Loans

What You Need to Know About Quick Cash Loans

How do quick cash loans work, and should you get one?

We all have times when we could use a little extra cash. Maybe we need to pay our monthly bills, repair a vehicle or appliance in our home, or pay off an unexpected medical bill. In times like these it’s easy to feel overwhelmed. Especially if we don’t have enough money to cover these expenses. And if you can’t borrow the money from a friend or relative, it may feel like you don’t have any other options. Luckily, there are several types of loans out there that are designed for situations just like these. 

If you’ve ever needed to take out a loan or line of credit, then you may be familiar with the term “quick cash loan.” It’s a common term that encompasses a wide range of different loan products. Maybe you’ve seen them advertised on big neon signs outside of storefront locations, or online from companies offering “fast cash” for emergencies. While there are many ways to get quick cash when you need it, they aren’t all safe. 

If you’re currently struggling financially and you need a quick loan, it’s important to do your research before committing to anything. Predatory lenders are out there, and they rely on customers in need. This is why it’s so important to ask questions, and to make sure you understand every aspect of the loan before you sign for it. Many predatory lenders take advantage of the fact that the borrower is in need, by offering high interest rates and confusing loan terms. 

So if you’re in need of some extra cash in a hurry, read on to learn more about what quick cash loans are, how they work, and what to watch out for. 

What is Considered A Quick Cash Loan?

You may be wondering what a quick cash loan really is. Is it a loan you get very quickly? Or maybe it’s one you pay back in a short amount of time. Well, it could be both. Ultimately, there is not just one loan that’s referred to as a quick cash loan. This term could actually apply to many different types of loans. 

There are many short-term personal loan products that could be described as a quick cash loan. The things that many of them have in common would be the length of time you have to repay the loan, the amount of money you can get, and the interest rates and terms. But the most important part of a quick cash loan for most people, is how fast you can get the money. 

The lending landscape has changed quite a bit in just the last ten years. Getting a fast loan ten years ago most likely meant going to a bank or storefront lender, waiting in line, filling out paperwork, and waiting to hear whether or not you’re approved. Now, it’s easier than ever to get a loan. Many lenders have moved online, allowing customers to apply, get funded, and make payments from their phone or computer. This makes getting cash even faster than it used to be, no matter which type of loan you’re interested in. 

So what kinds of loans qualify as quick cash loans? There are several, but here are the most common types: 

Payday Loans

A payday loan may be one of the quickest loan options available. They’re considered to be “unsecured loans” since they don’t require any collateral to get one. Lenders will likely look at your credit history and score to decide if you’re approved for a loan. Payday loans are designed to help borrowers make it to their next payday. This means they typically need to be repaid within a couple of weeks. 

The amount of money you can get with a payday loan is usually rather small compared to other types of loans, and may only be for a few hundred dollars on average. Because many of the borrowers who rely on payday loans have subprime credit scores, the interest rates can be rather high. It’s important to make sure you’re able to repay the loan before taking it out. 

Pawn Shop Loans

A pawn shop loan is an example of a “secured loan” because in order to get one you’ll be required to offer up a valuable item as collateral. This means you give the item to the pawn shop and they give you money which is a fraction of the value of the item. You get a set amount of time to repay the loan, and once it’s paid off you get your item back. If you aren’t able to repay the loan, the pawn shop lender is able to sell your item to recoup their losses. 

Personal Installment Loans

A personal installment loan is another example of a quick cash loan, but this one may be safer than payday or pawn shop loans. It’s an unsecured loan, but there are many key differences between personal installment loans and payday loans. The first, and most important difference is how long you have to repay the loan.

With personal installment loans, you have a much longer repayment period than payday, title, or pawn shop loans. This can range from a few months, up to a couple of years. The amount you can get is also different. Typically, you can get much larger amounts if your credit score and credit history are in decent shape. And with a longer amount of time to repay the loan, you’re likely to have much more manageable monthly payments. CreditNinja offers safer, more affordable personal loans for borrowers who need quick cash. 

How Do You Get A Quick Cash Loan?

Getting quick cash can be as simple as logging onto a website and submitting an application. Most lenders now offer an application and funding process that’s entirely online. Once you find a reputable lender, check their website to find out if they offer an online application and approval process. 

If they offer an online application you’ll need to fill it out, which will require a lot of personal and financial information. The lender will likely want to review your credit history and your credit score as well. Many online applications can be done in a matter of a few minutes. Once you finish your application, the lender will review it and let you know whether you’re approved or denied for a loan. For many quick cash lenders, this only takes a few minutes. 

If approved, most lenders are able to deposit the funds directly into your bank account. This means that more often than not you’ll need an eligible checking account with direct deposit in order to get a loan. After you receive the money, you have a set amount of time to pay it off. 

Why Choose CreditNinja for Your Quick Cash Needs?

CreditNinja offers superior personal installment loans designed for borrowers who need fast cash. The application is quick and easy, and you can fill it out from your computer or smartphone. There are never any confusing terms and conditions, or hidden fees with CreditNinja. Apply today, and get the cash you need to get back on track.