Life is uncertain. If your car breaks down while you are driving and you don’t have enough cash on you, in this situation you will need immediate financial assistance to find a solution. An instant cash loan is an answer to all the inconvenience in your life.
An instant cash loan is also known as a payday loan, fast cash loan, cash advance and offers the facility of getting quick cash deposits into a borrower’s bank account within days. They make your life so much easier than queuing for money from a commercial bank.
This article will guide you about the nine advantages of instant cash loans. Let’s get straight to the point!
Fast money transfer to your account
It’s called an instant cash loan for a reason – it doesn’t take long as it aims to address your immediate problems. The best part is that there is no credit check – you can get the money ASAP. There is no need to wait for the lender to review your credit or references.
As long as you have a steady income each month, you can easily get an instant cash loan. There is no need to worry about anything. The money will go to your account electronically without you needing to move a muscle.
It is suitable for all expenses
With an instant loan, you don’t need anything as collateral. This is because it is an unsecured personal loan. You can easily use the money for all types of expenses. It is not necessary to tell anyone the reason for taking the money. One should carefully consider all the expenses, decide on the amount they need, and then request the amount from the lender.
However, if it was a business case with a bank, you would need to present some sort of collateral to qualify for the loan.
Paperwork is not necessary
Getting a personal loan from the bank is a real headache. You have to submit tons of documents and verifications before getting approved. It used to take so much time and was not the ideal option for emergencies. However, there is no need for such problems in an instant cash loan.
You don’t need to submit a single document for an instant cash loan apart from the specific information the lender asks you for, and this too varies from case to case. And in less than 24 hours you will receive your money.
Flexible loan amounts
In most cases, you can apply for an instant cash loan and choose the loan amount. It can be lower or higher depending on your needs. The lender can always verify the required information and the nature of the work for which you will use the money, and then contact you again. And then, keeping everything in mind, they can find something for you. Regardless of the amount, the lender will most likely approve.
A low interest rate
Yes, the interest rate which is always a catch. If you’ve ever taken out a personal loan with a bank, you know that they usually charge a higher interest rate. Compared to other bank loans, an instant loan has a much lower interest rate. And most of the time, it depends on your lender. They decide how much you get to charge you interest.
If you can pay off your loan before your next payday payment, you’ll have less interest to pay. However, if you don’t pay this, your interest rate could go up. In such situations, your credit score can play a big role and you can easily get an amount lower than the interest rate.
They are available 24/7
Isn’t that so convenient? An instant cash loan can be taken out at any time of the day or night. Emergencies happen when you least expect them. In such situations, you cannot rely on your commercial banks to always be open and facilitate you at all times. This is why an instant cash loan will be there for you, and this is one of the main reasons why people opt for it.
One of the most important features of an instant cash loan is that it makes it accessible. As soon as you apply for an instant cash loan, provide all the necessary information the lender needs, and as soon as you get approved, you get the money. The money arrives in your savings account and you can then use it as you see fit.
It stays true to its name – most instant loan applications are made and received the same day. Approval takes a bit of time, but there’s no going back once you get it. It is one of the most promising and convenient ways to deal with all your emergencies without having to ask your friends or family for money.
This is a blessing compared to commercial banks that will not respond to your emergencies or inconveniences and want to fulfill their financial document requirements, which is not the ideal situation.
Flexible loan terms
Whatever your ability, you can choose to pay according to that. There is no fixed repayment term – it can be longer or shorter depending on your agreement with your lender. Common practice is that if you qualify for an instant cash loan, your lender will offer you a long repayment term so that you are comfortable.
If you can’t pay your lender on the agreed payday, you can talk to them about increasing the tenure.
Whether you’re in an emergency or need extra cash for an extra expense, an instant cash loan is one way to go. It will save your hassle and time and will answer your problem instantly.
This article does not necessarily reflect the views of the editors or management of EconoTimes