There are many times when instant cash loans can come in handy. They are after all quite convenient, quick, simple and easy to request. They usually have short approval times and relatively short payback times. They are much more convenient than traditional loans and generally require much less paperwork and result in much faster service. It can be great when you’re short on time and desperate need money. Before you jump into anything, there are a few pros and cons that you should consider first.
Benefits of quick loan options
Quick loan options have many advantages that make them an attractive option. They can be a great choice as long as you weigh the pros and cons.
Simple application process
One of the things that makes instant loans so great is that they usually come with an extremely quick and easy application process. You can usually apply online and the application process usually only takes a few minutes. Within business hours, some lenders will accept and approve your instant cash loans on the same day, provided you meet the criteria. Some will even provide automatic approval if you meet their criteria.
Have you ever found yourself in the kind of situation where you had to access funds very quickly? If you need the funds quickly, instant cash loans can be the perfect option. One of the things that makes them so popular is the quick approval process. Lenders generally need a lot less information and will make a decision much faster than a traditional lender. The advantage of instant cash loans is that they have to be faster and more streamlined than traditional larger loans.
Good for those with bad credit
Traditional lenders often have very strict lending rules in place and can demand near-perfect credit scores, which can make it very difficult for people to access the funds they need. Instant cash loans, on the other hand, often don’t have as many hoops and often lend to people even if they have had problems in the past and had bad credit in the past. Depending on the amount you request, you may need to put an asset in the form of equity, but more often than not you will find that instant cash loans are unsecured and nothing is required as collateral.
Receive funds right away
Many people love instant cash loans because there is no waiting for funds once the loan is approved. Depending on who you are dealing with, you will usually find that the money is immediately returned to your bank account right after approval. For most lenders who provide same day approval, this could mean that you have access to money you only need one day.
Disadvantages of instant cash loans
There are a number of disadvantages that you need to think carefully about before entering into a deal with a lender.
High interest rates
Most short term loan options will come with high interest rates and fees due to the short loan period.
Impact on your credit report
Some people don’t realize, due to the short-term nature of these deals, that they are always credited and will always have an impact on your credit score.
You must ask yourself if you will be able to comfortably repay the funds you borrow. Avoid putting yourself in bad shape with late fees and interest you can’t afford to pay.