Online Loans for Bad Credit
Positive and Negatives of Quick Cash Loans
There are times that no matter how much you have budgeted, you are struggling to pay everything off for the month. This can happen when there are last minute emergencies or something that you just were not expecting. When it comes to this you could consider quick cash loans but you will need to remember that as well as positives there are negatives to them.
Positive: No Credit Checks
The main benefit to taking out quick cash loans is that there are no credit checks when you are applying for them. This is a big breath of fresh air when it comes to loans and it means that you are more likely to be approved for the loans.
The way round the credit checks for quick cash loans is that the companies set up requirements that you will need to meet. Different companies have different requirements set and you have the chance of finding a company that will work just for you. This is something that you will need to do your research in and you will need to compare all of the companies that you find to work out which is the best one for you.
Negative: High interest rates
Because of the no credit checks on the quick cash loans, there are ways that the lenders need to make sure that they get their money back. The best way of doing this is through high interest rates. Like the requirements, these interest rates differ between companies and you will need to check out which is the best company for you.
There is an upside to this negative. The APRs may be high but the fees for the first month are not extortionate. The companies have a fee that is usually less than bank charges for going into your overdraft or fees for going over your credit limit. This is something that you will need to look into though because you could find that you could save yourself a lot of money by arranging different terms with your bank or credit card providers.
Positive: You get the money quickly
Just as the name suggests, quick cash loans do come through quickly. The approval process is all done online and there are chances that you will be approved within 15 minutes, depending on the company and time of day that you apply. Most of these companies will work weekends and bank holidays.
This will only come through if your bank allows the quick transfer of money from the quick cash loan companies and only if the companies are able to do the checks about your income and identity online rather than asking you to fax details.
Negative: Faxing documents
There are some quick cash loans providers that will ask you to fax documents to them to help prove that you do earn as much as you say you do. This can be tricky if you do not have access to a fax machine so you will need to think of other options that are available to you for the quick cash loans.