You may need an instant cash loan for many reasons, but most often these loans provided much-needed funds to deal with an emergency situation when your regular income is still a little ways off. These unsecured loans are ideal for small amounts and present a number of benefits that other lines of credit simply can't match. Read on to learn about some of these benefits.
1. Readily available
If you've ever applied for a loan from a bank – even your regular bank – you know just how cumbersome the process is. You have to fill a bajillion forms, bring in guarantors, show another bajillion documents, wait for a credit check and you still can't be sure to get approval. Instant cash loans however are easy to apply for, and you can complete forms online or physically and have the money within a few hours.
2. Easy to qualify
For instant cash loans, you need only to prove that your income is sufficient to meet the payment and that your repayment history is impeccable. No need for security, guarantors and other pre-conditions attached with bank-extended credit.
3. Ideal for emergencies
The fast processing times for instant loans means that you can use them to deal with emergencies. All you need to do is send your application, bank statement as proof of steady income and employment letter as proof of employment. With the proper documents, you can get the money in as little as one hour. In addition, you can get a loan outside of normal working hours by sending an online application with supporting documents. You can get approved and have the money sent to your bank account right where you are.
Unlike a bank loan, where you have to go to the bank holding your account for a loan, you can get an instant loan from any provider anywhere. In addition, you can choose a repayment method that is convenient for you: post-dated cheques, direct bank transfer, and cash. Instant cash loans are typically payable in one instalment, but some providers can allow a longer period if you need a larger loan. This, of course, is subject to what your income can support.
Unlike before, instant cash loans providers are closely regulated in all states, from chargeable interest rates to fees and penalties. Therefore, you don't have to worry about being overcharged for making use of this loan facility.
6. Flexible usage
Once you have the money in your hands, you aren't restricted on the ways that you can spend the money, whether you pour it into a school, work or medical-related emergency. You have full prerogative to spend the instant cash loan as you want.