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What are Quick Cash Loans?
Quick cash loans are small, short-term loans that you can get fast. People use them when they need money quickly, like for emergencies. The process is usually easy and does not require a lot of paperwork. You borrow money and agree to pay it back, with interest, in a short time. However, these loans can have high costs if not paid back on time.
Only loans from stores like pawnbrokers may provide cash over-the-counter. For all other types of loans, it’s usually a direct deposit to your bank account. Keep this in mind if you’re looking for quick cash loans because your overdraft is over-extended. When the money hits your bank account, the bank takes what’s owed first.
How Quick Cash Loans Work
Quick cash loans work by advancing money to your bank account quickly.
Technically, they aren’t cash until you withdraw from an ATM, Post Office, or in-person at your local branch. You apply online or at a lender’s office. If approved, the money is sent to your bank account quickly.
You agree to pay back the loan, usually with interest, within a short time. The lender may set up automatic payments or give you a due date. If you don’t pay on time, you may face extra fees.
Types of Quick Cash Loans
Payday Loans
A payday loan is a small, short-term loan that people can get when they need quick cash before their next paycheck.
It is usually due within two weeks and often has high fees. Payday loans can be a good option for emergencies, like paying for a car repair or medical bill, when you need money fast and have no other options.
However, it’s important to pay it back on time, as the costs can quickly add up if you don’t.
Installment Loans
An installment loan is a type of loan that you pay back over time with regular, fixed payments. Each payment covers part of the loan amount and interest.
These loans can be used for big purchases, like cars or home repairs. Unlike payday loans, you pay them off over months or even years, making it easier to manage.
Same Day Loans
Same-day loans are a quick loan that gives you money on the same day you apply. It’s helpful in emergencies when you need cash fast, like if a pipe bursts and you need to pay a plumber right away.
With a same-day loan, you can cover the repair cost without waiting, which can prevent more damage.
Just be sure to pay it back as agreed to avoid extra fees.
The Application Process for Quick Cash Loans
Eligibility Criteria for Quick Cash Loans
Age Requirements
To apply for credit in the UK, you must be at least 18 years old. However, some lenders may have their own rules and require applicants to be 21 or older. It’s important to check each lender’s specific requirements before applying.
Credit Scores or Ratings
Specialist lenders can help if you have a poor credit history. They look at your ability to pay back the loan, even if your credit isn’t perfect.
You’ll need to show that you can afford the monthly payments. Each lender may ask for proof, like bank statements or payslips.
Income Requirements
Some lenders have minimum income requirements to make sure you can afford to repay the loan. They may ask for proof, like payslips or bank statements, to check that you can cover the monthly payments.
Always check the lender’s criteria before applying.
The Pros and the Cons of Quick Cash Loans
Like everything in life, there’s an upside to things, and some drawbacks. Before entering into a loan agreement, be sure you understand the possible implications.
Alternatives to Quick Cash Loans
Personal Loans
Personal loans are a good alternative to quick cash loans. They usually have lower interest rates and can be spread out over a longer period, like 12 months or more.
While they might take a bit longer to approve, they can be a better option if you need more time to repay and want to avoid high costs.
Borrowing from Friends/Family
Borrowing from friends or family is often the most affordable option, as they may not want any extra for lending you the money.
If that’s not possible, consider guarantor loans. They can be approved quickly if you have a guarantor with a good credit score. This means someone agrees to cover the loan if you can’t pay it back.
Credit Union Loans
Most communities have Credit Unions that offer loans to their members. By joining and saving regularly, you can access quick loans with capped interest rates.
Credit Union loans have a maximum APR of 42.6%, which is often lower than other high-cost loans.
FAQs
Am I guaranteed an instant money loan?
No, instant money loans aren’t guaranteed. All loans are regulated by the FCA and must go through checks to ensure they’re affordable and to prevent fraud.
Can I repay quick cash loans early?
Yes, you can repay quick cash loans early. Just check with your lender for any early repayment fees or conditions.
Can I get a cash loan with bad credit or low income?
Yes. Some specialist lenders offer loans to those with poor credit, including CCJ loans, subject to affordability.