Finance

Quick And Easy Small Cash Loans

Money is always budgeted for certain purposes but there are times when there are emergencies and we will be in need of extra money which we do not have. However, you must not worry since there is still one option left and that is to avail small cash loans. Small cash loans are available in three main forms.

Personal Loans

This is the type of personal cash loan that you could avail on banks and credit unions. However, the loan approval will greatly depend on your credit score and income. It also has a steep interest rate which is usually 10{e9813c9d8e814800adfab8453713bd7a4e278cdf4ff7d1ad409bcdb6e730ae13}-12{e9813c9d8e814800adfab8453713bd7a4e278cdf4ff7d1ad409bcdb6e730ae13}. The good thing about this is it will only take a few days to know if your loan has been approved or not. If it has been approved, then you can expect to be able to borrow up to a few thousand dollars and repayment period lasts for two years.

Payday Loans

There are instances where you could get a bad credit score and some banks will not allow you to have personal loans. In cases like this, you could opt for payday loans. You can even be approved on the spot. Also, you could borrow $500-$1,000, which is already a good amount. However, the repayment period only lasts for a few weeks and in order to secure its position, the bank will ask for an access to your account.

Peer to Peer Loans

Peer-to-peer loans are usually facilitated online, wherein individual investors can view a borrower’s profile and risk level. These individual investors will then contact a borrower who they think is reliable and the transaction goes from there. However, what you must remember is that if your risk level is high, the investors can ask for a higher interest rate.

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Requirements for Small Cash Loans

Even though requirements for small cash loans can vary from bank to bank, there still basic requirements which they all ask for. The most important requirement is the credit score. Most often than not, the amount that you can borrow and the interest rate you can incur will depend on your credit score. There are also some banks that ask for loans security which are called collateral. They could be in a form of a house or a car. Lastly, banks will also ask for your social security number in order to do a credit check.

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