Instant Cash Loan

By: EconomyWatch Content   Date: 1 December 2009

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

If you are facing scarcity of cash in the middle of the month, you can apply for an instant cash loan. An instant cash loan is a type of payday loan and can be obtained immediately. Payday loans have become very popular due to increasing job insecurity, inflation and the fluctuating economy. These short-term loans are intended to help loan seekers climb out of small cash crunches swiftly. These loans are typically applied online and hence are devoid of any paperwork.

 

Instant Cash Loan: Purpose

The loan amount that one can apply for in an instant cash loan ranges from $100 to $1500 and can be paid within 14 to 31 days. One need not put off one’s important expenses and can use the money for any purpose, such as:

  • Pay off telephone bills

  • Car Repair

  • Repairing of domestic appliance, etc.

  • Purchase a new dress

  • Sudden wedding expenses

  • Pay your child’s tuition fee

Instant Cash Loan: Interest Rate

Owing to the interest rates associated with instant loans, some jurisdictions have imposed strict usury limits on them. Payday lending is entirely prohibited in many states due to exorbitant interest charges levied on late payments. Since these loans are extremely short-term, there can be a substantial difference in annual percentage rate (APR) and the effective annual rate (EAR). Typically, interest rates range between 15% and 30% on payday loans obtained for two weeks. When this is expressed in terms of annual percentage rate, the range is 390% to 780%.

 

Instant Cash Loan: No Collateral

 

To apply for an instant cash loan, one needs to back it by pledging any valuable asset in the form of collateral. So, this reduces the burden of a borrower as s/he does not have to bear any risk of losing her or his property. This also saves time and effort involved in the evaluation of the collateral.

 

It is advisable to find the best deal possible when looking for an instant cash loan. For this, one should compare personal loan rates, terms and conditions of repayment and other provisions in the agreement. It is equally important to conform to those terms to avoid getting into any hassles later on.

 

 

 


  • Dot Div
  •      

Most Popular in Cash Loans

Related Links
blog comments powered by Disqus