The Fast and the Curious: What is the fastest way to loan cash when you need it quickly?
CNBC recently reported that 63% of Americans have been living paycheck to paycheck since the COVID pandemic began, meaning they are not prepared for a financial emergency.
This is a statistic that rings true worldwide, even in the most developed countries with the strongest economies. If you need quick money to pay for a car repair to get to work or to replace a household white good, and you live from paycheck to paycheck, you probably need to loan cash fast.
An instant cash loan is one of the fastest options to secure credit.
What Are Instant Cash Loans?
Instant cash loans are a type of loan that promises the loan applicant the money instantly. In reality, these types of loans are a bit of a myth because the lender must carry out checks on the applicant to ensure the loan is affordable and will not put them into future debt. However, it is possible to apply for an instant cash loan and have the money in your account within a few hours.
Any lender that promises you an instant cash loan and will give you the money at that moment is not abiding by regulations and lending irresponsibly. They can’t have completed checks in that second and these lenders should be avoided.
How Quickly Will an Instant Loan Give Me Cash?
Online provider Wonga explains the physical reality of what an ‘instant cash loan’ actually looks like here. The cash loan will be sent to your bank account as soon as it is approved. For some, this could be within the hour. For others, it will likely be the next business day. Some companies make a point of advertising something like a 15 minute turnaround time for getting your cash. But the important point to note is, while the lender can process an application that quickly, how often the cash actually lands in your bank account depends entirely on your bank and how quickly they process new credits. In any case, these types of loans remain legal, safe and one of the best ways to get cash legitimately fast.
How Long Do You Get to Repay These Types of Loans?
Loan applicants should be able to decide how long they need to repay the money over a set period. Most lenders will give borrowers between three and six months to repay. If you choose an instant cash loan, you should always look over these terms and any other details of the agreement, such as the interest rate. Depending on the product type (usually much higher amounts) the repayment terms take place over years, not months.
Other Ways to Get Cash Fast
If you are not suitable for an instant cash loan, there are other ways to get cash fast. You could ask family and friends to lend you the money if you feel comfortable enough to ask. You might want to read this guide on the subject of lending and borrowing money from friends first.
If this isn’t an option either, you could choose to sell some of your valuables. This is probably the least desirable because selling jewellery or a family treasure to fix a car or replace a washing machine might not feel worth it. But if this is worth it to you, your local high street may include shops that will buy these items from you.