All About Instant Cash Loans

An instant cash loan is a loan that can give you money when something goes wrong and you need it the most. These kind of situations happen all the time. Something goes wrong and you need cash now, not in a week when the bank processes your application. There are many different lenders that are willing to provide you with instant cash loans. You apply online and receive the cash in a matter of hours. We’re here to tell you all about these loans and how you can get funded by one.

We’ll present you first with a quick look at one such instant cash loan. This one is offered by the Sunshine Group. They have a short term offer where you apply online and get the money in around 30 minutes. It’s a good loan option for people who have bed credit but are employed. You can get up to $1,800 that you pay back between 16-30 days. The cost of borrowing $100 works out at 20% of the borrowed amount + 4% of this amount each month. You can apply even if you have bad credit. The only limitation is that you must be employed.

There are three easy steps to getting money with an instant cash loan:

  1. Compare your loan options and find the right deal for you and apply for the loan after looking through the terms
  2. Wait for approval – you’ll usually hear back from the lender in less than a minute
  3. If you get approved then you’ll get the money the same day usually – the next business day if not

How Large Can These Loans Be?

The amount you can borrow with an instant cash loan varies from lender to lender. It can also depend on how much you currently earn and how your past credit history looks. Some lenders also place a limit on your first loan with them so be sure to read the terms and understand the limitations before applying for a loan. Having all the documents you need in order can potentially increase the amount you can borrow.

What Do You Get Out of An Instant Cash Loan of Between $100 and $2,000?

An instant cash loan is a small personal loan where you get quick access to capital. The lenders that offer these loans understand the nature of them and are often flexible about the lending term as a result. Here is what you get out of an instant cash loan:

  • An instant cash loan is a small and manageable loan: A loan like this is small as lenders will only offer you between $100 and $2,000. How much money you can get depends mostly on your current financial circumstances.
  • They can be used for anything legal: Another reason these loans are called “Payday” loans is because they are designed to keep you going until your next payday. How much money you get from the loan and how quickly you have to pay it back depend on how much, and how often, you are paid.
  • It’s Simple to Repay Them: An instant cash loan is a little different from a personal loan. Because the term limits are sometimes less than a month there are no monthly repayments like with a personal loan. Instead you agree to pay back the amount you borrowed (plus fees) on the agreed date. Some lenders also let you pay back the money early if you can. You may or may not be charged for this depending on the lender.
  • They are More Convenient: The lenders and websites that offer instant cash loans are very convenient. You are able to apply online and get approved in minutes. It’s the easiest way to get your hands on a little extra cash when you need it most.

Why do You Need to Compare Your Options for An Instant Cash Loan?

You might not think about doing some research and comparing different lenders when you are on the lookout for an instant cash loan. However you can save yourself a lot of trouble by going with the right lender and getting the right loan from them. Here is why you should be comparing your options before even getting a loan.

It Could Save You Money

Payday lenders have limits placed on the amount they can charge you in fees. They will charge you a 20% establishment fee and a 4% monthly fee for a loan amount up to $2,000. Even though they are unable to charge more than this some lenders are nice and charge less than the maximum. As more and more payday lenders open up each day the field becomes more competitive and prices get lower. So you should compare your options to find a low fee cash loan that’s right for you.

You Don’t Miss Out

Could you even tell if fees were competitive? Do you know that you can find a loan even if you’re unemployed? If you enter the lending market feeling like you don’t have any options then it’s only natural you’ll apply for the first loan that would accept you. You can really miss out doing this. The only way to see the market and understand your options is to compare different lenders. So make sure you do it.

You Can Avoid The Bad Guys

As much as we’d like to pretend otherwise there are some shady characters in the payday lending world. There is a reason that some people consider them legal loan sharks. While the reputation may not be deserved there are people out there who will approve you for a loan you couldn’t possibly repay then gouge you with late fees when the inevitable happens and you can’t pay back the loan, or default on it. When you compare different lenders you are able to look at the fees and avoid these bad lenders. Are they clear about how and when they charge fees? Can you contact them easily? What do the reviews say about them? If you can’t find positive reviews about a lender then avoid them.

The Pros and Cons of an Instant Cash Loan

The Pros

  • Quick access to cash when you need it most: Every so often something unexpected will happen and life demands money from you. Getting an instant cash loan gets you out of this tough situation.
  • The Fee Schedules are Fixed: Payday loan companies are regulated by the government. They are treated the same as personal loans. A lender should tell you exactly what you need to be paying them and when you need to pay it. If they don’t then don’t do business with them.
  • Convenient Online Applications: Getting instant cash has never been easier as you can apply for these loans through your computer, smartphone, or tablet. Some payday lenders even have apps where you can apply for, and repay, your loan.

The Cons

  • High fees: Instant cash loans may be regulated by the government but they also still present a lot of risk to the lender. As a result a loan like this usually comes with higher fees in return for the convenience.
  • Shady Lenders: It is vital that you do a little research and run comparisons before applying online. It’s the only way to keep your details safe and secure.

What you Need to Know About Instant Cash Loans

You need to run comparisons and look around until you find the best lender for you if you’re thinking about getting your hands on an instant cash loan. Some lenders will carry out a credit check and some lenders may even need you to provide a reference or guarantor. The fees that you pay will differ from lender to lender.

Something that you’re bound to notice about these loans when compared to other loans is that they are usually more expensive overall. A payday lender will tell you how much you have to repay when you initially take out the loan. That way you can decide for yourself if you’re really going to be able to do it. If you are unable to make the repayments after all you have to pay late fees as well as any extra money you owe. Take a look at the loan and decide if it’s really affordable to you.

There are some payday lenders that will let you pay back the loan before the agreed on date. This is good because it means you won’t be charged some fees. You could be tempted to rely on these loans but you should never do this. They are only to be used for emergencies. If you’re going to need money for longer then you should consider a personal loan. They will give you more money and have longer loan terms so they are more affordable when you need money in the long term.

Is There a Way to Guarantee Having Your Application Approved?

While there is no definitive way to always have your applications approved it helps to understand the application process so that you can avoid common and easy mistakes that get you rejected.

Every lender is going to ask you for proof of income. In order to do this they will ask for bank statements dating back the last 90 days. You may also be asked for Centrelink documents or payslips. You can send the lender your statements in the form of PDF files. You may also provide them with secure, read only, access to your account. This lets them access your account but not do anything with your money or see anything outside of how much money you spend and receive.

Of course a cash lender is also going to have to verify your ID. You will be asked to present something such as your license, passport number, or medicare number.

How To Tell If You are Eligible

The eligibility criteria for being approved for an instant cash loan is typically less strict than that of other personal loans. Payday lenders will focus more on your current income and financial status rather than any negative credit history. If you stick with one lender and are always good at returning the money some lenders considered you a safer customer and will let you borrow more money more often. The most basic requirements for securing a payday loan are being over the age of 18 and having some form of regular income.