Fast Cash Advance Online Loans Options

Short term money options have become increasingly popular tools for those needing to bridge a short-term financial gap. Instant financial options are simple to qualify for and are available around the clock. Borrowers can perform all of the necessary steps to obtain a quick personal solutions in a matter of minutes. When no other solution exists, they can be a very useful tool to deal with financial shortfalls that happen from time to time.

OLA does great work helping to maintain a competitive and user friendly digital lending environment for lenders as well as consumers. Unscrupulous lenders and internet fraud is not tolerated and the OLA and the CFPB together are making the internet lending world more favorable everyday.

Why would I take out a quick financial solution?

The reason for taking out an instant short term financial option varies from customer to customer and may be needed for a wide variety of situations. Some of the most common cases for a quick advance may involve emergency home or auto repairs, sudden increases in utility bills or other unexpected expenses. Sometimes, a borrower may have simply gone way over a monthly budget and now needs extra funds to buy food or other essentials. We cannot predict the future or when financial windfalls may happen. However, when they do, its nice to have a digital option when other alternatives dry up.

How Many People are Using This Type of Financing? 

Many consumers are barely getting by these days, and it is estimated that some 12 million Americans will use a money option this year. Some research suggests that people between the ages of 25 to 49 are the most likely to use a quick financial option. Those whose incomes fall into the $15,000 to $30,000 annual range are the most likely to use this type of short-term loan. However, research also shows a variety of income types ranging up to $100K annually still make use of money options from time to time.

What Exactly is a Fast Cash Solution? 

This type of financial product is intended to be a short-term loan. According to Finder.com, an advance is “an alternative form of credit that can be accessed quickly and taken out by those with bad credit or on lower incomes.”

This short-term funding solution often carries a term of just a few days to six weeks. Loans are typically applied for, processed, and funded all in the same day. Repayment is arranged on an agreed upon date, often that coincides with a payday. Your lender will have details for you after submission through our secure form.

Benefits and drawbacks every consumer should be aware of

Benefits?

Submit from anywhere. With the ability of the internet, you can catch a wire transfer from a lender sitting at your home or office.

Quick funding. Of course, depending on the lender, time of day, and the amount your applying for, funding within 24-48 hours is common.

All purpose funds for whatever you need. There is not a restriction on what you can and cannot use the funds for. Your free to do whatever you want.

Drawbacks?

Costs: Because of the short term ability, fee’s and other charges can make them a more expensive option than a traditional loan. This type of option should only be used for a matter of days or weeks and not taken out for longer time frames. Because of the high rates of interest and fast funding platform, they are not sensible lending tools for longer terms. That is what makes them so handy.

Disreputable lenders: Because you happen to be on our SSL secured site, you have nothing to worry about. We cannot say the same for unscrupulous lenders out there. While many loan providers follow the laws, there are a few bad apple money lenders who are predatory. Before you take out what they claim are instant cash loans, be sure to confirm that the lender you’re dealing with is practicing legally in your state. With us, rest assured our 100+ nationwide partner lenders practice industry best rules and regulations.

How does submitting for a digital approval work through your Network?

Applying for a cash loan requires you to fill out our simple and secure form. This process should take no more than a few minutes if you have all the required information close at hand. Most providers inform you of the application’s status shortly after. Our leading network of 100+ nationwide lending institutions typically approve applications with-in minutes after submission. Once approved, you will be informed of approval amounts and all rates and fee’s associated with your submission. Please review all terms and conditions before finalizing your loan.

Typically, submissions approved from one of our reputable lenders in our partner network releases funds the following business day when the wire is transferred into your bank account. Other websites who claim phrases of same day lending and money deposited instantly are typically not the case in the real world. Our partner platform provides some of the fastest funding times in the industry and still takes a day or two to process and accurately fund applications. Beware of websites and companies that promise to provide an instant transfers, as there is not a financial product available that provides borrowing services instantly.

History of short term lending

These short-term options were rarely seen before the 1980’s. Before that, those in desperate need may have had to resort to going to a loan shark or the local pawn shop.

In the late 20th century, loan shops began to pop up in markets that were not serviced by more conventional lenders. Borrowers typically had to leave a post-dated check with the lender, in an amount that would cover the principal of the loan plus fees and interest. These earlier lenders often charged a flat fee per $100 borrowed, and that fee often amounted to $15 or $20 per $100.

The Depository Institutions Deregulation and Monetary Control Act of 1980 allowed banks and financial institutions to charge whatever the market would bear when it came to interest rates on notes.

