How Cash Loans Work:
Online сash loans are designed in an easy and simple way, making them as convenient as possible for borrowers.
However, there are still a few things that you should understand before you take out a payday or installment loan. Both types of loans work very similarly, but there are some distinct differences which you should know about. Firstly, let's take a look at the application process and the three main steps which are taken.
1) Submit your request
All loans can be requested online, so no matter where you are, you can easily submit the information as long as you have an internet connection and a web browser. Our form will ask you for some basic details, such as your name, address, phone number and email address etc. All your details are encrypted securely using the latest technology, so you don't have to worry about your private information being breached.
We will then pass on this information to one of numerous lenders in our network and connect you together via our easy to use interface within 3 minutes. You will then be required to provide a little more information to the lender, such as your income and employment details. While we cannot say there will be no credit check, even if you have bad credit they will still consider your application. It may be that your current income is seen as more important than your past financial mistakes.
2) Get almost instant approval
If you're looking for instant approval you will be pleased to know that lenders can make their decision in as fast as 5 minutes. They will then make you an offer and provide you with all of the terms and details as required by law.
The vast majority of our users are approved by the lender, but remember if you are under 18, don't have a valid bank account or have provided false information, the system will easily block or reject the request.
Sometimes, the amount you have applied for might be too large, and the lender may offer you a smaller sum.
If you have read and understood the terms and are happy with the offer, you can click through to digitally sign the agreement. Before this step you are free to walk away with no obligation, and you are free to re-apply at any time in the future.
Please note that it is highly important that you completely understand exactly what you are entering into. If you sign the agreement you will be legally obliged to pay back the money on the due date, and you must adhere to all of the other terms as well.
3) Get the funds quickly
Once you've signed your e-signature and agreed to the terms of the loan, the money will start making its way into your bank account through the automatic clearinghouse system (ACH). The money will be sent to the bank account which you provided the lender during the application process. This is one of the reasons why you should check over your details and make sure they are definitely correct before submitting them at the start of the process.
The money will normally be in your bank account by the next business day, or within 24 hours. This can differ if you have applied on Friday or during the weekend, when banks are not in full operation. However, as long as you've signed the contract, you can rest assured that the money will be deposited as fast as the banking system allows.
A) Getting a payday loan
If you're thinking about applying for a payday loan, it's worth getting some specific information about these types of loans. The first thing you should know is that most payday loans range between $100 and $1000. By having this limit, lenders prevent customers from borrowing sums of money which would be impossible to repay on their payday. You should never borrow more than you need anyway, but the limit means that you are less likely to be stuck in financial difficulty on the due date of your loan. You will usually not be offered any more than a percentage of your monthly income.
Your credit score might not be used as the determining factor for approval even though credit checks are made. So if you've been rejected by the banks and other lenders, this is usually the best option for you. However, failing to repay the loan on time may damage your credit score further, so it is vital that you plan properly and budget correctly.
A payday loan is designed to give you some emergency funds when you are stuck in the middle of the working month. You will be required to pay back the money within two weeks, which normally coincides with your next payday.
B) Getting an installment loan
Like payday loans, installment loans are also unsecured loans which are simple to acquire. The application process is very easy, as can be seen above, and you don't need to meet any special requirements to be eligible.
Installment loans are more suitable for people who want a little bit more flexibility with their loan, or for borrowers who need more than $1000. These loans can be as large as $5000, so if $1000 simply isn't enough for what you need, you might want to consider applying for an installment loan rather than a payday loan.
You will still get quick cash with an installment loan, as lenders will deposit it at the same speed. However, rather than making one payment on your payday, you will repay the money each month for the amount of time which was agreed in your contract. This will include a portion of the principal and some interest.
If you're ready to get started, feel free to submit your request now!