Other Free Encyclopedias » Online Encyclopedia » Encyclopedia - Featured Articles » Featured Articles: American Idols Tickets - How to Score American Idols Tickets (and How Not To!) - Where to Find American Idol Tickets to Meet Singles Free - How to Meet Singles Free

Instant Loans Cash - Instant Loans Cash On The Spot

borrower lender storefront credit

Many people find a need to borrow small sums of cash for a short period of time. With these loans, commonly known as payday or instant loans, cash is available instantly until the borrower’s next payday. No credit check is required because these loans are not considered to be credit. The borrower guarantees repayment by either leaving behind a written check at a storefront lender, or by submitting an electronic automatic withdrawal (ACH) permission form to an online lender.

One thing that many people like about this type of loan is that there is no long interview process or embarrassing questions about why a loan is needed. The borrower merely has to fill out a short application form and submit a little personal information about their job, income and banking information. Upon approval, the borrower will receive cash immediately from a storefront lender, and shortly thereafter when using an Internet lender.

Both online lenders and storefront instant loans cash lenders have similar practices. The industry has its own internal method for checking to see if a borrower has previously defaulted on repaying an instant loan, but they do not access any major credit bureau credit history records. Both will want information about the borrower’s income and source of income. A job is required, or some type of regular income from retirement or disability payments. Personal identification is required, such as a driver’s license. There may be a request to list two or three personal references. The lender needs a banking account number for their records, and expected information about the borrower, including name, address and telephone contact number.

Storefront lenders will hand over cash instantly upon computerized approval. Online lenders can transmit the loan amount shortly after approval via an electronic transmission of funds directly into a bank account. Repayments are made on the due date. Repayment of the loan plus any fee is made personally in cash at the storefront lender. Online lenders will automatically withdraw the total amount directly out of the bank account of the borrower. If bank account funds are insufficient, the transaction will be moved to collection procedures as a bad check. Likewise, if the borrower does not return in person to the storefront lender, their check will be then processed. If that check does not clear, it will be treated as a bounced check and put into collection procedures.

Defaulting on instant loans will result in collection action, which may be reported to credit bureaus. A bank will charge a fee for any returned checks, and the lender may also attach another fee on top of the amounts already due. The borrower may then find that they are unable to receive any future cash advance loans. One option for the borrower who has a problem with repaying their instant loans cash on time is to work out a payment plan with the lender. They can make smaller payments over a few weeks or months to repay the entire amount plus extra fees. This may also result in the borrower being unable to get future instant loans cash advances.

For most people, instant loans are convenient and accessible, no matter how bad their credit history may be. Interest rates are high, running as much as $15 to $25 per $100, or about 400% APR on an annual basis. This does not dissuade people from borrowing because the loan has such a short lifetime. Cash can be used for any purpose. Many use instant loans cash for emergency medical bills, auto repair, or to avoid late fees and insufficient funds charges. Others use their loans for vacations, a night on the town, or to take advantage of a special deal that is offered when they do not have ready cash available.

How the cash is used is never an issue in receiving an instant loan. Payday loans, quick cash advance loans, and instant loans cash can be used for any desired purpose, no questions asked. It is a preferable option for some over asking friends or family for a short-term loan. Millions of people use instant loans every day, all over the world, and they are happy to be able to use this financial tool for their own benefit.

Instant Online Credit Card [next] [back] Instant Decision Loan - What to consider when obtaining an instant decision loan

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or