A momentary blip in smooth financial sailing can lead to all sorts of unintended consequences. If someone has to suddenly spend a large portion of a paycheck on a big car repair, for instance, this individual may not be able to make the car payment that month. Financial experts like to lecture these people about how they should have created a savings account with enough money to avoid this problem, but when the problem occurs, it’s too late for that. A company that provides quick cash loans is helpful for the person who needs money now and can pay it back with the next paycheck. This is a better solution than getting behind on a car payment and having that late payment reported to credit bureaus.
Of course, it’s important to pay back these types of cash loans rapidly. Interest rates are higher than for traditional bank loans and even for credit card cash advances. However, if the loan is paid off with the next paycheck, the actual interest amount due will be very reasonable, as long as the money is paid back within two weeks.
Acquiring one of these cash loans is a much easier process than getting a bank loan. The borrower doesn’t need to have an excellent credit rating, and in fact, doesn’t need to have established any credit score at all. The lender doesn’t check credit. An long established history with an employer also is not important. A borrower can get a quick loan even if he or she hasn’t worked at the current job very long. The person will need to have verifiable income; verification usually is in the form of the previous two paycheck stubs or deposit slips.
It is indeed important to start that savings account so a fast loan won’t be necessary in the future. Nevertheless, someone who has borrowed money this way can feel reassured that the option is there again if circumstances create the need.
