Instant Cash

A brief recount on Instant Cash

A study on loans showed, that in recent times online payday instant cash will make a great impact on the consumer credit industry. Though it is considered to be a controversial product, yet it is in high demand due to its accessibility and convenience. The product has been in the eyes of critics due to its high cost in regards of its interest rates. In spite of its hogging criticism, the product has proved to be of great support for middle income group, who basically live through one paycheck to another. Its products has single handedly monopolized the US market and bailed out many from the sudden financial crisis.

If a product has so much power in itself, then it is worth spending some of your valuable time in studying the functioning and nuances of instant cash.

What is the real meaning of Instant Cash?

The literal meaning of Instant Cash is getting access to immediate cash. It is defined as a type of short term loan, which usually does not require any credit check. It leverages a borrower to apply for loan online and within 24-48 hours from the time of submission of application, loan amount is directly transferred to the borrower’s account. It is simple, convenient and solves problem of instant cash requirement.

Instant cash is a loan provision for not more than 14 days to a month and the loan amount does go in triple digits but does not cross $1500 mark. Some of the other names for it are payday loan, same day payday loan or online payday loan. There is no significant difference except their names. Payday loans can be either applied via internet or through brick and mortar financial stores.

Who finances or lends Instant Cash?

Instant cash is usually handled by non-banking financial institutions. Most of them operate through a lending company or has an individual portal or shop. The benefit of working with a lending company is they work with a vast catalogue of products and money lenders. A borrower can get access to all by filling up a singular online form that is available on their website. Usually a lending company has a 2 minute form and takes up to an hour for confirmation of loan approval or denial. These have very secure encryption codes and maintain a high privacy policy for the security of a borrower’s personal data.

An individual or a direct payday lenders are those who run their own website or owns a store. They do not share personal data with third party and do not make information public. There is a high guarantee of protection and security of personal data. However, there is no way of comparison of rates and a borrower usually consents with the limited features provided by a lender.

Both have their own set of pros and cons and it is really difficult to say which is better than the other. Yes, if a borrower is good at bargaining then he or she can strike a good deal with a direct lender and gain in the process. Chances of negotiation are greater over here but a borrower must have a good knowledge about this industry. Otherwise it is basically a personal discretion of an individual, here a borrower.

Can a financial advisor help in decision?

Instant Cash loan usually suffices the instant cash requirement, which can spur at any moment without informing and notification. Something as basic as car repair, medical bill payment or may be clearing the credit bill or electricity bill. The fear of facing a public embarrassment leads an individual to instant cash, so advice of financial advisor is hardly required.

However, if sanity prevails then there is absolutely no harm in consulting a financial advisor or avoid incurring unwanted expense, one can talk to the customer care cell of lenders. To sum up, a financial advisor can any day help in the decision making process related with payday loan if you are ready to bear the cost of consultant’s fee.

Whom to contact for seeking advice?

To get an advice and understand the working of instant cash, one can either take help of a friend or a colleague or a relative. If you are not comfortable, then read testimonials, find out about reviews, press releases, or articles and blogs. All this would help you and as a topping call up the customer care department.

There are many ways to find details about a lending company or a direct lender. Best way is check their license number, encryption seal, privacy policy or disclosure agreement and others. All this will definitely help in making a decision about a lender.

Prerequisites for instant cash

When applying for an instant cash loan type, there are certain criterions which you must fulfill to eliminate chances of rejection.

• An applicant should be above 18 years of age, as per the law of Government for applying for loan.

• Should be a citizen of US

• Should have validated proof as social security number

• Should be employed for 3 months and above for applying for loan

• Should have a running account which has to be at least 3 months old

• Should have a telephone number

Loan amount is usually based on the amount of income; it is sanctioned on the basis of repayment capability. These payday lenders are small financial institutions with very small capital, they cannot take big risk. Hence they do not send an approval to an applicant whose income cannot support loan repayment. Only a predator lender does so, and invites more and more applicant. Usually, a trustworthy and a true lender would entertain applications of only those who have a basic income of $1000 in a month.

When you are ready with all these, you can apply for instant cash and meet your cash deficit. It is the best approach but a borrower should clear the loan as soon as possible or as committed to a lender to avoid doubling of interest rate and becoming a victim of debt trap.