If you’re like most Americans, you’ve run into a situation where a little extra cash could go a long way. We all know what it’s like to get blindsided by unexpected car repairs, medical bills, school costs, or home repairs. It’s not cheap, and it’s not a fun experience. If you don’t have much money saved, you may be wondering how you’ll afford these expenses. 

If this sounds like your situation, then you may be considering all sorts of options for getting urgent cash. You could get money from a family member or friend, pick up extra shifts at work, or start working a side job for some fast cash. But if these options aren’t an option  for you, then you may be considering a quick cash loan. 

CreditNinja is here to help you learn the ins and outs of fast cash loans, how they work, and what to watch out for when you’re shopping for one. Read on, and find out how CreditNinja can help you no matter what your credit score or financial situation is.

What is a Quick Cash Loan?

Step one in your journey is learning what qualifies as a “quick cash loan.” This is a term that can encompass several different kinds of loan products. Since each type of loan has its own set of conditions, interest rates, and repayment terms you’ll need to be ok with doing plenty of research to figure out which of several options is best for you. 

The most general definition of a quick cash loan is: Any short-term personal loan product that offers a fast application, and provides funds to the borrower within a short amount of time from when they’re approved. 

You may have even used a quick cash loan before and not realized that’s what it was, as they go by many names. That being said, they’re almost exclusively personal loans. This means that they’re taken out by borrowers who intend to use the money for personal expenses rather than business purposes. Here’s a list of some of the most common reasons borrowers apply for personal loans: 

  • Vehicle repairs
  • Home/appliance repairs
  • Children’s school costs
  • Medical expenses
  • Large personal purchases
  • Funeral costs
  • Moving expenses
  • Other emergency expenses

Quick cash loans are often short-term loans, meaning the repayment period does not last very long. Depending on the type of fast cash loan you choose and the loan amount, the repayment period could last anywhere from a week or two, up to several months. This is just one reason that they’re generally used by people who need a fast cash advance because they find themselves in an emergency financial situation.

How to Get A Quick Cash Loan

Applying for a quick cash loan is similar to how you would apply for many other financial products. First, you’ll need to submit an application. Many fast cash lenders have made the process even quicker by now offering completely online applications. When researching lenders, check their website to find out if you can apply online. 

If the lender doesn’t offer an online application, you’ll likely have to go to a physical storefront location to submit a paper application. If you want to avoid long lines and lengthy paperwork, find a reputable lender that offers an online application, like CreditNinja. Regardless of what kind of application you fill out, you’ll be required to provide a lot of personal financial information. 

Once you’ve submitted your application, the lender will review it and decide whether or not they can provide you with a cash advance. There are many factors involved in whether or not you’ll get approved. Lenders will likely consider your employment and income status, your current bank account information, your credit history, loan amount, and in some cases a credit check may be necessary. If you have a lot of debt from credit cards or other loans you may not be approved, as this can affect your credit score and the lender will be concerned that you won’t be able to repay the loan.

If you’re denied for the loan, you can usually apply again after a certain amount of time. But unless your financial situation changes, it’s not likely that you’ll get approved by the same lender. If you’re approved for a quick cash loan, the lender will ask you to sign a contract that lays out all of the terms and conditions, and rates and fees. Make sure to read this thoroughly so you know exactly what you’re in store for. 

Once approved, the lender will provide you with the funds. A lot of lenders now use direct deposit to send the funds right to your bank account. Once you have the funds, you’re free to use them for whatever personal expenses or bills you choose. The next step will be to start making payments on the loan, on the agreed upon repayment dates set forth in the loan terms. Once you’ve completely paid off the loan, the contract is over.

What You Need to Know About Quick Cash Loans

Quick cash loans come in many different forms. It’s important to know the subtleties and distinctions between them so that you get the best fast cash loan for your specific situation. Below is a brief breakdown of the most popular types of quick cash loans out there: 

Payday Loans – used for short-term financial needs, a payday loan is a small-dollar loan that borrowers use for emergency situations, or to make ends meet until their next payday, hence the name. It’s an unsecured loan, which means that lenders won’t require any collateral, and only rely on the borrower’s promise to repay. Payday loans are usually for small amounts, ranging up to several hundred dollars. Depending on the lender, they can have high interest rates and they’re usually for borrowers with a subprime (low) credit score, which usually necessitates a credit check during the application process.

Title Loans – a title loan is another example of a quick cash loan used for short-term financial needs. These loans are different to a payday loan in that they require the borrower to offer up their vehicle title as collateral in case they aren’t able to repay the loan. The amount of money you can get depends on the value of the vehicle in question. But if you aren’t able to repay the loan, the lender is allowed to seize the vehicle and sell it to recoup their loss. Be careful with title loans, as risking your vehicle may not be worth the short-term cash you get. 

Personal Installment Loans – these loans are unsecured loans that offer an alternative to borrowers who would normally only qualify for lower credit score payday and title loans. They offer a chance for borrowers to get more cash (up to several thousand dollars), and repay it over a longer period of time (up to a couple of years in some cases). The interest rates for personal installment loans are usually significantly lower than that of payday loans. If you’re searching for a more affordable personal loan than a payday loan, this is a good place to start.

Why Choose CreditNinja for Your Quick Cash Needs

CreditNinja’s personal installment loans are designed to fit your financial needs. We offer a completely online experience that includes a quick and simple application, direct deposit to your checking account, and easy online payments. With CreditNinja, there’s no need to leave the comfort of your home. Whether you need to pay some bills, fix your car, or make your cash stretch to your next payday, CreditNinja is here to help you. 

Apply for a CreditNinja personal installment loan today, and get your finances back on track.

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