When times are tough financially and you need a little cash to tide you over until your next paycheck, a fast loan can be the perfect solution. Fast loans provide cash without the hassle of providing collateral or committing to a long-term financial deal.
Fast loans come in several different forms, each with different rules and regulations. You can get loans for any number of reasons, from help with mortgages to personal loans to cover any and all of your expenses until payday rolls around.
The two most popular types of loans are payday loans and cash advances. Both have their advantages and disadvantages, and both are available relatively quickly and easily to those looking for quick financial help.
Sometimes called a payday advance, payday loans are designed to cover your expenses until your next paycheck. The great thing about payday loans, though, is that they’re unsecured loans. This means that you won’t have to offer up and collateral in return for the money.
How Do I Get a Payday Loan?
There are two options when going about getting a payday loan. The traditional method is visiting a lending store, which acts similarly to a bank. The other, faster method is to work through an online lender.
Lending stores are the more traditional model and offer you the benefit of getting cash fast and having someone there to answer all your questions along the way. Not all lending stores have the same policy, so feel free to do your research before you take any money out. If anyone you know has taken money out before, ask how their experience went. Or, do a quick online search to see which lending stores have the best reputations for customer satisfaction. Think of it as searching for a bank—you want one with the best benefits, the best reputation, and the least amount of fees. It’s your cash, so use it wisely!
Lending stores will often require you to write a postdated check for the amount of money you’re borrowing. Once your loan is expired, they’ll simply cash the check and the transaction is complete. However, if you’re short on funds to pay them back with, you might face a bounced check fee from your bank. So, be careful with the amount you choose to borrow. The less money you borrow, the less you’ll have to pay back in the long run.
You will have to fill out a short application on their site. www.instantloannocreditcheck.com will ask for some sort of employment verification; this can be done through paystubs or previous bank statements. You will also provide the site with your bank account information, which the site will use to deposit money into right after you’re done with the application process. Once your loan period has expired, the lender will take the money directly out of your account, along with any fees or interest that your loan has accrued.
Another type of fast loan is the cash advance.
A cash advance is provided as a service through most credit card distributers. The service allows cardholders to go to a bank teller or ATM and withdraw cash, up to a certain limit, using their card.
How Much Can I Withdraw?
The amount one can withdraw is based on your credit limit. The maximum amount of money you can take out is usually some percentage of whatever limits your bank or financial agency has placed on your card. As with payday loans, only take out whatever you feel you will need. Incurring unnecessary fines and interest can reek havoc on your credit score in the long run and create bad relationships between you and your bank.
What’s the Catch?
Sound too good to be true? Well, cash advances due incur fees. To replace a card’s interchange fee (the money banks pay each other for the use of their cards during transactions), you will be charged a small amount of money when you receive your cash. These fees are usually a tad bit more than the interest you would pay during a store purchase, but usually do not accrue a ton of interest if paid off every month. However, if the line is in credit, there is a chance that your bank will waive the fee. So, be sure to familiarize yourself with your company’s policies before taking out any type of money.
There are also certain types of purchases that one can make with a credit card that most banks will classify as cash advances. Things such as money orders, gaming chips, and lottery tickets will generally stick you with higher interest rates and a short interest-free grace period. Certain government taxes and fees will also come with the same kinds of restrictions.
While cash advances and payday loans provide a quick fix to emergency cash flow problems, there are things that all borrowers should be aware of. Know the laws and regulations in your state regarding these types of loans. And, make sure to look over any and all policies before signing on the dotted line. This is particularly important with online lenders. Make sure that your lender is credible and has a high success rate. Going with www.instantloannocreditcheck.com is a good bet because they have a good reputation. Being informed is the most important thing you can do to avoid being getting hustled out of your money.