Are you looking for fast cash? Here are some options to consider.
People can end up needing extra cash to deal with a range of situations, from having to pay rental bond, covering car repairs or paying vehicle registration. Fortunately, if you're seeking a loan, you no longer have to go through an extensive application process followed to get the funds you need. You can get credit on the day you apply.
Applying online can make things easier. In some cases, you can get cash in less than an hour. The processing time largely depends on the type of credit you seek. Go through this guide out find out which option will work best for you.
Sunshine Short Term Offer
This is a quick cash loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
What are your options for quick cash?
Here are some other ways to get quick money:
- Payday loans. You can apply for a short-term loan even if you have bad credit, with the lender focusing more on your current financial situation. The government also limits how much payday lenders can charge in fees. The maximum loan establishment fee is 20% of the amount advanced, and monthly fees cannot exceed 4%. If you apply at a store-front, you can get the money you need almost immediately.
- Personal loans. Some banks provide same-day personal loans to their existing customers – you can even apply online through Internet banking. Some online providers of personal loans give you access to funds on the same day.
- Overdraft. Good creditworthiness or a longstanding positive relationship with your bank can help you get quick money. In this case, you can apply for an overdraft facility linked to your existing transaction account using your bank’s online banking system. This way, you’ll have access to extra money as and when you need it.
- Credit card cash advance. Using your existing credit card for a cash advance can be an option. If this is possible, you simply have to visit your closest ATM. When getting a credit card cash advance, remember that you might have to pay higher interest in comparison to how much you pay for purchases, but some cards some offer low cash advance rates as well.
- Other alternatives. You don’t necessarily have to borrow to get quick cash. Consider selling unwanted things you own through websites such as eBay or Gumtree. You could also consider having a garage sale to make the money you need.
What are the features of an online loan to access quick cash?
Here’s why fast cash advances are growing in popularity:
- The loans are convenient.
You can apply for different types of credit by applying online. All you require is a computer or a smartphone or tablet. If you use an iOS or Android device, you can even find apps designed to help you apply for loans.
- The turnaround time is quick.
Some online lenders transfer approved funds into nominated bank accounts on the day of application, while others may do this by the following day depending on who you bank with.
- The eligibility criteria is flexible.
You don’t need perfect credit history to get a quick money advance. Even with bad credit, you will get multiple options to choose from. However, it is important that you have a regular income and can display an ability to manage the repayments.
- There is a range of options available.
Applying for fast cash advances presents multiple options. These include payday loans, personal loans, personal lines of credit and bad credit loans. The Internet lets choose from a wider range of alternatives when compared to brick-and-mortar establishments.
Is there anything to consider before applying?
If you think you might have trouble repaying the loan on time, reconsider taking it in the first place. Defaulting on your loan will have an adverse effect on your creditworthiness. This, in turn, will impact your ability to borrow in the future.
Pick a lender with care. Going through online reviews of previous borrowers should give you an indication about a lender's reputation and service levels.
Go through the loan contract in its entirety before you sign on the dotted line. This way, you don’t have to deal with any surprises during the course of the loan’s term.
How can I find the right cash loan for me?
When comparing fast cash advances, pay attention to these aspects:
- Check what the turnaround time is.
When in need of quick cash, the turnaround time is crucial. While getting a cash advance within the hour is possible, you’ll typically have to apply well within business hours. You’ll also have to make sure that all the required documents are available. Getting loan proceeds on the same day has similar requirements. In most cases, providers of online cash advances transfer funds into nominated bank accounts by the next business day.
- What is the interest rate you'll be charged?
The type of credit you get has a significant bearing on the interest rate. For example, payday loans usually attract noticeably higher fees (represented as percentages) than personal loans. Your creditworthiness and the lender you work with also have an effect on the interest rate you get.
- Is there transparency in the fees?
Hidden fees can easily add to the cost of a loan. Work with lenders who offer transparent fee structures. Find out how much you may have to pay as application fees, loan disbursement fees, late payment fees and prepayment penalties.
- Loan term. Picking the right loan term can make your loan more cost effective. While extending a loan term leads to lower periodical repayments, it increases how much you end up paying as interest. The reverse is true as well.
Getting quick cash can be easy, provided you meet some basic criteria. However, given the number of options on offer, it’s important that you compare a wide range before deciding.