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Emergency cash loans are small loans that you can avail of quickly. They are designed to be a fast and relatively easy way to get your hands on some much-needed cash when something unexpected happens.
Maybe your computer suddenly died and you need to buy a new one in a hurry for work. Perhaps your car broke down and you don’t have the money on hand to get it repaired. These are just two possible scenarios out of many.
Fast cash loans are the answer when you need cash now to deal with those curve balls life can toss at you. Let’s go over some advantages of emergency cash loans.
#1 – There Are No Real Restrictions on Emergency Cash Loans
If you get a home loan you’ve got to buy a house. Apply for a car loan and the money must be spent on a car. Smaller lenders like Sunshine Loans and others don’t really place restrictions on what you can use your emergency loan money for. It could be for a medical emergency so you can have treatment, or you might need to do some repairs and small renovations around your home. The choice is yours.
#2 – Apply Online
The entire application process for a fast cash loan can be done entirely online from the comfort of your own home. There’s no going into a branch of a bank and lining up, signing mountains of documents and wasting half your day. The online process is quick and easy and will likely only take you about 5 minutes to complete.
#3 – Have the Money Same Day or the Very Next Day
Depending on the time of day you fill out your online application for a small cash loan, you may even get approved and have the money available in your nominated bank account the very same day. If you apply in the afternoon and get approved, you’ll have your money the following day. No major bank is going to give you finance that quickly. With banks, it can take weeks just for them to process the paperwork. Then, once approved, it can still be days or weeks before the money is credited to your account.
#4 – It’s Easy to Repay a Small Cash Loan
Many lenders who offer small cash loans allow you to borrow really small amounts, like $500, $1000, $2000, and so on. Most banks will have a minimum of $5k on personal loans.
When you get a small cash loan that’s only one or two thousand dollars, it’s often enough to get you out of trouble but is also not a daunting amount to have to pay back. Big loans can be stressful and downright scary, but an emergency loan of a few thousand dollars is really not a big deal at all when it comes to commitment.
#5 – The Loan Terms Are Easy and Very Transparent
Each lender will offer slightly different terms, but generally speaking they will be similar. As an example, you might get 2 or 3 months to pay back your fast cash loan. If the amount you borrowed was only $1000, this will be very easy to do.
Keep in mind that lenders who offer small fast cash loans will charge higher establishment fees to make it worth their while, but the good news is that interest rates are lower than what the banks offer on personal loans.
#6 – Emergency Cash Loans Are Unsecured Loans
This means you don’t have to put anything up as collateral in order to get your loan approved. You also don’t have to provide mountains of paperwork to prove you are so rich that you wouldn’t even need to get a loan in the first place.
Emergency cash loans are unsecured loans, which makes them easier and faster to get with less lending criteria. So long as you’re over 18 and have an income, chances are high that you’ll have your loan application approved.
#7 – All Interest Rates and Fees Are in Plain Sight
Banks and multinational lenders love to try and hide their fees in the small print of their contracts. They may be open about an establishment fee and the interest rates, but they’ll have other sneaky little fees tied into every loan.
With emergency cash loans, most lenders are very transparent about what they charge, with everything laid out in plain sight on their websites.
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This content is sponsored by Shiraz Kahn.
Photo: Shutterstock