There is no question that there are times when you will end up finding yourself in need of a little financial help to deal with unexpected expenses like your car breaking down or having to pay for a sudden medical bill. However, securing the money you need can sometimes be a challenge, especially if your savings are insufficient and your credit card is maxed out.
In such cases, seeking out cash loans from US Installment Loans can be a great solution worth considering, as this form of funding will allow you to cover these expenses almost instantly. Most of the lenders in their network can process your application quickly and efficiently, to the point that your funds will be made available as soon as the application is approved.
Furthermore, most of the loans you can get if you visit this page tend to be unsecured, which means that they don’t require you to put up any collateral like a car title or house. However, the downside of these loans is that they tend to come with higher interest rates and shorter loan terms, compared to traditional bank loans. As such, these loans are best suited to be used as a one-time fix for dealing with small unexpected expenses.
What Are The Most Common Types of Quick Loans?
Payday loans: Payday loans tend to come with short repayment periods of about 2-4 weeks, as they are meant to be fully repaid by the time your next paycheck arrives. They are a great option for those in need of urgent funding, as they can often be processed within the same day of approval, making them ideal for dealing with sudden cash emergencies. However, the downside is that they tend to come with extremely high interest rates, which often makes them very difficult to repay.
Cash advances: Many credit card issuers and alternative online lenders tend to offer their customers small cash advances that can be accessed almost instantly, compared to most other traditional loans. However, the problem with cash advances is that, much like payday loans, they tend to carry very high interest rates.
Personal installment loans: Compared to payday loans, personal installment loans tend to come with lower interest rates, and rather than pay back the full principal and interest in two weeks, they can be repaid over a series of monthly payments. This makes them a great choice for borrowing large sums of money, but the downside is that, in order to qualify for favorable lending terms on these loans, you will usually need to have a good credit score.
How to Apply for a Quick Cash Loan?
The good thing about applying for quick loans is that the process tends to be fairly simple, as you can head over to a storefront lender or find an online credit broker, which will allow you to choose from a wide variety of direct lenders. If you decide to apply online, you will simply need to fill out an online application form, which should only take a few minutes to complete.
Also, the benefit of these lenders is that most of them don’t typically perform hard credit checks like banks, but rather soft credit checks to make sure that you are employed and can afford to repay the amount you borrowed. This also means that you don’t have to worry about your credit score being negatively affected or your loan application taking too long to be processed.
Aside from that, the lending terms and conditions do not tend to be as strict as traditional loans, and once your loan is approved, you can usually expect to receive a check on the same day or the following business day, at the latest. After that, you will usually be expected to repay the borrowed amount with interest on time. Otherwise, you risk falling further into debt due to late repayment penalties.
What To Consider When Choosing Quick Loan Lenders?
APR range: Most quick loans tend to come at a cost, like high interest rates, low loan limits, and even high origination fees. In this respect, it is often a good idea to always reevaluate the loan’s APR as you look to compare online lenders and secure yourself the best deal possible.
Maximum loan amounts: You also need to ensure that the lender is able to offer you a loan amount that is sufficient enough to fulfill your needs, as each lender tends to come with their own loan limits. The challenge is to find yourself a lender that can provide you with the amount you need without having to deal with exorbitant loan fees and interest rates.
Repayment period: Assessing the loan’s repayment period is one of the most important factors to consider, as it essentially affects the size of your loan payment. A good rule of thumb is to always opt for the shortest possible repayment term, as this would mean that you will end up paying less interest over the life of the loan, despite the fact that this also means having to deal with a larger monthly payment.
Lending reputation: It is also important that the lender you partner with has a good reputation, which means doing your due diligence on consumer review sites to gather customer feedback. However, it is often best to use a credit broker, as these services usually vet their partner lenders, in order to ensure that borrowers don’t end up falling victim to unsavory lending practices.