Cash loans are great source of funds for emergencies. Also usually called emergency funds, cash loans are designed for small financial problems that are urgent in nature.
There are two sources of cash loans: traditional lending institutions such as banks and third-party lenders that offer their services online. While bank cash loans are also great options, online cash loans offer more advantages. Some of the advantages you can enjoy from online lending companies include the following:
1. No credit check
Yes, banks may offer emergency or cash loans. However, most banks would run a background check on you before they would give you the money you need. If you have a bad credit rating, chances are your application will get disapproved.
In most cases, banks offer their emergency loans only to members who may already have a credit history with them. If this is your transaction with them, you will likely have to go through their scrutiny before they start granting you loans.
2. Fast approval even to first time borrowers
One of the most attractive features of online cash loans is that you can avail of these loans in a matter of hours to up to two days. It doesn’t matter whether it’s your first time to transact with your lender or not. Online lenders can offer a fast loan transaction as long as you meet their basic requirements.
If you apply for a cash loan today, you will be able to receive a feedback on your application within the day and if you are qualified you can get the money you need the next day.
3. Convenient application
Unlike applying for bank loans, availing of cash loans via online lenders is more convenient. You don’t have to personally visit your lender and fall in line to get your loan application processed. In addition, you don’t have to go through embarrassing loan interviews with a loan agent to convince your lender that you can pay your loan back. All you need to do to avail of online cash loans is to fill up an electronic form and send a copy of your requirements via email.
4. Convenient repayment
Online cash loans lenders also offer convenient repayment options. You also don’t need to drive to your lender to pay your loan back. Most trusted lending companies only deduct the payment from your bank account or will require you to leave them post-dated checks. If you choose bank deduction though, you will have to give them a written permission that you allow them to deduct the payment from your bank account on the scheduled payment.