I Need Money Now to Solve Financial Contingencies
Instant loans can help you during emergencies. There are no stringent requirements, such as thorough credit cards check ups, financial background history checkups and many more. In addition, it takes less than 24 hours to process these loans.
There are different loan borrowers as well as loan types out there. For instance, there are mortgage loans, education loans, home loans, car loans, just to mention a few. These loans are usually large sums and takes time to get processed. Now, what do you do if you want money fast? Does it mean you have to do odd jobs to get extra money? Does it mean you have to look for other side jobs to earn money that moment? That’s where instant loans come in.
Finding Instant Loans: Imperative Information
Today, finding quick loans is fairly straightforward. There are countless lenders in the market who lend money quickly to borrowers, and this make it a challenge to identify the right lender. Before picking a lender, it is imperative to make sure that they have private policy in place as this will help you make transactions securely. Some common loans that you can apply for if you’re in need of cash hurriedly are:
- Short-Term Loans – The application process is simple and easy. You will know right away if your loan application is approved or not.
- Cheque Advance Loans – Cash advance is also a common type of instant loans. This type of loans is also called payroll or paycheque advance. These loans are small and the repayment time can be less than a month. In most cases, collateral isn’t required to get these loans but the borrower must write a cheque that equals to the amount borrowed and services provided by the lender. Late fees are applicable if you don’t pay the loans according to the agreed schedule.
- Online Loans – Many lenders operate online nowadays. These lenders perform credit checks and provide loans as well. The good thing about applying for online loans is that the loans can be accredited to your savings or checking account within 48 hours. Money is deducted automatically from your savings or checking account to repay the loans depending on the agreed repayment period.Collateral is required to secure these loans but that depends on the amount borrowed. Larger loan amounts can be borrowed if there is sufficient collateral or equity irrespective of credit score of the borrower.
- Automotive Title Loans – Automotive title loan is also a common type of instant loan. The main collateral required to secure this loan is an automotive title. There is no intensive credit checks involved when applying for these loans. The repayment period also vary from one lender to the next.
Instant Loans: Solving Unexpected Financial Problems
I need money now question can be solved by opting for an instant loan, commonly known as payday loan or cash advance loan. In fact, many loan providers issue these instant loans without performing thorough credit checks.
Just as mentioned previously, applying for regular loans is time-consuming and the success rate is usually lower. In fact, a borrower with bad credit score can face a lot of difficulties to secure these loans. Such a borrower can still secure instant loans comfortably.
There are a number of things the borrower is supposed to do to qualify for the loans. For example, the borrower is required to send some documents for the loan to be processed and approved. Loan providers usually insist on the following prerequisites:
- The borrower must be 18 years old and above.
- The borrower must be working or employed (This is because borrower’s paycheck is the main guarantee of these loans)
- The borrower must have an active checking account (Instant loans are deposited in this account and deductions are made from the same account to repay the loans)
- The borrower must receive the salary through his or her bank account.
- The borrower should have a chequebook.
The point here is that the emergency fund will settle your urgent expense when you haven’t received your salary. As mentioned, the loan amounts given as instant loans are smaller and the repayment schedule is shorter (few weeks or days). However, if the repayment period is longer, for example, 12 months or more, then the borrower can secure a larger amount.
Even though accessing quick cash is something anybody would wish, especially during emergencies, the interest rate can be a major damper. Almost all instant loans come with expensive interest rates. Since instant loans tend to be costly, most people don’t like borrowing them continuously.
The market is already flooded with instant loan providers charging outrageously interest rates since most countries do not have agencies to regulate them as mortgage lenders. But you can shop around and compare different options available to find the one that meets your personal tastes. All in all, if you’re wanting a personal loan during emergencies, instant loans can be a great option.