Also called an instant loan, a cash loan is a short-term loan that’s offered without a collateral. Cash loans are ideal for handling unexpected needs for cash – think of situations like a broken car, need to take the family for a vacation, or a small amount to fund unexpected and unplanned purchases. In case of no credit check loans, the lender is just interested in your income, because the loan is offered on the basis that your salary is enough to pay the amount on the next pay day. Contrary to what many believe, cash loan industry is a highly regulated one, so the lenders cannot dupe you or ask beyond what’s initially agreed in the first place.
Knowing the basics
You don’t have to run after a lender to get a cash loan. The entire process of application can be completed online and will be private, which means no one needs to know if you had a financial emergency. Also, the process is a simple one, and the lender will usually want a restricted access to your bank account. If things are sorted, you can expect to get a loan almost immediately. In many cases, applications are approved anywhere between a day and a week, and the money is sent directly to your account.
What are the requirements?
Cash loan requirements are pretty basic, but will depend on the rules and norms in your country. In Canada, you can apply for cash loans only if you are a Canadian citizen and are over 18 years of age. You must have a monthly income of at least $1200, which must come from your employer in form of cheque or direct deposit. Your job needs to be a stable one with at least months in service. You also need an active bank account for at least three months, where the money will be deposited. Your current financial status determines if you will get the cash loan in the first place, so you shouldn’t be on the brink of declaring bankruptcy. Since this is a form of short-term lending, the lender will also consider the short-term debt ratio.
With all of that in mind, you also need to know that the interest rate on such loans to be a tend higher. That’s because lenders are taking that extra risk of offering a loan without security and without any delay whatsoever. Check online and apply now!