There is no doubt that financial emergencies can cause real chaos. Whatever the reason that the emergency has popped up, being able to access quick cash loans suddenly becomes essential.
The problem is that, normally, the fastest period of time to get approval on a loan is around 24 hours - a period that can be too long. But it is possible to get instant loan approval if the right lender is chosen, and the right loan deal applied for. Basically, a payday loan is what is needed.
When it comes to getting a personal loan as close to immediately as possible, and without the luxury of any collateral, the best option is a payday loan. But there are consequences that should be taken into account, and compromises to be made.
Cash Within Hours
Of course, even with instant approval, a little bit of time is required to actually get the money approved in your bank account. To this extent, it is fair comment that instant is not technically instant. But in fact, these quick cash loans can be deposited in an account as soon as three hours after the application is submitted.
This is literally the fastest that a lender can get finances to a successful applicant, and the fact that instant loan approval is given means that the stress of waiting for the green light is completely voided. But how can the process be so quick?
Well, all of the information provided in an application form correlates with set criteria. So, the computer can read the information and tick the boxes in seconds. And, since there is no credit check involved, the system is free to confirm approval for the personal loan. If an application is made at 10 am, the money can be in your account by lunch-time.
The Realities of Instant Approval
Of course, nothing is for free, so approving a quick cash loan so fast means a compromise has to be made. In fact, there are two key compromises: the size of the loan sum, and the interest to be paid on it. A payday loan is the most expensive on the market.
Typically, the sum of money available to borrow ranged between $100 and $1,500. This means little more than what is needed for the financial emergency can be secured. And, with instant loan approval, the repayment term is very short, usually just 30 days, and with the funds taken from the next paycheck.
Interest rates can be extremely high too, with most lenders charging between 20% and 35%. This means that on a $1,500 loan, the required repayment is $2,025. That is a large sum to take from one paycheck, so this personal loan can have a very negative impact on the ability to meet normal monthly obligations.
Finding the Right Loan
There is no doubt that a quick cash loan can provide the kind of financial relief that is desperately needed. However, it is important to seek out the best deal possible. This is where the Internet is such an advantage. With the help of comparison websites, it is possible to compare the best five deals and zero in on the very best option available.
By taking an hour or so to suss out the options, and with instant loan approval on offer, not rushing does not mean much time is lost. And if a lower interest rate can be found, then real savings can be made on the repayment.
But it is also necessary to check the reputation of any prospective lenders before agreeing a personal loan, so do not forget to visit the Better Business Bureau website.