When you need money yesterday, you need to know who can give you fast cash loans. You have a few options, depending upon your circumstances.
How Will You Receive The Money?
These days, a good deal of money never touches your hands. It might get directly deposited into your bank account, whether it transfers from an employer, a friend, or from a lender.
Read The Fine Print
Be sure to read the fees carefully that are associated with getting cash quickly. Fees can be anywhere from an expected 15% to somewhere in the 40% range just to borrow $500 or more in some cases.
Do Not Assume You Do Not Qualify
It can be easy to think that the one place that offers up “fast cash loans” will provide the best deal on your money. In fact, you may do just as well and get your money faster if you go through a peer-lending site rather than a subprime credit site or lending service.
Try Prosper, or Lending Club before you go anywhere else. You are not alone if you do not have the time or the hassle to fill out an application at a bank just to hear “no”. That is why peer lending began in the first place.
Through these online sites, people put their basic needs into the online interface. For instance, if you just need $500 to cover a deductible and are awaiting your paycheck, you have two options.
Sure, you could get a payday loan, but look at the interest rate. It could be 40% in addition to a fee to issue the loan. If you go with a peer-to-peer lending, they will issue an interest rate depending upon your credit, which could make it more favorable, even if you think you have terrible credit. The peer lending sites will also carry a fee with it for issuing the money as well.
Either manner will provide quick cash to your bank account. Even if you plan to pay off the loan quickly, the fee will still be pulled out of the funds that the company remits. That means that you also need to factor in the actual amount of money you need plus fees so that you get all the money you need, not $440 instead of $500, for instance.
Look to see how you might save money while getting the cash. That way you can get what you need to serve your present cash needs while keeping your credit in tact for the future.