In today's fast paced world, it is impossible to be prepared for everything. There are so many elements of life that can throw you a curveball and what was once a stable economic situation can spiral out of control at the drop of a hat. If you are in such a situation, there are options to help you out including the use of a personal cash loan obtained online. These loans are available for anyone who needs them and are often offered to you regardless of credit history.
Online cash loans come in what is called an unsecured format. That means that you do not need to own a home or vehicle to get them and if you do there is no need to use it as leverage against the loan that you take. Generally, these loans are available to borrowers depending on their income. They do not require a credit check, so those with bad credit can and will qualify. These are based on your income only, so you do need to have a steady job. There are many different lenders who offer cash loans online.
How Much Can I Get from an Online Cash Loan?
Generally, these kinds of online cash loans will be offered in small amounts, generally between $100 and $1500. How much money you can get will depend largely on your monthly income and needs. These loans are basically there to serve as a bridge between paychecks for those unexpected circumstances in life when money is needed right away. So therefore, you should be able to pay back the loan with one or two paychecks.
Rates, Terms, Fees and Other Details of Online Cash Loans
Because of the small amounts offered by these loans and their use as a bridge between paychecks, the terms for them are generally very short. Also called payday loans, the purpose of this kind of lending is to help you out financially before you get paid. Therefore, the term of the loan can be anywhere between 14 and 30 days. There is usually an option to extend the loan's term for an additional 15 days; however you need to realize that additional fees and interest will be accumulated as a result.
Do You Qualify for an Online Cash Loan?
To qualify for an online cash loan, you need not be subjected to a credit check since they are income based. However, where you are employed and how long are important. Generally, you will need to show that you have had your job for a minimum of six months and have a standard monthly pay of $1000 at the least. You also need to be able to prove as much through documentation such as paystubs.
You need to have your own a bank account since the money that you obtain from an online cash loan will be directly deposited into that account. Because the entire process of an online cash loan takes place through the internet, you will need to have the bank account to receive funds. However, the good news is, once you are approved, the money will be in your account within a few short hours.