The economy may be recovering but many people still find themselves in significant financial difficulty. For them, instant cash loans may be an easy way to make sure that they can meet certain financial emergencies. These loans can be applied for entirely online and acceptance criteria are generally very easy to meet. Once approved, the money can be in the borrower's account in just a few hours.
Why Instant Cash Loans Are So Popular:
The popularity of these loans is down to:
- The loan provider offering a quick and easy application process
- Almost everybody qualifying for the loans
- The money being available very quickly
- Problems being resolved in an instant
Although those loans are easy to apply for, you do have to shop around a little bit to find the one that is most suitable to your needs. Thanks to the internet, shopping around is easier than ever. One of the most important things to look for is the interest rate. It is generally advisable to find the lowest possible rate for the loan that you require.
Besides low interest rates, you should also look for lenders that have no processing fees, reduced penalties, no hidden charges, and easy repayment options. You also need to look at your personal financial situation, because you should only apply for these loans if you can actually pay them back. Because they are short term, you usually have to pay them back within just a few weeks (no more than 30 days), including interest, which means your next paycheck will be significantly reduced. You don't want to end up in a cycle of debt.
The application requirements are usually pretty much the same across the board:
- You must earn at least $1,000 per month.
- You must have a checking account.
- You must be at least 18 years old.
- You must be employed and have been for at least three months.
- You must be a legal US citizen.
While instant cash loans are very easy to apply for, they are not always the right solution. You have to make sure that you consider all of the possible options for your case. Do not be tempted to borrow more than you need because the more you borrow, the more you will have to pay back. Carefully consider your personal income before you take the loan out, because you will have to pay it back at your next payday. While you may be able to roll your loan over, this means you still have to pay the interest fee. And with high interest rates, this can become incredibly expensive.
To protect consumers, the government has ensured that you cannot roll the loan over, or reapply for a new one, more than a set amount of times. However, if you get to the maximum number of times that you can roll your loan over, you will likely have paid more than five times the amount you actually borrowed in interest fees alone. Hence, see these as a last resort emergency solution, and not as a way to get some quick extra cash for life's frivolities.