Knowing that there is a place you can go to get the cash you need in an emergency is a comfort we would all like to have. Now, we can. Regardless of your credit, now you can qualify for instant personal cash loans.
Some of these loans are easier to qualify for than others, so the one you will choose will weigh heavily on the condition of your credit. The lower your credit score, the less options you will have. Remember, though, your situation is never hopeless.
The two most common loans consumers are seeking these days are secured and unsecured personal loans. Both loans have their advantages and disadvantages. This is where you can step into the driver’s seat and decide which one is best suited for your needs.
In order to qualify for an unsecured instant cash loan there are a few requirements. The most common ones include your age, your employment status and your bank account. In most states, in order to be considered for a loan, any loan, you must be at least 18 years old. This is the age that you can become legally bound to a signed contract. The lender will also require you to provide some type of proof that you are gainfully employed. This is a way of knowing that you are more than likely going to make the effort to pay back the loan. Finally, the bank account is simply something they use as a way of payment. In order to make pay back less stressful, most instant cash loans will take your payment directly from your bank account. Thus, relieving you of remembering to write a check.
Qualifying for a secured loan is a little easier. A secured loan requires you to place into the hands of the ender something of value. The value will need to be at least, double the amount of the loan you are requesting. This will ensure the lender that you will make every reasonable effort possible to pay back the loan or you will be forced to surrender the property. The lender will have the right to sell the collateral in order to recoup any damages suffered.
The difference between a secured and unsecured loan is the interest rate you are given. By using collateral, your interest rate will tend to be lower, since the lender already has the ability to make the loan whole should you default. Since the lender is taking on the majority of the risk in an unsecured loan, your interest rate will be higher.
Once approved for an instant cash loan, you should have the money n your bank account within 24 hours. They can be a big relief when faced with a financial emergency.
What you as the consumer needs to be careful of is simple. Since these loans are easy to come by, you need to be careful, as to the reason you are seeking them. Never over extend yourself. Being responsible with your finances is the first step on your road to financial success.