As the internet became increasingly popular during the 1990’s, so too did digital lenders operating through the platform. These lenders found they could attract a wide variety of customers all over the country, and with no need for an actual storefront, were able to get the needed money to more people in a shorter amount of time.

When Should you Consider a Money Deposit Solution? 

The decision to use a cash advance should be carefully considered. Because these types of loans may carry higher fees and interest charges, they should be considered a financing method of last resort. If a more traditional loan or credit card product is not an option and there is no way around the need for money in your financial pinch, then this type of loan may be appropriate. You should also strongly consider your ability to repay the loan in light of your financial circumstances. If you are unable to repay the loan there are options available, however, such options may significantly increase the cost of the loan.

Am I Eligible for OnlineCash4Payday.Com’s lender network?

Applying for this type of short-term financing is simple and convenient. In fact, there is no need to visit a bricks-and-mortar store or to fill out endless amounts of paperwork. Applications, approvals and funding all take place via the internet.

If our network offer’s money options in your state, you must meet the following minimum requirements:

• You must have an active email address
• You must have an active checking account
• You must have a driver’s license
• You must have been employed for at least one month
• You must be a US citizen or permanent resident
• You must be at least 18 years old

The application process is quick and convenient, and a decision is often provided right after completion of the application.

What perks are offered with this type of financial product?

Make sure to do your due diligence and go through reviews to find a website or lender that works for you, then compare your results with these features to choose your best option:

A simple process for the consumer: A great financial provider has an easy to use software application that takes about 5 to 10 minutes to complete. Many lenders are also ok with signing through a digital signature on their electronic documents, further easing a once complicated process. Once you get the go ahead, your money can be available as soon as the next calendar business day.

State by State Requirements: The 50 U.S. States typically have different rules between them. Short term financing is not different. Each state can vary and they all typically have different requirements. State laws and how much you may be looking to finance can and may affect the charges you end up paying back. Lenders also have the ability to change their matrix’s to adapt from state to state. Our nationwide partner network practices industry best practices and adheres to state and federal laws and statutes.

Larger pool of banks to accept good and bad credit submissions nationwide: While securing a traditional loan with poor credit is not easy, a large portion of lenders have relaxed criteria when compared to up tight guidelines from your everyday bank or credit union. Good credit is always welcome. However, if you have had a few hiccups in the past, our streamlined network of nationwide lenders provide favorable terms and conditions on small dollar lending products. Fast direct deposits through our nationwide lender network are now at your fingertips when in financial need.

Are Cash Advance Loans Safe? 

The answer to this question is yes. Modern finance products are typically made by reputable lenders who take great care in ensuring account security and customer satisfaction. Because all steps of the process are completed electronically, there is no risk of losing paperwork. Of course, as with any other financial transaction, you should perform your own due diligence before taking out such a loan. Lenders can be easily and conveniently compared from the comfort of your own home or office. This allows borrowers the opportunity to perform a side-by-side comparison on fees and interest rates, loan lengths and funding times. In fact, it has never been easier to obtain a speedy solution from the comfort of your own home or office.

What are the Contract Obligations or Terms Like? 

The terms can vary from lender to lender. The typical amount requested for most folks is from $50 to $1000, and lenders may simply charge a flat fee upon repayment. These fee’s range from $15-30/per $100. The effective interest rates for most speedy solutions can be quite high compared to other traditional forms of financing. Rates of 300-800% on an annualized basis are not uncommon. Paying back the loan on-time or early can save money on the interest costs, and generally speaking the shorter the time period the less expensive the loan is. This type of short term loan has a typical contract life of 14 days.

Can I get a Cash Advance with Poor Credit? 

This type of short-term loan is available to borrowers of all credit types. Although there are plenty of advertisements for “bad credit solutions” and other slogans designed to appeal to those struggling with credit issues, the fact is that borrowers with both good and sub-par files can use these products. A non-credit card option is a short-term loan made on the premise that the borrower will be able to repay the loan quickly. Due to the short nature of these financial products and the smaller amounts generally borrowed, a credit check is not typically required. Does not mean there will be no credit check. Therefore, an approval with poor credit is possible. Unlike a traditional installment loan, this product is scheduled to be paid off in 14 to 45 days, and typically occurs on payday. Repayment is made with a single lump-sum payment and includes any associated fees or interest costs.

