Almost everyone with a mediocre job experiences some financial issues at some point. However, even those with good income and good credit may also run short for cash, most especially if there are unforeseen expenses such as medical emergency and other expenses that need urgent attention. In times like these, you can obtain fast cash loans. Here are some facts.
1. No credit check
Your FICO score does not matter when obtaining cash advances online. So whether you have a good rating or bad rating, you are assured that you won’t be judged based on this aspect.
It is also important to note that while these loans are also referred to as bad credit loans, they are not only available for those who have bad rating. Anyone who can satisfy the minimum requirements have good chances of getting approved.
2. Secured or unsecured loans
Cash advances can be secured or unsecured. Secured ones require you to present a valuable asset as collateral. This can be in the form of jewelry, real estate properties or car ownership.
On the other hand, unsecured loans don’t require any form of collateral. If you are getting such loan via online lenders though, you can easily find unsecured loans. Most online lenders would not require you to present a collateral. However expect that the interest rate can be higher than for secured loans.
3. Online cash loans usually offer small amounts
Unsecured online cash advances usually offer from $100 to $1,500. While some lenders offer more than $1,500, the loan policies when it comes to the amount you can borrow remain the same: your income will determine the amount you can borrow.
You can check out your lender’s website to know how much your income range can borrow. If this is not available on your lender’s website, then call the company or talk to the company’s customer service representatives.
4. Online cash loans usually have short repayment term
They have short repayment term. This is because these loans are designed only for small, temporary financial problems that are urgent in nature. They are usually paid back in a matter of weeks or month, so make sure that you can pay your loan back within the loan term.
5. Online cash loans offer fast approval
If you are indeed in need of fast cash, cash loans can help you as these loans offer fast approval. You can get the money you need in as fast as within the day of application, which makes these financial source perfect for urgent financial situations.