Fast Non Secured Loans
Quick unsecured loans are often called payday
, or cash advances. They have a very different borrowing structure than you are used to with traditional loans, and cost more with high fees.
The first noticeable difference about these deals is of course how fast you can be approved. You can get cash this way the same day. There are very few requirements that applicants have to meet, and your credit history is rarely an issue.
The few rules are that you need to be at least 18 years old, a citizen of the country you are applying in, and be employed. Most will require that you make over $1,000 a month, and some will require that you be employed for a certain period of time, some 3 months, some 6 months.
Another big difference with these quick unsecured loans is their repayment. With traditional deals you make small payments over a period of time until the total amount has been repaid, but with a cash advance you repay the borrowed amount plus fees at the time of your next paycheck, usually within one month. If you go to a brick and mortar store you will give them a check for the amount with a date in the future that you both agree they can cash the check on; if you use an online lender you will give them your bank account information and on the agreed upon date they will automatically withdraw the funds.
Fees on these quick unsecured loans can be very, very high. While with traditional financing you may have an annual percentage rate of ten percent, with a cash advance you are much more likely to borrow $100 and pay $15 in fees. The companies justify this by saying that these deals are not meant to be compared to traditional financing, but instead are the preferable option to having to pay larger fees for overdrafting on your checking account, late fees on bill payments, or other unexpected financial issues. You can borrow $100 and pay $15 in fees, or you can overdraft $100 and pay much worse than that in overdraft fees. People who are against these cash advance deals say that they are preying on the poor, but despite a large number of people against these deals saying this, they still fill a gap in the loan industry for fast and relatively small loans that isn't met anywhere else.
To get quick unsecured loans you can do a short internet search, or head down to a local store.
by: Jennifer Quilter
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