If you need money now, quick cash loans may be able to put money in your bank account within an hour. Fast cash loans may also allow you to skip the credit check and other hassles that come with getting a traditional loan or a credit card. However, is it always in your best interest to opt for the quick cash instead of getting a credit card?
Cash Loans Online May Be Best for Borrowers With Limited Credit
Borrowers who have never taken out a loan before or who have a bad track record handling debt may not be able to get a credit card. If they do, they may be limited to low initial credit limits and high interest rates. Furthermore, they may not be able to get the card for several days, which may not help them pay the rent or make the car payment that is due within a few hours.
Online Loans May be Best for Those Who Need Large Sums of Money
Many cash lenders will loan you up to $1,000 after accepting your loan application. However, some lenders will go as high as $30,000 or more in a single loan even if you have poor credit. This can be helpful when trying to consolidate debt or if you are trying to make a large purchase such as a car or truck.
Quick Cash Loans May Offer Better Repayment Terms
As a cash loan is generally an installment loan that has a fixed expiration date, you don’t have to worry about staying in debt for years on end. With a credit card, you could put yourself in a situation where you use your available balance as soon as you make a payment, which means that you won’t ever get out of debt.
With an installment loan, you know that you only make payments for a fixed amount of time, which makes it easier to manage and reduce your debt as time passes. Depending on the type of loan that you get, you may be able to pay it back within 30 days and be done with it completely.
Get a Better Rate By Securing Your Loan
If you need to secure your loan, there is little reason to apply for a credit card. Instead, you can secure your quick cash loan with collateral and reduce your rate or get other favorable terms. As long as you repay your balance, you retain ownership of the collateral throughout the loan term.
Fast cash loans can be the answer to many of your financial difficulties. All you need to do is fill out an application online, send it in and get your money in as little as an hour or less. With no credit check, the odds are good that you will be approved no matter what your financial situation may be. For additional resources, visit the Lendgreen website.