Fast cash loans are for when you need quick access to cash in an emergency. These loans are also known as emergency loans or quick loans and can be a lifeline when you need emergency cash. Most lenders including federal credit unions and credit unions offer personal loans to qualified borrowers even with bad credit or bad credit score.

Features

• Fast Approval. Fast cash loans have a fast approval process. Many lenders including reputable lenders and credit unions offer same day funding so you can get your emergency cash fast to cover unexpected expenses.

• Flexible Terms. These loans have flexible terms and loan amounts so you can borrow money according to your needs. Loan offers from online lenders have options to suit different financial situations.

• Minimal Credit Checks. Fast loans require minimal credit checks so it’s open to people with bad credit or low credit score. Some lenders may do a hard credit inquiry but many allow you to pre-qualify with only a few points impact to your credit score.

• Secured and Unsecured. Fast cash loans have both secured loan options like auto title loans and car title loans and unsecured loans. This flexibility allows you to choose the best emergency loans that match your collateral availability and borrowing needs.

Pros and Cons

Pros

1. Fast Cash and Same Day Funding. Fast cash loans have fast cash and often same day funding which is important during an emergency. This allows borrowers to get emergency cash to cover unexpected expenses without delay.

2. Flexible Options. These loans have flexible options and loan amounts. Whether through a credit union or federal credit unions borrowers can choose terms that fit their financial situation. Options include secured loans like auto title loans and car title loans and unsecured emergency loans.

3. Minimal Credit Checks. Fast cash loans have minimal credit checks so it’s open to people with bad credit or bad credit score. Many lenders allow borrowers to pre-qualify with only a soft credit inquiry so only a few points impact to your credit score.

Cons

1. High Origination Fees and Interest Rates. Fast cash loans have high origination fees and interest rates. These costs can add up over time especially for short term loans and will affect total loan payments.

2. Risk of Hard Credit Inquiry. While some lenders do minimal credit checks, others may do a hard credit inquiry which can hurt your credit score. This is a big consideration for those with low credit score.

3. Repayment Challenges. The quick repayment terms can be tough for some borrowers. Automatic payments might result to overdraft in your savings account if funds are not enough and missing loan payments can further damage your credit score.

How to Apply for a Fast Cash Loan?

1. Choose A Lender. Select a reputable lender whether online or physical location to make sure they are state licensed and federally regulated.

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

3. Fill Out The Application. Fill out the payday loan application form with personal details, employment information and loan amount. Submit online or in person.

4. Review The Loan Agreement. Review the loan agreement carefully and make sure to read the interest rates, fees, repayment terms and due date.

5. Get The Loan Proceeds. Once approved get the loan proceeds directly to your bank account or prepaid card account, usually on the same business day.

Requirements

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

1. Age. Applicants must be at least the age of majority which is 18 in most states but some states require 19 or 21 years old.

2. 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. Borrowers need to show proof of regular income such as pay stubs to prove they can repay the loan.

4. Valid ID. Borrowers must present valid ID which usually includes social security number to verify their identity.

How to Get The Money

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

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount to a prepaid card account. This is convenient for those who don’t want to use their bank account.

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

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

Payday Loan Rates

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

Payday lending is allowed in 37 states, 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 District of Columbia have banned it altogether.

18 states and 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 enacted such caps, it’s 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 number of payday loans or extend repayment terms to prevent debt traps.

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