Online fast cash loans - how it works 1

Online fast cash loans – how it works

A quick cash loan, also called instant loan, fast online personal loan, instant response online loan or online loans cash advance, is a small amount of cash granted as an unsecured loan, most of the time on a very short term – 14 to 35 days usually. The repayment of such a quick loan is subject to the next payday – the main reason why the credit score is most of the time not taken into account.

These quick loans are a way of taking in advance the salary and is therefore the amount granted is based on the applicant two most recent pay check stubs in order to verify the state of employment. Online cash advance loans are legally offered in only 32 states in USA.

There are the things to consider carefully when getting any type of fast cash, online personal loans or so. These include, but is not limited to higher interest rates. However, for some people, its advantages outweigh its disadvantages. For example, the fact that there has no collateral requirements, the borrower does not have to compromise its property for approval. Another convenient feature of online cash advance loans is that for this type of loan, you don’t need to produce much paperwork, nor it is required to have good credit score.

How does it work?

The basic process involves a loan organization granting an unsecured loan until the date on which the debtor receives his next salary. The approval depends on the applicant’s employment and salary. With regard to credit history, here no credit check is carried out since the approval is based on salary and incomes.

Use of money

You can use the borrowed amount for what it deems appropriate and the lender will not ask what the purpose of the loan is. Most people who apply for fast loans do so to cover some emergency expenses such as medical bills, car arrangements or urgent house repairs. Basically, there are no restrictions for what you can use your money, it only depends on you.

Amount of money

The online lenders only offer small loans, anyway – not greater than the next salary. The amount ranges from $100 to $1000. Now if this is your first time, usually would lend up to $500. This amount will depend also of the laws of the state in which you live.

Costs and fees

Usually they charge a fixed amount you borrow rate. This fee can range from $ 10 to $ 30 for every $ 100 borrowed, depending on the lender and the maximum amount allowed in your state. A cost of $ 15 for every $ 100 is typical, for example if you need to borrow $ 300 before your next payday, you must pay $ 345, assuming a cost of $ 15 per $ 100.

Some entities are given the option to extend or renew the term of the loan for another two weeks, but this brings an additional cost. For example, if you pay a renewal fee of $ 45 over the original fee of $ 45 US dollars, the total cost will be $ 90 for a $ 300 loan.

The online application

Today the process of getting fast payday loans online has been simplified enough for you to get your loan immediately: To get a payday loan online all you need to do is:

1- Fill online form

Fill out a short application which includes basic information such as name, date of birth, address, occupation, salary, telephone number and e-Mail etc… It takes only a few minutes to complete.

Wait 2- instant response

Wait a couple of minutes to see if your application has been approved.

Wait 3- Contact the lender

If all is well and is approved, a representative of the lender will contact you by email or phone, check the information and send you a contract.

4- Sign the contract

If you agree with all the conditions listed in the contract, then just sign the Internet contract via electronic signature.

These are general rules and requirements since the laws relating to payday loans or fast loans are highly variable between different states within the United States.