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Try as we might, we can't always plan for every expense. Unexpected expenses can pop up on anyone. That can cause stress and anxiety when trying to figure out how to cover the extra bills. But there are options for getting cash fast.
You can get extra money quickly with a fast cash loan. Fast cash loans are designed to get emergency funds in your hands much faster than traditional loans. These loans don't require a long application process or extended approval periods. You'll usually know if you're approved within the same day you apply and could even have the money before the day's end.
You never know when extra expenses are going to arise. So, let's look closer at what a fast cash loan is and how you could use it. Keep reading for everything you need to know.
Key Takeaways
A fast cash loan is short-term in nature and available to help pay for emergencies and bills outside of your everyday financial obligations. They're designed to be solutions when you get stuck with extra expenses.
Generally, fast cash loans are for smaller amounts and have short repayment periods. Some fast cash loans may be as small as $500.
The application process is typically simple and short. There may not be much in terms of a credit check if there's anything at all. This type of loan is meant to help with immediate financial needs.
The terms of the loan are discussed at the time of the application. You may need to repay the loan in one lump sum upon your next payday, while others will allow for payments over a short term.
You should expect to pay some fees and interest, as well.
There are several things fast cash loans are good options for. Most of which are bills or expenses you haven't planned for. Let's take a look at a few of them below.
Homeownership is awesome. It feels good to own the home you live in. However, a lot can go wrong with a home and it's expensive to maintain them, sometimes.
While you have home insurance and warranties that cover some kinds of repairs, they don't cover everything. You could have necessary home repairs pop up on you at any time. What do you do in that case?
This is an instance that a fast cash loan is a good option for. Let's say you need a new washing machine. You hadn't budgeted for that with your normal bills and you can't make do without one. You can get a fast cash loan and have the money to buy a new washing machine that day, in many cases.
You don't have to put off repairs that need doing today because you can get a fast cash loan to pay for them.
Did you know that even though around 90% of Americans have some health insurance, there is a large part of the population that can't afford their medical bills? In some states, nearly 20% of the population is sitting in debt from medical bills.
Medical bills can be tough for anyone to cover when they arise. Illnesses and surgeries are expensive and insurance only pays for so much. You don't want to pull money from your regular bills to pay for the medical expenses but you also don't want to deal with late fees and other consequences for not paying the medical bills.
A fast cash loan can help you get those unexpected medical bills off your plate. Remember though, that fast cash loans are typically for smaller amounts than more traditional loan types. You won't get to pay off large medical bills with one fast cash loan.
What you can do is pay up the portion that's due or a payment you're overdue on. Using a fast cash loan is a good way to get back on track with your payments if you've fallen behind.
Our vehicles are exposed to a lot of things. Weather, traffic, reckless drivers, dirt, unrepaired roads, and other hazards can cause any number of things to go wrong with a car.
As is true with homes and health, insurance doesn't cover everything. You can get stuck with auto repair expenses when you need your car to run properly.
Auto repair shops don't generally allow customers to make payments for the work they need done. If you need to pay to keep your car on the road, a fast cash auto loan can get you the extra funds fast to do that. You can borrow what you need to fill the gap beyond what your budget allows, in some cases, too.
Life, in general, is unpredictable and expensive. You don't know when unexpected expenses are going to pop up. You can't plan for all financial emergencies.
Fast cash loans are not meant to pay for wants as much as they are meant for necessities. You should not apply for a fast cash loan to pay for things like vacations or new wardrobes. Don't try using a fast cash loan for holiday shopping or frivolous things.
You want to use a fast cash loan to pay for unexpected expenses like when appliances that die, a new computer should yours stop working, or anything that pops up unexpectedly which could lead to financial hardship. This type of loan should be thought of as a tool for help with solving a problem instead of an avenue for getting things you want.
Most of the time we know when we're going to move. That being said, you can find you have to move suddenly making all the expenses that go along with relocating unexpected. A fast cash loan can help with this situation.
Even if you know you're moving, though, you will usually have more expenses than you planned for. Moving is expensive and usually comes with continued expenses that pile up along the way. You find yourself saying, "I didn't think about that," as you fork out more cash for more things.
This is a good use of a fast cash loan. When you find there are more expenses than you anticipated, you can get extra funds immediately to cover everything beyond what you budgeted for. Then, you can pay back the money once you're settled.
Simple Fast Loans specializes in providing quick loans for those facing unexpected expenses. With a fully online application process, you can complete everything from the comfort of your home, from filling out the application form to signing documents.
Loan amounts range from $200 to $3,000, depending on your state and financial situation, offering flexibility to meet your specific needs. The repayment process is made easy through online accounts, ensuring you can manage and pay off your loan without hassle. Prioritizing your current financial situation over your credit history, Simple Fast Loans is a viable option for many seeking swift financial support.
Your credit score is generally not impacted by taking out a fast cash loan. This is because most lenders in this space do not conduct credit checks when approving your loan application, and they also do not report your loan or repayment activity to the major credit bureaus (Simple Fast Loans does conduct a soft credit check). As a result, the presence of a fast cash loan on your financial record is usually invisible to traditional credit scoring systems.
However, it's important to be aware of the potential consequences of defaulting on a fast cash loan. If you fail to repay the loan, the lender may send your debt to a collections agency. Collections agencies do report to credit bureaus, which can cause a significant drop in your credit score. Therefore, while taking out a fast cash loan might not initially affect your credit, ensuring timely repayment is crucial to maintaining your credit health.
In most cases, lenders restrict borrowers to having only one fast cash loan at a time. Once you repay your current loan, you can apply for another. This cycle of borrowing and repayment can continue as needed. However, each lender has its own policies and guidelines, so it’s advisable to check the specific terms of the lender you choose. Generally speaking, as long as you pay off your previous loans, you can continue to use fast cash loans as a financial resource.
Simple Fast Loans offers fast installment loans online for up to $3,000, depending on the state where you live. However, borrowers can take out small dollar amounts as low as $200 to cover financial emergencies. As stated above, the amount you can borrow is based on what state you're in, as well as your income and your ability to repay the loan.
The application process is different from company to company. Many have inquiry forms you can fill out online to send to the company requesting contact. Simple Fast Loans, for example, has an online application that can be completed from a laptop or smartphone.
Once the inquiry is received, a representative reaches out to you to complete the rest of the application process. You can ask any questions you have and the loan terms will be explained.
You may or may not have to go to an office location to sign the loan documents. Many companies are happy to do the entire loan process through email or online document sign applications.
If you're approved, you will have your cash either that day or the following business day, in most cases.
Most of the time you'll pay your loan back online. At Simple Fast Loans, we do everything online with our customers. The entire application process is online. We collect signatures online. And you can pay your loan back through your online account.
Fast cash loans can be useful tools when you get hit with unexpected expenses. You can use them to help with financial emergencies for home repairs, auto repairs, medical bills, and more.
We plan our finances but we can't account for everything. That's where a fast cash loan comes in. You can apply, get approved, and have the extra cash you need all within one day.
Note: The content provided in this article is for informational purposes only. Contact your financial advisor regarding your specific financial situation.
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