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Rhodalyn M. Maddix
There are different loan types that can be found on the loan market now – student loans, car loans, home loans, mortgages etc. But what if all you need is $ 400 and you cannot push that payment to another day. Such situations call for instant loans.
Instant loans exist to cater for times when you need money but don’t have the luxury of waiting for a long period before taking care of the unexpected cash constraint.
Crisis with money can come at any time. Death can spring in, the doctors bill can also come up. Travel to another place to take care of something can also bring up expenses, emergency car repairs is also another cost.
Many things can cause the monthly budget to be extended beyond your expectation. If you want a small amount of money quickly, instant loans are what you need.
Instant loans are a recent addition to the lending family. It is a bit different from traditional loans which require large amounts and a solid credit history before you are approved.
The word instant is self – explanatory when you take instant loans – it provides you money on the spot. It takes out the cumbersome procedures of a long wait before you get the loan you need. You are approved in a day or less within a few minutes.
Instant loans make it appealing for even those with poor credit to apply. This is because sometimes instant loans come with no credit check. Hence if your credit score is less than perfect, you can apply.
The lender therefore incurs a lot of risk and because of this, the interest rates are higher than the traditional loans. It can range from 15% – 25% all depending on what the lender wants to charge.
Instant loans are easier to obtain
Instant loans have become relatively easier to obtain especially now that there is the advent of the internet and online way of doing business.
The net is flooded with a lot of options for instant loans. All you have to do is to fill an application form and your loan can be processed.
When unexpected expenses threaten your peace of mind, instant loans seeks to make life easier. Most borrowers prefer instant loans to settle their financial situations.
The terms and conditions for these instant loans differ hence you will have to search around to find the loans that match your financial situation.
You can explore your options to know the terms and conditions before settling on an instant loan.
There are instant loan options all over and you can compare the lenders rate. This will help you know the cost of the loans you are getting.
The ease with which instant loans can be gotten does not however mean that they can be used as a long term financing option. It is only to be used when unforeseen monetary crisis occurs.
Once you have your loan processed you can get your instant loan in a matter of hours. It is even available for those who are so busy and do not have enough time to fill an offline application. With the internet penetrating all fields, the world of lending has also been affected.
Instant loans come in different forms
Instant loans come in two forms. They can be either instant payday loans or instant cash loans. Both loans are taken to support the borrower against the next pay period.
Both instant payday loans and instant cash loans do not require long documentation. They are given on short term basis and in small amounts unlike the other traditional loans.
Instant loans can also be in the form of instant personal loans or instant secured loans. Instant personal loans provide a wider pool of loans options that those who need loans can choose from.
These loans do not have a limit on what it can be used for. Instant secured loans will come with a security before the loan is granted to you.
Which will translate into better interest rates and repayment terms can be negotiated.
Instant cash is inviting and promising but it also doesn’t leave out the aspect of responsibility.
Instant loans provide, transparent, fast and an easy way to get cash with less time. The main limitation is the amount that you can get. It feels good to have money right at the time you need them.
Instant loans restore your sanity in financial matters. It ensures that the need that you have does not throw you off course on money matters.
Instant loans help you escape from financial emergencies
Instant loans offer convenient and fast loans to those who need it. Their short term nature makes them suitable for the individuals immediate financial cash needs. The repayment term depends on the amount you are taking and the lender involved.
Instant loans have become relevant now and is considered a lifesaver with all the uncertainties that exist.
They come to the rescue there and then when you need it. The amount is mostly less than $1000 to help individuals in distress.
Expenses may come that is way above your income and when you don’t have the money to meet that expense instant loans are the escape. Even with bad credit scores, you can get your loan.
Repayment is usually through the bank account of the borrower. Unlike payday loans which require post-dated cheques, instant loans are not so. It’s not obligatory to write such a cheque for the lender.
Basic requirements for instant loans
Firstly, as with applying for other loan types, there are requirements before you get an instant loan.
The applicant must be 18 years old and above, there should be a bank account because that is where the amount requested for will be deposited and then payments rescheduled.
You should also be able to prove that you have regular employment with income. This is the indicator to the lender that you can pay back the loan that is needed.
