It's the middle of the month and your car has broken down and is in the garage. You need to pay for repairs immediately but don't have the funds. You need your car to get to work. What do you do in such a situation? Consider fast cash loans.
What are fast cash loans?
You visit a payday loan center and apply for a small loan, usually ranging from $100 to $2,500. The lender processes your loan in about 30 minutes and you walk out of the loan center with the loan amount in your pocket.
Fast cash loans are a good alternative when you need money urgently and do not have the time to complete the formalities associated with a conventional loan. Since fast cash loans are for short-term purposes, repayment is within two weeks, which is the usual time frame for an employee to receive a paycheck. This is why these loans are termed 'payday loans'.
What if I have bad credit history?
Most folks shy away from loans if they have a history of bad credit. You may be thinking 'who's going to give me a loan with my credit history?'. No problem. Fast cash loans DO NOT depend on credit history.
When you walk into a loan center, all you need to show the lender is a couple of recent pay stubs as a proof of income. Some lenders may ask you for your last bank statement as well but that's pretty much all the documentation required to get your loan approved.
How do I pay back the loan?
Payback options for fast cash loans are simple. Your loan is approved based on the premise that you will repay it when you get your next paycheck. Before leaving the loan center, you write a check for the loan amount, interest due, and loan fees applicable. The check is post-dated for the last day of the loan period and is used as a security guarantee.
Generally, you visit the loan center on the last day and make the payment in person. If you are unable to do so, the lender cashes your check and collects the required amount.