What happens when a cash emergency strikes and you don’t have cash at hand and pleas to your friends and relatives run cold? If you are like most people, you will have to turn to the more reliable same day cash advance service providers. These give you access to emergency with little or no regard to your credit score. Their loan application, approval, and funding process is also relatively fast and straightforward with most lenders running 24/7 online cash loan application portals or apps.
How much you get from these loan providers is largely dependent on such factors as your employment status, access to regular employment/self-employment incomes, your credit score, and the lender’s maximum loan limits. Cash loans are better than over-reliance on credit cards as they attract lower interest and more convenient to longer-term loans like the home owner loans as they don’t require collateral as security. Cash loan providers are, however, famed for their extremely punitive penalties on loan repayment delays that often push the amounts due to unsustainable levels.
How then do you find the best low interest and fast application and approval provider that doesn’t ask for collateral on advanced amounts? We scoured the internet and the financial high streets and compiled a listing of what we consider the best cash loan providers in the country. We, however, start by looking at why you may consider relying on a cash loan as well as their merits and demerits.
Difference between cash, personal and payday loans
A cash loan differs from a personal loan in the sense that it carries a shorter repayment period of up to 12 months, involves smaller loan amounts and minimum qualification requirements. Some cash loan lenders won’t even consider your credit score. Personal loan on the other hand involves higher loan amounts and extended repayment periods of up to 60 months. You also need strong credit history and good credit score to qualify for a personal loan.
Unlike cash loans whose repayment can be stretched by up to 12 months, payday loans are designed to be settled during the next payday. They therefore have a maturity period of less than a month. Additionally, payday loans also attract lower loan limits and higher interest rates.
Why should you consider applying for a cash loan?
i. To sort cash emergencies
Cash loans, especially same day payday loans come in handy in addressing time-sensitive emergencies like a broken down car, home repairs or medical care. The loan can then be repaid during the next payday.
ii. They have flexed repayment periods
You will also like the cash day loans because they have flexible repayment periods. Unless you have applied for the payday loan that is deducted during the next payday, most other lenders offer flexible monthly installment payments spread over the next few months.
iii. They have a fast turnaround
Cash loans have the fastest turn around between the time of applying for the loan and having the cash deposited into your checking account. Unlike such other loan types like the home improvements loans that may take months to clear, cash loans are deposited into your account within a few hours or days after application.
iv. Fewer requirements to qualify
They require fewer qualification requirements compared to personal loans and lower interests compared to payday loans
v. Some have attractively high loan limits
In addition to their fast loan processing and approval speeds, some cash loans compete favorably with most other types of loans when it comes to the available loan limits.
Criteria used to rank the best cash loans:
- Interest rates charged
- Minimum/maximum loan amounts
- Loan repayment periods
- Consumer experience
- Lender registration and regulation
- Loan application requirements
- Loan collateral requirements
- Loan processing and cash deposit speeds
Best cash loan products for 2019:
How can one boost their chances of accessing a cash loan?
i. Know your credit score
Your credit score plays the biggest role in assessing your creditworthiness and influencing the rates with which the lender may advance you cash. Maintaining a good to excellent score goes a long way in boosting your chances of securing the loan and lowering interest rates due.
ii. Apply with the right lender
Only apply with a cash loan lender if you fulfill their minimum loan application requirements. Pay particular emphasis to their credit score requirements, additional loan fees, and basic loan requirements.
iii. Apply for the right loan
Your cash loan lender will also take into account such factors as your debt-to-income ratio when determining your creditworthiness. Applying for as much as is necessary therefore helps maintain a low debt-to-income ratio effectively boosting your chances of securing the loan.
Cash loans come in handy in addressing varied cases of cash emergencies. Whether you looking to pay different bills or other personal and business dues, most lenders won’t dictate the use of the loan. And there is no limit to the number of cash loans lending services providers across the country advancing different types of cash loans with varied loan limits. When searching for the best broker however, you have to take into account such key factors as their interest rate charges, maximum loan limits, repayment periods and additional loan costs like penalties and origination fees. And if you want to boost your chances of securing a loan with either of these lenders, consider maintaining a flawless credit history that effectively boosts your credit score and only apply for loans that you actually qualify for.
There is no standard minimum for the cash loan amounts you can apply or qualify for with any given lender. Most cash lending institutions have their minimum and maximum loan application limits boldly stated on their platforms. Check this before submitting the loan application form.
Whether you need collateral and the collateral amounts needed when applying for a cash loan depends on the lender. While we have concentrated on the unsecured cash loan, several secured cash loan lenders providing more affordable loan options.
Yes, especially if you are applying for significant amounts of a cash advance. Most cash-loan service providers have spelled out minimum credit scores required of their borrowers safe for payday cash loan providers who promise to consider more than just your credit score when determining your eligibility for the loan.
Different lenders adopt varied approaches to loan request application processing. Some are relatively fast – approving loans in minutes and having the cash deposited into borrower accounts during the same or the next day while others are relatively sluggish – taking up to 30 days to process, approve and fund the loan. Weigh out the time-sensitive nature of your cash needs and compare them with the average wait time to funding of your preferred lender before submitting them to the system.
In most cases, lenders maintain a grace period of delayed installment payouts of about 15 days. After the lapse of the grace period, most will either impose a penalty fee expressed as in fixed amounts or a percentage of the missed installment.
These are well stipulated in the lender’s list of cash loan requirements. Some of the most basic however include the credit score, annual/monthly incomes, credit history, debt-to-income ratio and proven ability to repay the requested amounts.