While no one likes to borrow money, there are times when you don't have an option. Not every employer pays weekly. You might get paid once a month or on the 1st and the 15th of the month. Sometimes, you simply cannot wait for that next payday to arrive.
Suppose it's the 12th, and you're waiting on that next paycheck that's a few days away. Your child has a fever, and it turns out your child has strep throat. The medications you need cannot wait, but the pharmacy will not give you the medicines until you can pay for them. You also have the bill for the trip to urgent care. You have to have that money now. That's where a fast cash loan comes in.
You borrow the money that's needed and pay it back over the chosen time frame. Money is sent to your account quickly, so there's little waiting around. You have the money that's needed to pay for the medical bills and don't need to risk your child's safety by waiting.
Cash loans can also help you afford a new appliance bundle when your appliances stop working and will cost more to repair than replace. You can't survive without a working oven and refrigerator, so you take out the cash loan to buy them and make payments over time to pay them off.
Does this sound like it could help you? Keep reading to learn more about cash loans and how they work.
How Does a Cash Loan Work?
A cash loan is a loan that's paid back over a few months or a few years. You might choose a 12-month loan. If that's the case, you will make payments for a year to cover the fees and interest on the amount you borrowed.
Who Qualifies for Cash Loans?
Anyone can qualify for a cash loan. The rates may differ from one person to the next, based on income and payment history, but don't worry about being turned down if you have less than stellar credit.
What Does It Cost?
As states all have laws regarding interest rates, they do vary and are dependent on your location. For example, a customer in California might get an interest rate of 36%, while someone in Texas could pay more. Plus, your credit history may impact the rate you're offered. Someone with a history of not repaying loans is charged more than someone with an excellent record of repaying on time.
When you apply, the fees and interest rates are laid out for you. You can pick and choose the best option for your needs based on that information.
How Much Can You Borrow?
The amount you borrow is up to you. Most cash loan products start with loans of $500. If you need a few thousand, that may also be an option. Usually, the loan amounts range from $500 to $5,000, but it can vary from one state to the next.
How Do You Make the Repayment?
When you apply for the loan, you'll learn more about how to make the monthly payments. You often have the option of setting up automatic payments, so you never have to remember to make a payment on a specific date. It's all done for you.
Can You Pay It Back Before the Due Date?
In many areas, you're welcome to pay back the remainder of your loan early. You often are not penalized for an early pay-off, and it can save you money.
What Happens If You Can't Make a Payment?
Make it a priority to pay your bills on time. If you run into an emergency and cannot pay, call the financial lender and ask what to do. You might be granted an extension in some situations. You may have to pay it when you can with late fees added. This depends on your state's laws.
Are There Limits On What You Can Use the Loan For?
When you take out a cash loan, you're not limited to how you can spend it. You can use it on the bills you need to pay, medical expenses, car repairs, etc. You could apply for a cash loan and use it to shop for Christmas gifts and repay it when you get your holiday bonus. It's up to you.
Getting Started
How do you apply for a cash loan? It's easy.
The first step is to fill out the application. It's a quick process that requires just a few answers to things like your name, legal address, mailing address, phone number, etc.
After filling in those blanks, carefully read the loan terms and options. Make sure you understand the repayment terms. Once you approve the offer, the money is sent to your designated account. You should have it, at the very latest, by the next business day. Apply now.
