Cash loans are personal loans to get cash for emergency expenses and medical bills. These can be secured loans like title loans or unsecured loans. They have minimal credit checks so are available to those with bad credit or credit difficulties. Online loans are popular, many lenders offer online application for installment loans, quick loans and other loan options. These are processed fast, often same day funding and flexible payment terms. You can apply online with fair credit or bad credit and get loan offers that meet your short term needs.

Features

• Quick Access to Funds. Fast cash loans and quick loans, get cash fast with minimal processing time. Many online loans offer same day funding, perfect for emergency expenses.

• Easy Online Application. Many cash loans can be applied online, making loan requests easy and you can apply online without visiting a physical location. Online lenders will provide loan offers based on the information you submit online.

• Flexible Loan Terms. Cash loans have various loan terms and payment options. You can choose between short term loans and installment loans depending on your needs and repayment capacity.

• Minimal Credit Check Requirements. Bad credit lenders offer cash loans with minimal credit checks, so it’s available to those with low credit score or no credit history. This makes it easier for those with credit difficulties to get funds.

Pros and Cons

Pros

1. Quick Access to Funds. Cash loans including fast loans and quick loans get you financial relief fast, often same day funding. Perfect for emergency cash needs and expenses.

2. Easy Application. Applying for a cash loan is easy, especially with loans online. Online application is simple and can be done fast, online lenders will provide loan offers without extensive paperwork or additional verification.

3. Flexible Loan Options. Cash loans come in different forms, installment loans, unsecured loans and cash advances. You can choose from different loan amounts and payment terms to find a loan that fits your needs and capacity.

Cons

1. High Fees. Cash loans have high fees and interest rates, especially compared to loans from credit unions or reputable lenders. This can make the loan costlier in the long run.

2. Hidden Fees. Some online lenders may include hidden fees in the loan terms, which will add to the overall cost of the loan. You need to review the loan offer and terms carefully to avoid surprise charges.

3. Credit Report Impact. Failure to pay a cash loan on time will negatively affect your credit report and credit score. Missed payments or defaults will be reported to credit bureaus, making it harder to get other loans or credit in the future.

How to Apply for a Cash Loan?

1. Choose A Cash Lender. Select a bad credit lender, whether online or physical, that complies with state laws and federal regulations.

2. Prepare Required Documents. Gather necessary documents such as pay stub, social security number, bank account information and proof of income.

3. Apply. Fill out the cash loan application form with personal details, employment information and loan amount you need. Submit online or in person.

4. Review The Loan Agreement. Review the loan agreement carefully, interest rates, fees, payment terms and due date.

5. Get Loan Proceeds. Once approved, get the loan proceeds deposited into your bank account or prepaid card account, usually same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), to apply for a loan most payday lenders require that you:

1. Age. You must be at least the age of majority, which is 18 in most states, although some states require you to be 19 or 21 years old.

2. Have An Active Checking Account. A valid and active bank account for deposit of loan proceeds and for the lender to withdraw repayments.

3. Proof Of Income. You need to show proof of regular income, such as pay stubs, to show you can repay the loan.

4. Valid ID. You must present valid ID, which is usually a social security number, to verify your identity.

How to Get the Money

1. Direct Deposit. The most common way is direct deposit into your bank account. Once your payday loan application is approved, the payday lender will deposit the loan proceeds into your active checking account, usually same business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount onto a prepaid card account. This is convenient if you don’t want to use your bank account.

3. Cash. In some cases, especially with in-person payday lenders, you may get the borrowed amount in cash. But this is less common than direct deposit or prepaid card.

4. Check. A few payday lenders may give you a check for the loan amount, which you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates usually have fees ranging from $10 to $30 per $100 borrowed, depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed, which is an annual percentage rate (APR) of around 400% for a 2 week loan. For example, if you borrow $300, you’ll need to repay around $345 by next payday. These rates are much higher than other types of loans like personal loans or secured personal loans.

Payday lending is allowed in 37 states, while 11 states, including Connecticut, Maryland and New York, have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending laws and others like the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, often at 36% APR, to curb high-cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently passed such caps, which is a growing trend to regulate payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other hand, states like Oregon (140%), Maine (228%) and Iowa (247%) have lower rates. Some states like Washington and Virginia have additional regulations to limit the number of payday loans or extend repayment terms to prevent debt traps.

Cash Loans. Apply Online