Borrowing money from a traditional financial institution can be notoriously slow when it comes to loan processing and approval, and it isn’t the most viable solution when you need fast cash.
We can help you find a lender with quick processing, approval, and funding times, allowing you to address your financial needs as fast as possible. All you have to do is fill in the online form, and a trusted third-party lender can give you an offer today.
Want some more information before you decide? No problem. In this guide, we’ll discuss what fast cash loans are, their different types, and how to obtain a loan.
What Is a Fast Cash Loan?
With a fast cash loan, you can secure funding in the shortest amount of time possible, which is crucial when you’re in a financial emergency. If you’re looking to obtain a quick cash loan, two of the most important factors are quick approval and quick funding times.
Due to their defining traits, quick cash loans are often mistaken for payday loans or online cash advance loans. However, by their categorization, quick cash loans encompass a wide variety of different financial loan products, ranging from short-term small-dollar loans to long-term installment loans.
What makes these loans popular, aside from their approval and funding speed, is that they’re often quite appealing to borrowers with poor credit scores since most lenders don’t usually require hard credit checks for eligibility purposes.
Unfortunately, fast cash loans aren’t without their downsides, and depending on the type of the fast cash loan, they most commonly include high interest rates for long-term loans and high annual percentage rates (APRs) for short-term loans.
Types of Fast Cash Loans
Fast cash loans are personal loans that might be either short-term loans or long-term loans, with unique advantages and drawbacks, depending on the type of loan. Here’s a quick breakdown of all the different types of fast cash loans:
- Payday loan: Payday loans are unsecured, short-term, small-dollar loans that are typically granted on a two- or four-week repayment term, which you’re expected to repay on the next due date; typically by your next payday. Due to high APRs and associated fees, payday loans tend to be exorbitantly expensive, which is why they’re best avoided when possible.
- Title loan: Title loans are secured loans in which you submit the title to your vehicle as collateral for the loan. The good thing about these loans is that they’re more affordable compared to payday loans, and you still get to drive your car during the duration of the loan. However, if you default on the loan, the lender has the right to repossess your car.
- Credit card cash advances: This implies borrowing cash against your credit card limit. These loans also come with high interest rates and fees.
- Installment loans: Installment loans are personal loans in which you borrow a lump sum, which you repay in fixed monthly payments. They’re the most affordable option since the APRs are capped at approx. 36%. However, if they’re marketed as installment loans for bad credit, you can expect their interest rates to be higher.
Please note that quick cash loans aren’t limited to the aforementioned loan options; the options we listed are the most common quick cash loan options you can come across in both traditional financial institutions and online lenders.
Where to Get Cash Loans Today
While you can get fast cash loans from banks and credit unions, traditional financial institutions are notoriously slow when it comes to application processing and approval. When you’re in a financial emergency and you’re looking to gain access to quick cash, online lenders are much faster when it comes to application processing and loan approval.
Thanks to the advent of the internet, online lenders now provide online applications, which allow you to apply, learn whether you pre-qualify or not, and receive loan funds entirely online. You can do all of this on your favorite electronic device, be it a PC or a smartphone, from the comfort of your home.
However, you still have to find a reputable lender that you’d borrow from, and with so many options on the market, finding the right lender may take hours and hours of searching and comparison.
Additionally, you’d have to send in applications to each lender to maximize your chances of securing a loan, and that also takes time. Fortunately, we have a solution for that particular problem; simply fill out the form on our website by accurately entering relevant information.
We’ll then pass your loan application on to our vast network of associate lenders for them to review and make a financing decision. It’s like applying to multiple lenders at once, so you really shouldn’t be surprised if you receive several loan offers.
You should only accept the loan offer that appeals to you the most, after which the lender will send you the loan agreement detailing the loan amount, APRs, fees, and repayment terms. Afterward, the lender will deposit the loan funds into your bank account, and direct deposit to your checking account or savings account.
How to Get a Cash Loan Today
The advancement of the internet allows the lender to offer their services online, which has streamlined the loan application process, making the entire ordeal faster and much more convenient. Success is where preparation and opportunity meet, and in this section, we’ll go over steps on how to get a cash loan today.
Do Your Research
This is the first step in getting a cash loan, and it encompasses researching potential lenders and learning what your credit score is. The former is important because you want a lender who’s offering a loan product at a reasonable interest rate and repayment terms, regardless of what type of loan you’re looking for.
Pay attention to APRs, interest rates, repayment terms, and loan amounts, as well as any details in your loan agreement that might be written in fine print. Depending on the type of loan you’re looking for, fast cash loan amounts can range anywhere between $200 to $100,000.
