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Cash Loan

Perfect for those who find themselves in-between pay periods and need extra cash until their next pay check. Most establishments will lend up to $500 although a loan for as much as $25,000 can be obtained although with much stricter conditions. Cash loans are usually electronically deposited into your checking account. When your loan is due, the amount borrowed - plus fees - is automatically withdrawn from your checking account. Extensions or renewal of loans are possible for an additional fee. Some allow for unlimited extensions while others only allow up to three continuations. Because of it's low processing fees, minimal paperwork, fast deposit and convenient application process, many people opt for this type of emergency loan.

A cash loan can be used essentially for anything including rent, large purchases, trips, etc. although most people use them to pay bills while they wait for their next pay check. However, lenders don't have any restrictions as to what you can spend your loan on, as long as you agree and adhere to the terms of agreement.

Most lenders charge a $25 fee per $100 you borrow - 25%. It's a steep fee for some but most people apply for this type of loan with the intention to pay it off by the first immediate due date so additional fees aren't accrued. Because a credit check isn't conducted and - once the application is verified - money is received within 24 hours, people who either have a low credit standing or are in need of cash fast prefer this type of loan.

Requirements for a cash loan differ depending on who your lender is but the standard prerequisite usually includes: a monthly income of at least $1,000, a working checking account (proven by bank statements), utility bills with address and name, driver's license or state ID, and a pay stub as proof of 
income and current employment. Consistent employment of at least two months is usually required although some require up to six months with the same employer.

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