In the old days, getting financial assistance through loans used to be very difficult if you have a poor credit rating. In fact, loans were only for those who could show that they could afford to pay it back. One important proof that lenders would require you to obtain a loan is having a good credit rating. However, since the recession, majority of Americans experienced a drop in their credit score due to job loss, rising prices of commodities and other economy-related issues. This disqualified many people to seek financial assistance from banks and other traditional lending institutions.
Due to the rising demand for financial assistance, online cash advances were created. These loans are designed to give a quick financial relief to those who really need it. Also called payday advances or cash advances, cash loans can be obtained in as little as hours to a day or two, making them perfect for urgent financial needs.
Understanding Online Cash Loans
Online cash advances are unsecured loans, which means they require no credit check and collateral. Unlike banks, online lending companies would not check your credit score or use it as basis for their decision.
However, if you are obtaining online cash advances to solve a big financial issue ( for instance, paying your mortgage or paying your car loan), this is usually not the best option for you. While there are lenders that offer cash advances of $10,000 or more, majority of online lenders only provide between $100 and $1500. This is because these loans are designed for small and short-term financial issues. If you need more though, you could discuss your needs with your lender. They may be able to provide you with the money you need but they may ask for a co-signer or collateral to support your loan.
In addition, most online cash advance programs have a short repayment term. Usually, they are paid back in as little as days to a month or two. In other words, online cash advances are perfect financial relief to issues that happen in between paydays.
Availing of Online Cash Loans
You can rest assured that you can avail of these loans fast and without much fuss. Lenders won’t require you a rigorous loan application that involves loan interviews to really gauge your capability of paying your loan back.
In most cases, you will only be required to fill up an application form on your lender’s website, and to submit a soft copy of your requirements through email. Requirements include: US citizenship/ residency, IDs, proof of income or employment, active bank account, and working phone number or email. You should also be at least 18 years of age to legally carry out these transactions.