When it comes to funding speed, most lenders offering quick cash loans online typically review the application and make a decision within hours, with same-day funding. However, it’s not uncommon for quick cash online loan lenders to deposit the money into your account on the next business day, either.
No matter the case, many of these fast financial solutions are aimed at borrowers with bad credit and poor credit history. Though these loans are often marketed as no-credit-check loans, the fact is that lenders do check your credit history with credit bureaus.
However, lenders don’t use your credit score to determine your eligibility for the loan. Instead, they use your credit score to formulate appropriate interest rates, with better rates reserved for those with good credit. It’s beneficial to know your credit score beforehand because the lender might ask you about it directly.
Gather the Necessary Documents
Fast cash loans, particularly those that are marketed towards borrowers with poor credit, typically don’t include stringent and complex requirements for obtaining the loan, such as hard credit checks with the credit bureau. With that said, there are certain documents you’ll have to submit at the lender’s request to secure the loan. These documents include:
- Government-issued ID: Lenders need to be able to identify you and confirm that you’re of age to enter a contractual agreement. Any government-issued document that can be used for identification, including ID, driver’s license, or passport, should suffice. You’ll also have to provide your personal information, such as date of birth, SSN, phone number, etc.
- Bank account info: Lenders need your bank account information so that they may deposit the loan funds once your loan has been approved.
- Proof of income: Proof of income, such as a pay stub or a bank statement, demonstrates your ability to repay the loan, which is one of the requirements for the loan. You might also have to provide the lenders with proof of residency; any document with a visible address that has been addressed to your name should suffice.
- Other loan-specific documents: This refers to all the loan-specific documents the lender might require, such as a qualifying car title in case of title loans.
It’s best to gather all of these documents before you apply for the loan, as it streamlines the application process.
Fill Out an Application
Fast cash loans are distinguished by the fact that the entire application process and loan approval tend to be complete within hours, and gathering the necessary documents streamlines the process further. Once you’ve selected a suitable lender and gathered the documents, you should apply for a loan.
However, this is usually easier said than done, considering that you have to apply and submit the necessary documents, and if you’re looking to maximize your chances, you’re more than likely to apply at several different lenders.
However, this strategy requires time, something you might have very little of if you’re in a financial pinch. We suggest that you fill out an inquiry form on our website, and we’ll pass it on to our associate lenders for review. Afterward, you’ll likely receive a loan offer, the specified amount, and repayment terms.
Repay the Loan
Once the loan amount has been deposited into your bank account, you should repay the loan as soon as possible. Depending on the type of loan, you might also have some refinancing options at your disposal in case you can’t repay in time or pay the monthly installment.
Cash Loans Today for Bad Credit
As mentioned before, fast cash loans are also designed and marketed to borrowers with bad credit, granting them access to financing options, though at higher costs. In most cases, the lenders check your credit, but it is not for eligibility purposes.
Instead, they use your FICO score to determine the appropriate interest rates and repayment terms. Naturally, better rates and terms are reserved for borrowers with better credit. Those whose credit isn’t as great have to suffer greater interest and less favorable terms due to the higher risk perceived by the lender.
Frequently Asked Questions
Here are some of the most commonly asked questions about fast cash loans:
The fastest way to secure an emergency installment loan is to apply for financing at a reputable online lender. Just gather the necessary documents we mentioned in our guide and submit an application form on our website. We’ll do the rest.
Note that it’s not uncommon for our clients to receive several loan offers at once. You’re under no obligation to accept any offer you don’t like.
Yes, some lenders offer emergency installment loans to borrowers with bad credit. However, while these are often marketed as no-credit-check loans, most lenders do perform a soft credit check. This credit check doesn’t affect your credit score, and it’s not used to establish eligibility for a loan.
It’s also worth noting that, despite marketing their loan products as no-credit-check loans, most lenders do have a minimum credit score requirement, though that requirement is lender-specific.
In most cases, the lender will charge you late fees and penalties if you miss a payment, which will negatively impact your credit score. However, if your financial situation has taken a turn for the worse, you can discuss refinancing options with your lender.
Refinancing will enable you to repay your loan in more accessible installment amounts but in exchange for a longer term and even higher interest.
Yes, emergency installment loans are perfectly safe. Most states put a cap on interest and APRs associated with emergency installment loans (capping them at a maximum of 36%) to protect borrowers and consumers from predatory lending practices.
Summary
Fast cash loans are loans that are typically processed and approved in the shortest amount of time possible, usually within hours following the submission of the loan application. If you’re looking to secure a fast cash loan as fast as possible, fill out the inquiry form on our website and leave us your loan application. We’ll share your application with our associate lenders, increasing your chance of securing a loan.