Quick loans are for those who need cash fast, offering personal loans, auto title loans and cash loans from online lenders and credit unions. These loans cater to all credit scores, from excellent to bad credit, some lenders do a soft credit check. Quick personal loans from most online lenders have fast approval and same day funding and access to funds. You can apply online for loan amounts from small cash loans to larger amounts, terms from short term loans to installment loans. Reputable lenders like federal credit unions and other financial institutions offer competitive rates and less hidden fees, and those with fair credit can find a loan too.

Features

• Fast Approval. Quick loans offer instant loans and fast personal loans with simple personal loan applications so you can get cash fast, often the same day.

• Flexible Loan Amounts. Quick loans offer a range of loan amounts from small cash loans for unexpected expenses to larger amounts, for various financial needs and situations.

• Multiple Lender Options. You can choose from credit unions, online lenders and even pawn shop loans so you can get quick personal loans regardless of your credit score or credit history.

• Minimal Credit Checks. Many quick loans only do a soft credit check so it’s accessible to those with bad credit or existing debts and they report to credit bureaus to help improve credit scores over time.

Pros and Cons

Pros

1. Cash Available Fast. Quick loans like fast cash loans gives you instant access to funds, often the same day so it’s good for unexpected expenses.

2. Easy Application. Many quick loans can be applied online through a simple personal loan application so you can pre-qualify and complete the process fast without the need for a lot of paperwork.

3. Multiple Loan Options. You can choose from unsecured loans, installment loans and short term loans offered by online lenders, credit unions and other financial institutions for all credit scores and financial needs.

Cons

1. High Interest and Origination Fees. Quick loans have higher interest and origination fees so borrowing money is more expensive than traditional loans.

2. Short Loan Terms. Many quick personal loans and fast cash loans have shorter loan terms so you have higher monthly payments which can be tough to manage especially if you have existing debts.

3. Credit Report Impact. While quick loans gives you instant relief, missing payments or defaulting can negatively affect your credit reports and credit scores so it’s harder to get loan offers from reputable lenders in the future.

How to Apply for a Quick Loan?

1. Choose A Payday Lender. Select a reputable payday lender, online or in person, that complies 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. Submit online or in person.

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

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

Requirements

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

1. Age. Must be at least the age of majority, which is 18 in most states, some states requires 19 or 21 years old.

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

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

4. Valid ID. Borrowers must present valid ID, which is usually a 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 to your active checking account, often the same day.

2. Prepaid Debit Card. Some payday lenders offers the option to load the loan amount to a prepaid card account. Good 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 loan amount in cash. But this is less common than direct deposit or prepaid card.

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

Payday Loan Rates

Payday loan rates usually has 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 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 pay back around $345 by next payday. These rates are way higher than other types of loans like 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 limits or prohibits payday lending. Some states like Arkansas and North Carolina has repealed their payday lending laws and others like District of Columbia has banned it completely.

18 states and District of Columbia has usury rate caps, often 36% APR, to curb high-cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico has recently enacted such caps, as the trend is growing 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%) has lower rates. Some states like Washington and Virginia has additional regulations to limit the number of payday loans or extend the repayment term to reduce debt traps.

Quick Loans. Apply Online

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