It will also be required of you to fill and online application form and submit it on the company’s website or if it will also be delivered in person.
The banks, online lenders and other financial institutions give instant loans to individuals and businesses who need them. Like any other loan, though the amount involved may not be huge you will be required to pay back accordingly.
Instant loans are for unforeseen occurrences
Contingencies in life do occur at some point in time to everyone. In the past not having enough to meet your financial obligations did call for panic. Now, instant loans exist to offer loans for unplanned emergencies.
Be it personal, medical or an advance needed before your pay check instant loans are there to offer a solution to urgent cash needs.
With instant loans, lenders offer up the best of help that can be given to get the loans they need. Car bills or phone bills may be waiting but instant loans serve as a solution to the cash flow problem.
The lender decided how much to give depending on the income of the borrower. The terms of repayment and the interest rate will vary according to the lender.
Due to its faxless nature it has made it easier for loans seekers to apply for instant loans. Lenders are aware of how pressing the funds are needed. Hence your loan application can be approved in 24hrs and the money will be available.
Instant loans are available for those who find themselves in an emergency but have bad credit.
Instant loans provide an easy and reliable loan option. When its time to repay, the amount will be withdrawn from your account by the lender within 14-18 days.
Some lenders do give the opportunity for the repayment to be extended but it will come at an additional fee.
You can apply at any time from the convenience of your home. There is a short application that you have to fill. All you provide are your contact details and employment details.
Getting access to quick money with instant loans
When met with a need or an urgent expense, a normal loan may not be able the address this situation. This is because it will involve a long process, large amounts and credit checks. This will make the whole process time-consuming.
Instant loans come to solve this problem by giving loan seekers the option to get access to quick money when they need.
Within less than 24 hours, you can receive the cash that you need. Instant loans are for when you need smaller amounts to support you until you receive your next pay check.
Lenders giving instant loans do not usually lose the money they give out because the amounts involved are not huge.
Instant loans are a quick solution against urgent expenses without stringent credit checks. Bad credit borrowers are not exempted either from taking instant loans. The quick nature of instant loans makes it sometimes attributed to payday loans.
The quick access that comes with instant loans makes it a good option for those who need it. It bridges the resource gap until the next inflow of money comes in.
Instant loans exist to slash your financial problems
Instant loans reduce the time of lengthy applications. Previously, if you wanted a loan, you would have to make many rounds at the bank or financial institution.
It took the help of agents to get instant loans to meet the cash demands.
Currently, instant loans are available to help reduce if not eliminate the issue of financial problems.
Most instant loans have an online component with allows you to fill their application from.
You have both online and offline options to get your loan especially if you are a busy person. When you put your application through, you will be approved within 24 hours of applying.
After furnishing the lender with the basic information and submitting the necessary documents that is required, you can get your instant loan.
It was a bit more difficult previously to find suitable lending companies who were willing to give instant loans. They were either too expensive or they were limited in number and scarce to find.
Instant loans have therefore created the new opportunity for those who are caught up in a financial situations that seem impossible to go over.
If you are strapped in a situation of unexpected expenses and are in need of a monetary solution, you can choose instant loans with online lenders and financial institutions. Instant loans come right on time to help slash your financial problems.
The uses of instant loans are at your convenience. It can include repayment of a loan, debt consolidation, servicing or repairing your vehicle, rent payment, medical aid, holiday arrangements.
This short – term loan meets immediate needs and credit checks are minimal and this makes the approval process more instant. The money will be deposited into your bank account when its ready.
Instant loans are fast to meet your cash demands right at the time you need them.
It is however important to negotiate for you to negotiate good rates for the loans you take to avoid future regrets.
Finding types of instant loans
To find instant loans is easy now. You need money badly and the need for it is as immediate as can be. Traditional lenders in the past were not in the business of giving instant loans out to people as they do now.
Applying for loans run into weeks when you did not have the luxury of time to wait. But now instant loans exist in different types and are available. You only have to look for the lender and the type that suits your needs. Types of instant loans include:
Automotive title loans
Automotive title loan is a type of instant loan available on the market. It is similar to traditional loans but requires a specific collateral which is the car title. It does not have stringent credit checks.
