Ste by step – the process of applying for online fast cash loans. Where to apply, how to apply, how to receive the money. Required documents and personal data
A quick cash loan is a small amount of cash granted as an unsecured loan, most of the time on a very short term. By short term you should read 14 to 35 days usually. Quick cash loans are many times named instant loans, online fast cash loans, instant response online loans or online loans cash advance. 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 fast cash loans are a way of taking in advance the salary. 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 without any restrictions.
There are many things to consider carefully when getting any type of fast cash loans. The most important aspect to take into account is the interest rate. However, for some people, its advantages outweigh its disadvantages. For example, the fact that there are no collateral requirements, the borrower does not have to compromise its property for approval. Another convenient feature of online fast cash 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.
Online fast cash – 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, usually there is no credit check carried out since the approval is based on the next salary (or other certain incomes).
The 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 granted usually ranges from $100 to $1000. If this is your first time applying for such loan to a specific lender, usually the amount will not exceed $500. This amount will depend also on the laws and regulation of the state in which you live.
Costs and fees
Usually the fast cash loans lenders charge a fixed amount depending on the amount you borrow. 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. An example: if you need to borrow $300 before your next payday, you must pay $345.
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. For more detailed information please refer to Quora – What is the average interest on payday loans.
The online fast cash loans application
The process of getting fast payday loans online has been simplified enough for you to get your loan almost immediately. To apply for online fast cash loans all you need to do is:
1. Fill-in the online form
Fill out a short application which includes basic information such as name, date of birth, address, occupation and employment data, salary, phone number and email. It only takes a few minutes to complete this section.
2. Wait for 1st instant response
Wait a few minutes to see if your application has been pre-approved. This doesn’t mean your loan application is finalized, approved and you are ready to receive the money. It only means you qualify for a loan on the basic terms.
3. Wait for the lender to contact you
If you passed the above step, and your request is pre-approved, a representative of the lender will get in touch with you by email or phone. At this stage they will check the information you presented and collect any additional info they might need. They might ask you to send documents (salary slips, bank statements etc). If all is OK at this step, they will send you the loan contract.
4. Sign the loan contract
If you agree with all the conditions listed in the contract, then just sign the contract. You can sign the loan contract either online by electronic signature, or on hard copy sent then by fax or scan by email.
These are general rules and requirements since the laws relating to payday and fast cash loans or are highly variable between different states within the United States.