Are you wondering what a fast cash loan is and where to get one? If so you’ve come to the right place, because in addition to helping you find out where to get a fast cash loan online, we’ll also discuss what they are, as well as pros and cons.
Whether the result of a medical emergency, surprise home expenses, or just the accumulation of bills, most of us will experience some financial struggles at some point in our lives. Looking for additional cash to help fix the problem may end up being a larger issue.
While there are plenty of people lucky enough to have family and friends that can help in case of an emergency, that’s not always the case for everyone. If you find yourself in need of some money, without anyone to help you out of it, then you may be considering a fast cash loan, also known as a payday loan.
What Is A Fast Cash Loan?
A fast cash loan, more commonly known as a payday loan, is a small dollar loan that is usually between $100 and $1,500. The term for repayment is typically due in a single lump payment on your next payday, generally within two weeks. These types payday loans Connecticut of loans have several different names, so if you’re still wondering what a fast cash loan is, you may know it by another term:
- Payday loan
- Cash advance
- Short term loan
- Payday advance loan
- Fast cash
- Fast loan
- Bad credit loan
- Deferred deposit transaction
- Paycheck advance
These loans will typically target people with poor or no credit, or those without much financial literacy, who will need access to cash immediately. They are often highly predatory in nature, but for those who need cash fast with bad credit or no credit and no other options, what other choices are there for quick cash in an emergency?
The Pros Of A Fast Cash Loan
There are some pretty good points in favor of taking out a fast cash loan near you or online. Some of these reasons are so attractive that lots of people will turn to them, even despite the consequences.
Arguably the number one advantage of a payday loan is how easy they are to access. In fact, most fast cash loan lenders will promise access to the cash within 24 hours along with an immediate lending decision on the loan.
Unlike more traditional personal loans from banks or credit unions, fast cash loans will have fewer requirements in order to apply. In general, all you will need in order to apply and be accepted is:
No Credit Check
Most traditional loans will require good credit in order to be approved, but payday loans don’t require any information about your credit history. This means that fast cash loans with bad credit are easily attainable. Also, since they will not be looking into your credit, that will also mean there will be no hard credit inquiry, which can hurt your credit score and lower it by several points.
Unlike a car title loan, traditional auto loan, or mortgage, fast cash loans are not secured by any of your personal property. Those types of loans mean that if you default on repayment and fail to repay, the lender can legally seize the property in order to get their money back. While a fast cash loan is not secured, payday lenders will still have access to your bank account as a condition of the loan, which is an entirely different kind of risk. They will also be able to take other measures, such as sending your debt to collections or suing you over the outstanding balance.
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