types of loans are very easy because you don’t have to worry about keeping track of a balance or paying a monthly bill. Moreover, you set the limit on the cash loan, and so you’ll never have to worry about borrowing more than you can afford. Finally, as long as you have a stable paycheck, you’ll know exactly when you’ll be done paying back the loan.
Another feature for many cash loans is that you can keep the principal of the loan and roll it over to the next payday as long as you pay another finance charge. This is a vital feature, as problems always seem to come in groups. If something comes up and you can’t pay the whole balance, simply paying the finance charge keeps you in the clear.
Cash Title Loan
A title cash loan, or cash title loan, is the other major type of cash loan. Instead of using a check or electronic bank access as security for this loan, you use the title for your car. That means you don’t need to have a bank account or a steady paycheck to qualify for this type of cash loan, just a car.
Car title cash loans work much like payday cash loans. You get money while the lender holds the title to your car. As long as you pay off the loan within the agreed timeframe, or you pay the finance charge to roll the loan over, then you’ll get your title back and can go on your way. You can pay the loan back with cash, a check, or an electronic transfer.
Title loans are the best option for people who need a short-term funding solution, but are in between opportunities, or who need more money than they get from a single paycheck. Fast cash title loans usually have a slightly longer term than payday loans, which reflects the higher value of the loan. Just like payday loans, title loans can fill the gap between larger term loans from a bank, and the need for a credit card.
Cash Loans Online
One of the best things about the internet is that you’re now able to get cash loans without ever leaving your house. Instant online cash loans are a great solution to people who need money because they’re too sick to work, as folks who are too sick to work are usually too sick to make it out of the house to get a loan.
Online cash loans can give an instant decision about whether or not you qualify, and the funds can be disbursed to your account instantly as well. Online cash loans are also a great option for people who live in remote areas, and may not have a brick and mortar speedy cash loan office near them.
Another advantage of online cash loans is that you can compare the rates you’re offered and find the right product for you. Our site is dedicated to helping you find the best cash loan for your particular situation. When you’re in person at a brick and mortar location, it can be challenging to go around town and ask different cash lenders what their rates are. This process takes a great deal of time and energy, and when you need a fast cash loan, the last thing you have is extra time and energy.
Looking for a cash loan online also lets you read reviews of different companies before you do business with them. Therefore, you can get a better idea about what kind of customer service they offer, and find out if there are any hidden fees or other problems that people sometimes encounter with local cash loan operations.
Online fast cash loans can be secured with access to your bank account to make an automatic withdrawal on your pay date, or they can be secured with your car title, just like the cash loans that you get in person.
Cash Loans and Credit Checks
Sometimes people look into cash loans because they can’t qualify for a credit card. Frequently, the problem people have with getting a credit card is that they have a bad credit score. A poor credit score can come from many sources, including identity theft, stolen cards, reckless spending, medical emergencies, lost jobs, garnished wages, incarceration, and plenty of other causes.
Quick cash loan companies don’t use the same kind of check that credit cards use. Credit cards perform a hard check with the three major credit reporting agencies, Equifax, Transunion, and Experian, to get a credit score, usually a FICO score or a Vantage score. This hard check can lower your score, and looks at a lot more information than the kind of credit check that some cash payday lenders use. These lenders, if they do any credit check at all, do a “soft” credit check. This doesn’t show up as an inquiry on your credit report, and so it doesn’t affect your score.
Many speedy cash loan companies don’t perform credit checks at all. Instead, you just need to show proof of income. This usually comes in the form of a bank statement or a paycheck stub. Once you show that you have a steady source of income, and what that level of income is, you can qualify for most cash loans.
The fact that cash loans don’t involve a credit check make them a valuable option for many consumers. Consumers with a low credit score, consumers that don’t want their other lenders to know that they were looking for a cash loan, and consumers who are trying to avoid having a hard credit check on their record because they are repairing their credit, can all benefit from cash loans without credit check.
Cash Loan vs Credit Card
Fast cash loans fill a similar role to credit cards. They are both financial products used to cover a short-term deficit in funds so that you can buy the things you need and pay for them later. While credit cards have their place, there are several advantages to using a cash loan places when compared to a credit card. Some of these benefits include:
- Control your balance – with a cash loan, you can request the amount of money you need. This lets you control your loan balance so you can make sure it’s never greater than an amount you can afford. Credit cards can be tricky because the company sets the limit on the card. If the limit is too low, then you won’t have access to the resources you need. If the limit is too high, you have security risks from theft, and might have problems fighting the temptation to buy things you want but can’t really pay for. Cash loans help you avoid this temptation, while ensuring you have the funds you need to cover your bills.
- Know your terms – credit cards often have variable interest rates. If interest rates go down, then this can be good. However, in these unpredictable times, it’s hard to tell what the interest rate will be from one month to the next. With a smart cash loan, you’ll know exactly what you’re paying for your loan ahead of time. That allows you to plan the loan into your budget with an accuracy you don’t get from variable rate credit cards. After all, everyone knows there’s almost nothing worse than opening a bill and realizing it’s 25% higher than you had planned.
- Get cash now – another benefit cash loans have over credit cards is that you can get same day cash loans. This makes them vital for people who encounter unexpected emergencies. If your car breaks down and you need to get to work, you don’t have time to fill out a credit card application, wait for a response, possibly fill out more paperwork, and then wait for the company to send you a credit card. Instant cash loans put cash in your hand or money in your account right away, so you can spend it on whatever you need.
