Short term cash lenders are a lifeline when you desperately need quick cash to cover bills between paychecks. Not all lenders are created equal. Some have application processes and requirements that are lengthy and rigorous. Others have rapid application processes and simple requirements. A handful can even approve you for a next-day cash loan through a huge network of local lenders. Here’s how it works.
Basic Requirements to Get a Fast Cash Loan
Large networks of short term cash lenders offer payday loans and installment loans even if you have bad credit and no collateral. To qualify, you must be at least 18 years old, have a job and a checking account. To apply, just transmit legible copies of relevant documentation. You can do this online or at a brick-and-mortar location near you.
Approval typically takes minutes, and getting approved before the end of the business day means you can get your cash loan as early as the next business day. You have the choice of receiving your loan via direct deposit or having it wired to you.
Installment vs. Payday: What’s Best For You?
There are no hard and fast rules about which type of personal loan to apply for. Both installment and payday are types of personal loans. The former offers the flexibility of letting you repay it in installments over a designated period. You can occasionally renegotiate your payment plan to better suit your finances and pay schedule.
As their name suggests, payday loans are typically due by your next payday or your next two paydays. Similar to an installment loan, a payday loan is a great way to access cash rapidly to avoid late fees, overdraft fees, to pay bills or settle unexpected expenses. You can also use your loans for school fees or to cushion your existing income when the holidays roll around.
For more info about short term cash lenders, visit Short Term Loans, L.L.C., the leading network of short term money lenders in Oswego and Montgomery.