As with any type of loan, having a good understanding on the financial transaction is essential. If you are new to online cash loans, here are some important things that you may want to know about this transaction.
• What are cash loans?
Cash loans are online financial services that require no credit check. They are provided by third party lending companies that understand how it feels like to be repeatedly shunned by banks because of your bad credit.
However, compared to traditional loans, cash loans come in short terms. In most cases, they need to be paid back in a month or two. They also come with higher-than-usual interest rates, which is to cover the risk of allowing you to borrow without collateral and with no need for a credit check.
• Are cash loans available to tenants?
As a tenant, companies that require some sort of security or collateral before lending to you may turn you away. This is the not the case if you borrow from a more understanding company. As long as you are able to fulfill the requirements of an active bank account, at least 18 years of age, a US citizenship and monthly and stable income, then chances are high that you would get an approval.
In most cases, you don’t even need to be a homeowner or someone who can present
• How long should I wait to hear from lenders?
Once you have sent in your duly completed application form and requirements, your lender will advise you when to expect feedback. Trusted lending companies would normally respond after 24-48 hours, depending on when you have submitted your application. Most online firms follow the 4pm CST rule, which means that applications submitted before that time will be processed immediately and a feedback received after 24 hours.
• What advantages do I get if I pay my cash loans early?
Just to be sure, you would need to check on your lender first. There are some companies out there that will charge you early repayment penalty because the interest of your cash loans will be evenly divided into the number of installments that you have applied for.
However, in some states, you may even be eligible for a refund if you can pay your cash loans early.
• How will I know if my cash loans application has been approved?
You will get an e-mail from your lender after verification of your personal and financial information. That e-mail will inform you if your application got approved or denied. If your application was approved, you will see the cash loans reflected in the bank account that you have provided.
Cash loans are a big help if you go with a trusted lending firm, borrow only the amount you need during an emergency and are responsible enough to pay for the money you have been lent.