Cash Loans vs High Interest Credit Card Products 

Financial products come in different forms, with the two primary forms being a standard lending option, similar to an early paycheck funding or instant funding options from a credit card which is money borrowed from one’s credit card account at astronomical interest rates.

The two money option types have some significant differences. A credit card option requires the following:

• An active credit card account
• Available credit
• The account must be in good standing
• May require a credit check
• Extremely high interest starting the minute the money is taken out
• Reduces your available credit and can lower your credit score

Credit card options may be taken out on various major credit cards including Visa, Mastercard, Amex, and Discover cards depending on the issuing bank. To obtain money from a credit card account, you can either use the card like an ATM card or you can visit a bank branch for the issuer. Withdrawls on credit card accounts may be paid over time. However, keep in mind interest never sleeps and the bill never goes away. They will also throw the amount of your high interest withdrawl at the back of your credit balance. Which means its last to be paid off.

It’s worth noting that credit cards typically charge a higher rate of interest for card advances compared to standard card purchases.

Extending  your credit balance on a credit card can have an effect on your credit score. A major part of credit scoring models involves what’s referred to as a utilization ratio. A simple example of this would be if you have a $10,000 limit and are carrying a $10,000 balance, your utilization ratio would be 100%. On the other hand, if you have a credit limit of $10,000 and are carrying a balance of $1000, then your utilization ratio would be just 10%.

Lenders prefer a lower ratio, as it may indicate that credit is being used responsibly and that the borrower has a high likelihood of repaying.

Although credit card options can be paid over time, they can also end up costing the borrower a significant amount in fees and interest charges. Most issuers will charge a fee and will then charge interest on the balance. The average interest rate is nearly 24%. If the borrower only makes the minimum payment on such a balance each month, it could take several years or more to pay down the original balance. Fast money from a credit card may be a good solution in some cases, but if not managed properly, can become quite expensive.

What if I Can’t Pay Back the Loan?

It is important to consider your financial circumstances before taking out any type of loan. That being said, sometimes things come up that make timely repayment difficult, if not impossible. Fortunately, if you cannot repay the loan on-time, there may be options available to you. The most important thing is to contact your lender immediately. Lenders may be able to roll the old loan into a new loan providing more time to pay, or to extend the current loan. Of course, such options will increase the amount of fees and interest paid so you will only want to use this option if totally necessary. Lenders do not want you to default, and will typically be willing to work with you to get the loan current or repaid. Communication is key. The last thing you want to do is avoid the lender or simply ignore the problem. Doing so can cost you even more money while also having a negative impact on your credit score.

At the end of the day, Why should I choose OnlineCash4Payday?

Quick/Fast – Upon lender approval, funding is wires directly into your personal checking or savings account within a day or two.

Reliability – We’ve been serving customers financially for over a decade.

Convenient – After acceptance, funding is deposited directly into your bank account. This streamlines the approval process. You do not need to leave your house or office.

Safe – Our partner network adhere’s to state and federal regulations. They also abide by industry best standards set by (CFSA) Community Financial Services Association and the (CFPB) Consumer Financial Protection Bureau.

Accessibility – Open 24 hours a day, submitting through our secure form is not only easy, but usually takes only 15 minutes.

Straightforward – All fee’s and terms are up front for you to read before finalizing. No left field charges or items not disclosed. Make sure to read the term and conditions of your lender carefully before finalizing.

Transparency – There is nothing left in the dark with our short term options through our certified partner lending network.

By using a smart money solution instead of racking up interest ridden credit card debt or overdrawing your bank account, you can avoid costly fees and penalties.

References:

“The Truth About Payday Options” Credit.com 29 May 2017
https://www.credit.com/articles/the-truth-about-payday-options/

https://www.nerdwallet.com/blog/
Nerdwallet.com 9 August 2018

“What is a payday loan?” Consumer Financial Protection Bureau 2 June 2017
https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/

“How To Avoid The Worst Credit Move” Forbes.com 9 June 2017
https://www.forbes.com/sites/johnwasik/2017/06/09/how-to-avoid-the-worst-credit-move/#6222958562cb

https://www.investopedia.com/terms/
Investopedia.com non-dated

https://www.finder.com/
Finder.com 7 November 2018

https://www.lendup.com/
Lendup.com non-dated

“What is a payday loan?” Bankrate.com non-dated
https://www.bankrate.com/glossary/p/payday-loan/

“Do Payday Loans Affect MY Credit Score?” 5 August 2016
https://cashcofinancial.com/2016/08/do-payday-loans-affect-my-credit-score/