Cash Unsecured Loan

By: EconomyWatch Content   Date: 26 November 2009

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There may be situations when an individual is cash strapped and not getting help from long term lenders due to bad credit and lack of collaterals. In such situations, you can opt for a cash unsecured loan. Your credit rating will not usually hamper the loan approval process. You are obliged to repay the loan within 30 days to four weeks depending on the agreement and the sum but you can extend the time by paying an additional fee.

To qualify for a cash unsecured loan, the following requirements must be met:

  • you need to have a steady income

  • you must have an active checking account

  • you must furnish proof of identity and proof of income (pay stub / W-2 record)

  • you need to produce your latest bank statements

Many companies provide this loan facility. The amount usually ranges from $100 to $1000, but this varies from state to state. A service fee may be charged along with the interest on the loan amount. These companies are bound to follow ethical business practices and comply with various state and federal laws.

Cash Unsecured Loan: Things to remember

Keep these tips in mind while opting for a cash unsecured loan:

·        Get in touch with the Better Business Bureau or any institution in case you are doubtful or apprehensive about your lender.

·        Always remember to review and negotiate the terms of the loan and the interest rate. Many lenders are likely to lower down the rate, if you have a good credit history.

·        Cash unsecured loans have a fixed rate of interest and a fixed monthly payment

·        Read the fine print and double check all your documents.

·        Make sure the terms and conditions that you have discussed with your lender are clearly laid out in the final agreement.

Use only the amount that you require with an unsecured cash loan. Prompt payments are essential otherwise, you are likely to damage your credit history. So, pay back your loan obligations on time and use the loan with great care.


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