Online Cash Loans

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Instant Funds

Internet has introduced a new way on how you can instantly get cash should you find yourself in a situation that needs urgent funds. Through direct lenders that offer cash loans online, borrowing money these days is so much easier and faster.

But how does an online cash loan differ from a bank loan? How safe is it, and how do you go about the process? If the idea of an online cash loan is new to you, these are some of the questions you probably would ask yourself, and here’s how to make you better understand what this loan is, and why it has become a better alternative to a bank loan and even the best solution to solving financial problems.

The Process

The loans differ primarily in terms of the complexity of the process. While bank loan applications involve more complex, rigorous, and firmer process, instant cash advance applications have a more relaxed and lenient one. With an instant cash loan, you won’t have to worry about having a bad credit as there is no credit check done. In contrast, banks perform credit check, and if you have a bad credit history, you’re less likely to get approved, or even have a zero chance of getting the funds.

These loans also differ in terms of requirements. Aside from providing name, address, and employment information, you also have to submit supporting documents with a bank loan. Online, however, you won’t have to fax in any document. Direct lenders would only need your basic information and details about your employment, and your bank account where they will deposit the money.

Because of a more lenient process, a cash advance applied at this hour can get approved within this hour as well, and the money can be delivered within the day. A bank loan approval, meanwhile, takes longer than this, usually weeks and even months.

The Rate and Charges

If you are looking to borrow a bigger amount to use for, say, putting up a business or buying a car, a bank loan is a better option. But if you only need a small amount of cash for emergency financial situations, a cash loan is recommended. Note though that the rates and charges are quite expensive compared with a bank loan. Also, as a cash advance is a short-term loan, you are expected to pay the loan back when your next paycheck is released.

The easy application process and more lenient requirements make a cash loan a better alternative to bank loan. And with this type of loan becoming widely accessible online, there is really no stopping the growth of the number of consumers of instant cash loans.