- No credit check – cash loans don’t have credit checks like credit cards do. Cash loan places that do have a credit check use a soft credit check, which doesn’t show up and doesn’t lower your credit score. Most cash loan and check cashing loan places only require that you show proof of income. That means as long as you have a paystub or a bank statement showing that you have a source of income, you can qualify for a cash loan.
- Flexibility – cash loans are much more flexible than credit cards. You can’t pay with a credit card for every expense you have. However, everyone takes cash. Moreover, you can get a cash loan when you need it, and pay it back when you’re done. If you get a credit card, there are serious implications to closing the account. However, if you don’t close the account then you run the risk of someone using it through identity theft or a stolen card. This puts consumers in a bind that they don’t experience with a cash loan.
As you can see, there are many benefits for cash loans over credit cards. Make sure that you’re using the right financial product the next time you face unexpected costs. Whether it’s medical bills, a broken car, extra bills, or holiday or birthday gifts, cash loans have the speed, security, flexibility, and control that you deserve.
Understanding Fast Cash Loans
In order to get the best deal on cash loans, and to take the most advantage of our handy website, you need to understand the different parts of cash loans.
The first thing that you should look for when comparing cash loans is the interest rate. Sometimes this is called the discount rate. This number is essentially how much you’ll pay to get access to the loan. Most cash loans offer interest rates that are lower than you’d get for a credit card. The better your income relative to the loan that you’re asking for, the better the interest rate you’ll get. This holds true for title cash loans as well. If you offer the title of your $10,000 car as security on a $1,000 loan, then there’s very little risk to the lender, so you’ll get a lower interest rate on your cash loan.
As with any financial product, you should also look at what kind of fees and charges particular lenders require. The best instant payday loans are those that do not have any hidden fees or charges. Some lenders are sneaky, and will hide various charges to make the loan cost more than you think it will be looking at the interest rate alone.
These charges and fees can include things like an origination fee, which is a fee the lender charges you to give you the money. Origination fees can range from 1-5%, and usually come directly out of the money that you’re getting from the lender. That means if you take out a loan for $1,000, and the lender charges a 5% origination fee, you’ll only receive $950, but will still be responsible for paying back the full $1,000, plus the interest.
Lenders also sometimes charge closing costs. These are fees to process the paperwork involved in the loan. They are much more common when buying a house or a car, but some payday lenders have been known to employ them.
Furthermore, you should make careful note of any late fees or charges. This is especially true with a title loan, as contracts are sometimes worded so that if you are late then you permanently lose your car title, and still have to pay back the loan. This can be devastating for consumers, and is a good reason why you should pay close attention to how the loan operates.
The best way to figure out what the due dates and late fees are for a particular instant cash loan is to pay close attention to the terms. The terms of a loan are the rules that both parties in the loan agree to in order to execute the contract. Terms include things like how long the borrower has to pay the loan back, what kinds of penalties exist for late payments, if the loan can be rolled over by paying a finance charge, what the interest rate will be, and other associated fees, charges, and costs. Understanding the terms will allow you to understand the loan as a whole.
Finding the Best Payday Lender
When you’re looking for an instant cash loan, there are several things that you should look for. One of the best options for many consumers is payday loan no credit check. Finding a lender who will take a pay stub or bank statement as proof of income for you loan can help you avoid getting higher interest rates on future financial products. Moreover, no credit check cash loans also work better for people who have a job, but that also have a poor credit score for one reason or another.
The next thing you should look at when trying to pick the best cash loan is the interest rate. Ace cash loans will have lower interest rates, which mean that you’re paying less for the loan. Interest rates are how the lender makes money, so while the lender is entitled to turn a profit, you are also entitled to pick the loan that’s best for you.
The best instant cash loan will also have a clear description of any fees associated with the loan. Knowing what fess your lender will charge is essential to understanding the actual cost of your loan. This is important because a loan with lower interest rates can still cost more than another loan if it has lots of fees and charges. Pay attention to things like origination fees and closing costs so you can pick the best instant cash loan.
The best speedy cash loan also has clear and reasonable terms. These terms should include a repayment date that you can manage, and penalties that are not overly steep. There are some cash loan places that have contracts worded in such a way where late payments can incur huge fees that can double or triple the cost of your loan. You should stay away from these lenders, as that is a sign that they are looking for a way to take as much money from you as possible, rather than conduct an honest lending business.
When considering repayment terms, it’s also advisable to pick a payday lender who allows you to roll over your balance to the next paycheck. Many payday loan companies will allow this, provided you pay a finance charge. It can be well worth it to pay the finance charge to avoid paying steep late fees, or, even worse, lose your car in the case of an instant title loan. There’s a real risk of this happening if you can’t roll your loan over and you have another emergency before you have to pay your loan back. It’s best to protect yourself and make sure that you’re not put in an even tighter spot.
Finally, the best payday loans will offer you instant cash. The point of a payday or cash loan is that you need money right away. Stay away from cash loan businesses that have a waiting period. This is especially true for online cash loans, as these processes are supposed to be automatic.
As you can see, there are plenty of advantages to getting a cash loan. No matter what the loan is for, you’ll know how much money you’ll have to pay back, and when you’ll have to pay it. If you pick a loan with fast disbursement, a low interest rate, clear terms, and low or no charges or fees, you’ll be able to get through the tight situation that’s causing you to seek a cash loan, and come out on top at the end. Use our handy tool to find the best cash loan for your particular situation.