The money you can borrow may not be in huge amounts and are expected to be paid within 30 – 90 days. The terms may differ from lender to lender and what the outcome of negotiation will be.
Short-term loans are a form of instant loans that lenders offer. They can be in the form of online loans, payday loans, merchant cash advance. Some of these short -term instant loans may require collateral. You are expected to pay back within 6 months depending on your agreement with the lender.
Cheque advance loans
This type of instant loans is alternatively known as a paycheque or payroll advance, usually given to workers.
You usually have a few weeks to pay back the amount that is given to you. The amount that is given to you is decided according to what you monthly salary is. Cheque advance loans don’t require a collateral.
When it’s time to repay, the employer can deduct automatically from your account or you can write a post – dated cheque to be cashed by the lender when funds hit your account.
You should however bear in mind with this method that if you don’t have funds in your account, fees and charges will be applied.
Getting access to instant loans been made super easier with the coming of online loans. Many borrowers looking for instant loans tend to online searches before they even consider entering an establishment.
Lenders offer instant decision to those who apply online and even if this doesn’t get approved, you can have a next-day approval.
The funds are deposited into your account and repayment is also scheduled from the same account. Lenders do not conduct overly stringent checks for those seeking instant loans online.
The request for collateral also differs from lender to lender and the loan amount involved. Sometimes to speed up instant decisions lenders will consider the large amounts and the collateral.
Useful tips to getting instant loans.
When you are stuck in a financial situation coming out can sometimes be difficult. But by all means there are different actions that you can take to make the situation better. This includes getting instant loans.
To get instant loans, first check the pros and cons of which type of instant loan will be the best fit for you. You can either choose a secured option or unsecured option. If you wouldn’t mind using your assets to get a loan, you can go in for the secured instant loans. On the other hand, if you have no assets, you can still get unsecured instant loans.
You should however check the rate of interest and the tenure of the loan as per negotiating with the lender. It is however advised that with instant loans, you choose the unsecured option to save you time in how long it will take for you to receive your money. Unsecured instant loans allow for a shorter time of processing.
Instant loans do come with high interest rates. Its when you opt for secured instant loans that you will have an option for the rates you desire. With any other choice, you are likely to have to pay more for the instant loan you are taking.
Your credit history comes into play when looking for instant loans. The better your credit, the more options are open to you as compared to when you do not have a good interest rate.
Instant loans can be gotten from private lenders mainly and the some banks and other financial institutions. Some lenders however do not conduct any credit checks at all before granting instant loans.
Besides taking your contact information, your employment or evidence for regular income is very important to the lender. This is because just like any other loan you are expected to pay back what you took.
On the whole instant loans do not require a lot of paperwork and the process is simple unless you opt for the secured option.
Instant loans keeps your financial sanity until the next replenishment.
When you are out on your personal resources and you need cash to take care of your financial needs, instant loans come in handy.
Instant loans exist to ensure that those who run out of cash along the line when their monthly pay check is exhausted, get access to loans that can tide them over until they get their next funds coming in.
With instant loans, when you are out of resources, it ensures that your situation does not become extremely difficult to deal with. When you contact a lender who offers the instant loans that you need, you will get access to the money that you need.
This loan however are short term and thus you may not have a long time to repay the loans that are given to you. The time of repayment can range from a week to 6 months.
Some people prefer this short time because they find it more suitable to pay off the loan fast that having the burden of paying back in several years.
In ending, it is worth mentioning that there are several financial institutions that are getting interested in giving instant loans to those who need them. You can apply for this type of loans from home.
After giving the relevant details and comparing quotes, you can then settle on the lender you want to deal with.
Instant loans bridges the cash gaps that people have usually before they get in the funds they need. Instant loans are even available with no credit check.
However, instant loans are sometimes bridled with high rate of interest due to its shorter repayment period. The best way to keep this in check is to pay on time. It is a timely solution if you need money quickly.
There are some strict policies from the lenders that you have to adhere to when it comes to payments and how its supposed to be made but this will solely depend on the lender.
You should check whether you can afford the loan repayment because missing out on payments or late repayment of loans can cost you a great deal. It is therefore important to know what you can afford first before choosing.
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. Our lenders lend from $500-$5,000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.