Need Fast Access to Cash?

Published on November 24th, 2015

Fast cash loans are those which offer a borrower fast access to cash that under normal circumstances, he or she would not have access to until later. When a fast cash loan is made it is made with the understanding that it will be repaid from the money the borrower expects to receive in the near future. These sources of money are usually wages or a social security disbursement.

Repayment periods for other types of loans are often months or even years, whereas a fast cash loan is expected to be repaid very quickly. As the money to repay the loan often comes from the borrower’s paycheck, the loan can be due in a week or even less. If the borrower is paid on a two week cycle, the loan is typically due within two weeks.

Although the repayment date is usually tied to the borrowers pay schedule, not all fast cash loans require repayment in full at the conclusion of the term. In many cases the borrower may extend the loan, basically rolling over the current loan. The extended due date may then be set to the following pay day. Although the principal amount is carried forward to the next agreed upon date, the borrower will still have to pay the interest or finance charge for the initial loan on the original due date.

There are many people who find themselves in a position of needing access to cash between pay days. Often there can be an emergency, perhaps a family member falls ill or the car requires immediate repair. Under these types of circumstances fast cash loans can be absolute lifesavers. These types of loans normally do not require that the applicant submit himself to a credit check, this means that almost anyone can access these loans. All the applicant really needs is a steady job or steady source of income such as social security and proof of identity. Some lenders require the borrower to have a checking account at a bank; this is a requirement for some loans as the lender expects to be given access to the account to withdraw the principal amount and accumulated interest on the due date.

As is true with all financial transactions, it is important for the borrower to be fully aware of the terms. The interest rate on these types of loans is higher than what one would expect from a traditional lender but a traditional lender will not complete the process as quickly and a traditional lender would have a more strenuous application process.

There are many examples of a person needing immediate access to money, fast cash loans are designed for this very reason. You are invited to visit Short Term Loans online and get started.

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