When it comes to spending and expenses, every month is not the same. In a particular month, you may have unexpected medical bills, a vacation to sponsor, or an expenditure totally unforeseen. In such circumstances, all you need is cash, and you need it quick. Online cash loan services, such as Net Pay Advance, can be come in handy for your immediate requirements. In this post, we are discussing the options in cash loans, with basic requirements and other factors that matter.
The options
There are two standard options in quick cash loans offered online –
- Single pay loan – Single pay loan, also called payday loans, are due on your next pay day. Your next pay should not be more than 31 days away, but at least 8 days away, from the date of application. This is an unsecured loan, so no asset or collateral is required, and you can borrow up to $1000. In case you cannot repay the loan on the due date, you can work with the lender, and in some circumstances, an extension of few days can be provided.
- Installment loan – True to the name, an installment loan is repaid in installments, and the term is usually 180 days or less. With this kind of loan, you can borrow more than standard payday loan, up to $1500. Again, this is an unsecured loan, and while a credit check is not required, lenders may want to just check your score.
Which is the best choice for me?
That depends on the amount of money you need, and your ability to repay the loan. Unsecured online cash loans are expensive, which means you pay a lot more in interest, primarily because the lender is taking a risk by not asking for a collateral. That said, payday loans are more suitable when you don’t need a big amount or you are assured of repaying the money back on the next pay day. If you want more flexibility with your loan, go for installment loans, but consider the expenses every month, because the installment amount will be deducted from your bank account directly.
What are the requirements for short-term loans?
Applicants must be 18 years of age or older to apply for either payday or installment loans. You also need to have a stable source of income, because that assures the lender that you can repay the loan in time. Also, you need an active bank account and must have relevant identity proof.
How long does it take?
Most short-term loan services work with clients to offer money as quickly as possible. It often takes two to three business days to have the money in your account. However, if all the details are enough and formalities are completed in time, you can expect money within the next business day.
Final word
Short-term cash loans are great for resolving an unexpected financial emergency. Just make sure that you have figured out a way to plan your income, so that you can repay the loan in time and as per the terms & conditions.
