If you are new to payday loans and are researching options, you may have seen or heard terms used such as no fax or online instant cash loans, payday advance loans, quick cash loans, bad credit loans, etc. These loans are all virtually based on the same premise, but they might require different steps to apply or could be issued using different methods.
Essentially, all of these loans are issued for short-term use and come with higher interest rates than traditional loans. There are a large number of payday lenders on the market, so you should research your options before accepting a loan.
What is an instant cash loan?
Instant cash loans, also referred to as payday loans, are loans provided by nontraditional lenders that do not require a credit check and are meant for emergency purposes. The loan is generally issued for a period of thirty days or less and is meant to help the borrower until they receive their next paycheck. Ideally, they should be repaid as soon as possible, to avoid paying the high interest rates associated with them.
While there are many disadvantages involved with payday advances, there are also advantages when they are used properly. To some people, the advantages outweigh the disadvantages, and the loans are helpful in their time of need. If you are looking for a loan for something other than an emergency, a payday loan is not the right choice for you.
Options
These days there are several options for payday loans. Borrowers can seek the services of online providers, as well as walk-in establishments. Both types of lenders operate in the same fashion, but online lenders offer an even greater form of convenience. Generally, online payday lenders are open for service twenty-four hours a day and provide their loans in the form of direct deposits.
Some online lenders offer no fax loans. This is opportune for borrowers who do not own a fax machine. No fax lenders allow you to apply online and upload your documents electronically. They require the same proofs as any other payday lender, which include proof of income and identity. The no fax policy has greatly helped online payday loans to gain popularity.
Walk-in locations offer their customers the convenience of walking out the door with their cash in hand. This is useful for people who do not have a bank account, or do not want the money to go directly into their account because it is over drafted.
Depending on how busy they are, walk-in locations can typically issue your loan in an hour or less. This allows customers to quickly handle any emergencies. Walk-in locations have longer hours of operations than most banks and credit unions, which makes them ideal for people who need loans outside of banking hours.
Finding a lender
Before accepting a payday loan, you should spend time researching lenders and reviewing their terms and conditions. While there are state regulations, fees and interest rates can vary from lender to lender. Finding the best rate for your payday loans will help you save money.