Loans

How to Get Quick Cash Loans: A Step-by-Step Guide

If you need fast cash but you aren’t sure where to start, look no further. CreditNinja’s step-by-step guide for getting a quick cash loan has the information you need. 

When you find yourself in an emergency situation where some quick cash will help, you may not feel like you have time to do the proper research on lenders and loans. But making a snap decision in a situation like this could end up costing you quite a bit of money in the long run. Learning the ins and outs of quick cash loans now could help you avoid a lot of heartache in the future. 

Below is CreditNinja’s four-step guide for getting the best quick cash loan you can:

Step 1: Decide which type of loan is right for you

With so many different types of loans out there, it can be overwhelming to choose the best one for your specific needs. What is the difference between installment loans and payday loans? How does a title loan work? Can I get a payday loan without a bank account? These are all important questions to answer when you’re looking for fast cash. 

Below are some of the most common types of fast cash loans. Be sure to review each one thoroughly, so you can decide if it’s right for you. 

Personal Installment Loan

A personal installment loan is an unsecured loan designed for borrowers with less-than-perfect credit scores. By comparison, these loans are considered to be more manageable and affordable than the average payday or title loan. That’s because the repayment period is typically much longer than a payday loan. These loans are usually repaid over a few months, up to a couple of years. The amount you can get is also usually larger than payday loans, ranging from several hundred dollars up to a few thousand. Many personal installment lenders offer completely online applications and funding processes—like CreditNinja. 

Payday Loan

A payday loan is a very common short-term, quick cash loan. These loans can help borrowers who have run out of money before their next payday. The amount you can get with a payday loan is usually only a few hundred dollars, and the repayment period is very short. Because these loans are paid back on your next payday, they typically only last a couple of weeks. Because the repayment period is so short, the APRs for payday loans tend to be higher than personal installment loans. 

Title Loan

A title loan is a secured loan that requires the borrower to offer up their vehicle as collateral. This means that if you aren’t able to repay the loan on time you run the risk of the lender taking your vehicle and selling it to recoup their loss. Obviously you would need a vehicle to consider a title loan, so if you don’t have one then this loan isn’t for you. These loans are risky if you need your vehicle to get to work, drive your kids to school, or to get groceries. It’s never wise to gamble with your vehicle if you need it for daily living. 

Step 2: Research lenders

Once you’ve decided which type of quick cash loan best suits your situation, the next step is to find a reputable lender that offers that type of loan. There are so many lenders out there, no matter which type of loan you choose. They all have their own policies, rates and terms, and conditions for lending cash. Unfortunately, some lenders prey on borrowers in need by offering confusing terms, or extremely high interest rates that make paying back the loan difficult. 

The best way to choose the right lender will be through plenty of research. Check the lender’s website to make sure it looks legitimate, read reviews of the lender on websites like Google, Better Business Bureau, TrustPilot, and more. Call the lender and ask questions about their loan products. This will give you a good idea of the type of customer service you’ll experience when working with them. This is an important step, and can help you avoid predatory lenders. 

Step 3: Apply for the loan

If you’ve done your research on types of quick cash loans, and the lenders that offer them, it may be time to submit an application. The application process has become much simpler over time, and many lenders allow borrowers to apply online.

When filling out the application, you’ll be required to submit a lot of personal and financial information. The lender will want to see that you’re able to repay the loan on time. This means they’ll need to check your credit history, and usually your bank account to make sure you’re in good standing.

Any lender that offers a borrower a loan they can’t afford to repay is considered a predatory lender, so if you feel uneasy about taking out the loan, you may need to look for another lender. Make sure to ask questions if there’s something you don’t understand about the application.  

Step 4: Pay back the loan and interest

So you’ve researched loans and lenders, you’ve asked lots of questions, you’ve chosen a lender and applied for the loan. The only thing left to do is wait to find out if you’re approved for the loan. Many lenders now will let you know within minutes whether or not you’re approved. If you’re approved the lender will likely directly deposit the money into your bank account. 

The only step left is to start repaying the loan on the agreed-upon date. If the lender gives you the option to set up automatic payments, that is always preferred. This way, you won’t have to worry about missing a payment and incurring a late fee. Once you’ve made all your payments and returned the loan with interest, the entire loan process is complete. Congrats, you’ve now researched, applied for, and paid off a quick cash loan!

For more information on loans, lenders, and getting the cash you need, check out the rest of our blogs in the CreditNinja Dojo!