Fast loans (including personal loans and cash loans) are for quick cash for qualified borrowers with multiple loan options. Loan approval often requires a soft credit check and terms like loan amount, loan term and monthly payment depend on the borrower’s credit history and credit score. Some lenders do a soft credit check to avoid hard credit inquiries.

Features

• Fast Approval. Fast loans have a quick loan application process, so you can borrow money fast especially for emergency loans or unexpected expenses. Some lenders do a soft credit check to avoid a hard credit inquiry that can hurt your credit score.

• Flexible Terms. Fast loans have multiple loan terms to fit your needs, including fully amortizing personal loans. You can choose the loan term and have flexible repayment options like automatic payments to manage your loan payments and avoid late payment fees.

• Low Fees. Many fast loans have low fees like low origination fees and low prepayment penalties. This is good for borrowers who want to pay off their loan early without extra cost.

• Open to All Credit Types. Fast loans are open to those with bad credit, good credit and excellent credit. Credit reviews and credit reports are used to evaluate the credit profile and some lenders cater to those with bad credit by looking at other factors beyond credit scores.

Pros and Cons

Pros

1. Fast Access to Cash. Fast loans provide instant financial relief for emergency loans or unexpected expenses so you can address your needs right away. You get the funds fast, often the same day.

2. Multiple Loan Options. Fast loans have multiple loan terms and repayment options, autopay discounts and no prepayment penalties. This makes it easier to manage your loan payments and overall credit usage.

3. Open to All Credit Types. Fast loans are for all credit types. Even those with bad credit or less than perfect credit can get funded as lenders do a soft credit check instead of a hard credit inquiry and consider other factors during the credit review.

Cons

1. High Interest and Fees. Fast loans have high interest rates and fees including origination fees and administration fees. These can add up and make the loan more expensive in the long run especially for short term borrowing.

2. Increased Debt. Borrowing money fast can lead to increased existing debt if not managed properly. High interest debt can accumulate and make it hard for borrowers to pay off their loans and even worsen their financial situation.

3. Predatory Lending. Some fast loan providers may have lending restrictions and practices that can be harmful to borrowers. Borrowers must review loan applications and terms including prepayment penalties and other hidden fees to avoid getting into unfavorable agreements.

How to Apply for a Fast Loan?

1. Choose A Lender. Select a reputable payday lender whether online or physical location, make sure they comply with state laws and federal regulations.

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

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

4. Review The Payday Loan Agreement. Review the payday loan agreement carefully, pay attention to interest rates, fees, repayment terms and due date.

5. Get Funded. Once approved, get the loan funds directly into your bank account or prepaid card account, usually 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, although some states require borrowers to be 19 or 21 years old.

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

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

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

How to Get Funded

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 funds directly into your active checking account, usually the same business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount into 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.

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

Payday Loan Rates

Payday loan rates typically 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 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 statutes and others like the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, often 36% APR, to curb high-cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted caps, which is a trend of regulating 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 the repayment terms to prevent debt traps.

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