A quick cash is a loan you can receive in a matter of hours from the start of your application to the end of it. They’re known as payday loans in some countries. These loans have been criticized for their high interest rates, but they fulfill a purpose. Someone who needs money quickly can get it with relative ease.
Let’s take a look at some of the ways quick cash can help in an emergency.
Few Questions Asked
These smaller loans ask few questions of their applicants. As long as you have a means to pay through a full-time job and you can prove who you are, you will be able to get your loan. There are no questions about your past or whether you’ve had any loans before. This is very similar to borrowing money from family and friends. The higher interest rates are seen as security enough for lenders.
Short Application Period
The problem with other types of loans is they often take weeks, and sometimes months, to be approved. Following that you have to wait another few days to get the money in your bank account.
The benefit of quick cash is the application period is measures in minutes not weeks. All you have to do is approach the lender, answer a few questions, and you’ll find the money in your bank account.
Borrow Specific Amounts
Go to a bank and you’ll be required to choose from different loan amounts. They usually start at a few thousand and go up. You can’t borrow $100 to fix your car. They don’t deal in these small amounts.
Quick cash companies specialize in supplying specific amounts of money to help people deal with everyday emergencies. Typically, you’ll have an upper limit rather than a lower limit. These quick loan companies may only have $1000 as its highest amount. They’re targeting a segment of the market only.If you need the money to tie you over until payday, which is why they’re known as payday loan companies in many communities, they can cater to your needs.
No Penalty for Repayment
Since quick cash are targeted at an audience who will often only borrow the money for days at a time, they don’t have repayment penalties attached. You aren’t penalized for borrowing money in an emergency. If you’re struggling for money, you can’t afford repayment penalties and long-term interest payments.
You won’t have to deal with any of these prospects with a quick loan!