One of the reasons that a conventional loan application may take a long time to be reviewed and approved is that for larger sums, many lenders may seek security for your loan against some form of your assets (e.g. your home). If you need access to fast cash, lengthy administration delays are not going to help, so looking for fast unsecured loans may be a better idea.
What are fast unsecured loans?
If you’re borrowing a smaller amount of money, the lenders may feel that their risks are manageable and that they do not need to seek further security against your assets. This means less paperwork all-round and very possibly a much faster decision on your loan request.
An example of such a loan is called a payday loan.
What is a payday loan?
A payday loan exists to provide borrowers with fast access to cash over a short term – typically the amount is repaid in full on your next or next-but-one payday. As the sums are smaller, the pay day loan companies may be able to offer an almost instant decision once you’ve keyed in a few simple facts about your fast cash loan requirements.
On the agreed repayment date, the lender will debit your bank account to recover the loan plus interest and any charges (such as transfer fees) – all of which will again have been agreed with you in advance.
Using a payday loan, you could have the cash advance money appear in your bank account less than 2 hours after it was approved, or the very next day, depending on whether your bank can accept immediate transfers. That’s fast!
Can anyone get a loan like this?
Anyone borrowing money needs to meet certain conditions. In the case of fast payday loans, the specialist internet providers of payday loans try to keep these to a minimum. They typically include:
1) holding an active USA bank account and debit card
2) being in permanent employment which provides permanent income
3) having a permanent USA address
Bad credit histories need not be a problem depending upon the severity of the issues and how much you’re trying to borrow.
Fast unsecured loans when used responsibly may help you deal with a short-term cash flow problem (such as urgent car repairs or an unexpected, urgent bill) or take advantage of a buying opportunity (for example, something that is on sale for a limited period only).