The internet has revolutionized the finance industry. With the internet, a new sector of the finance industry was created: online lending. This sector offers various types of financial services, and among the most popular ones are the unsecured loans which are also commonly called cash advances.
What are Online Cash Loans?
As unsecured loans, online cash advances are not secured to any collateral. Thus, you are not required to present a valuable asset as collateral to secure these loans. In addition, you also do not have to have a good credit rating to be qualified for online cash advances.
Features of Online Cash Loans
Before you jump into this borrowing opportunity, it is best to know first what the features of these loans are to determine whether they are the perfect solutions to your financial needs.
1. No Credit Check and Collateral- As mentioned no collateral is needed to secure online cash advances. In addition, lending companies that offer these services online would not check your credit rating or history.
2. Small Amounts – Basically these loans only offer between $100 and $1500, making them only ideal for small and temporary financial problems. While some lenders offer more than $1,500, the majority do not offer a bigger amount to make big purchases such as car or house.
3. Minimal requirements- If you don’t have any valuable asset to present as collateral for a loan or you just don’t want to risk your asset, then this is the perfect solution for you. Online cash advances only have a few requirements, including: US citizenship/ green card, proof of employment or income, active bank account, working email address and phone number, and that you are of legal age or at least 18 years old. Other requirements may be some proof of your residency, which include bills that are under your name.
4. Fast Approval- One of the most attractive features of online cash advances is that the approval for these loans is fast. Usually, you can get feedback from your lender in as little as minutes to 24 hours. You may also get the money you need deposited in your bank account within the day or in the next business day. This makes these loans perfect for urgent financial needs.
5. Short Repayment Term- Since online cash loans are small loans, the repayment term is usually short. Usually, they have to be paid back in weeks to a month or two, although there are also lenders that offer longer terms.
6. Convenient Application- If you abhor going through loan interviews but you need cash to solve an urgent financial problem, then online cash loans are for you. With these loans, you don’t have to face embarrassing loan interviews as you would with regular bank loans. What’s more, you can send your application online, discreetly from your own home.