Quick Loans Online
We all need financial help at one point or another. It may be due to a medical emergency, a high utility bill, or a short-term expense that was not anticipated in advance. Because less than 50% of Americans have a high credit score (of over 680 on the FICO scale), most people find themselves locked out of traditional lending channels. Bank loans and credit cards are typically extended to persons with favorable credit. If you find yourself with below than average credit, you may not have access to these financial channels. In addition, you may need quick cash to cater to an immediate expense.
Quick loans online provide the answer to people who need access to fast cash- and those who don’t have credit card access or bank loan options. These loans have several differences from payday and personal loans. Quick online loans allow you to access your loan in only a matter of minutes. The application process is quick and convenient, and you often receive the resources you need in a timely fashion (direct deposited into your bank account).
Defining quick loans online
Before you decide to apply for a fast cash loan, you first need to understand what these loans are and how they work. A quick online loan is a type of loan that is offered by financial institutions via the internet. Credit unions, banks, and other online lenders make it easier for you to access fast cash through an online application.
How does it work? You will typically fill out an application, provide the relevant information, and await a decision from the financial institution. Online lenders typically use your income and bank statements to determine your eligibility for a loan. The difference between quick cash loans online and other types of loans is that your credit history is rarely considered as part of the qualification criteria.
Online lenders for quick loans will typically rely on your income and bank statements to ascertain your ability to repay the loan. In most cases, fast cash loans are of amounts between $500-$2500 and are repaid within a few months at most. And if you have an active U.S bank account, the funds can be deposited in just a few minutes after approval.
Why get quick online loans?
To some borrowers, the thought of receiving quick cash online may sound unreal. Indeed, many traditional lending channels are slower, have a longer application process, and take more time to repay. However, a quick online cash loan is starkly different. You typically receive the cash in a matter of minutes, the application process is faster, and repayment periods are shorter. But why should you opt for a quick cash loan instead of other financial options?
1. Catering to emergency expenses
The reality of life is that emergencies happen. Less than half of Americans have a savings account or an emergency fund where they can access money when they need it. Therefore, a broken down car, a healthcare emergency, or a delayed paycheck can throw you off significantly in the short term.
Thanks to online loans, you can access quick cash to offset emergency expenses and to get back on your feet. Fast cash loans are a useful option to turn to if you don’t have a savings account or a credit card.
2. Offsetting a current utility bill or debt
Do you have a past-due utility bill that needs to be paid immediately? Do you have a credit card debt that’s accumulating interest at an alarming rate? Fast cash loans can be the answer to your problems. Rather than spending sleepless nights worrying about your electricity being shut off, you can conveniently apply for a fast cash loan to settle this bill once and for all. And because online loans give you more time to pay, you can remain in good standing with your utility company as you repay the online loan that you took.
Similarly, credit card debt can be offset using an online loan. If you owe a reasonable amount on your credit card (typically less than $2000) but you’ve fallen behind on your payments, a fast cash loan can help you catch up. This also prevents you from further jeopardizing your credit history because of a small debt.
3. Planning for a move or vacation
Preparing to travel always comes with many different expenses. Even though you may have prepared a detailed budget, missing out on one expense can completely throw you off and result in unnecessary stress.
Quick loans online come in handy during such last minute situations. If you find yourself going over budget during a vacation, online loans can bail you out and help you finish off your holiday with minimal stress. Similarly, last minute moving expenses can be offset by an online loan.
The cost of not getting a loan
When it comes to financial matters, a solutions-based approach is better than wishing the problem away. If you have an immediate financial need and you don’t explore all your available options, you may end up digging yourself further into a hole. The mistake that many Americans make is to only explore traditional loan options such as credit cards and bank loans. But if they have bad credit, these options are typically not available to them.
Therefore, many people continue struggling with a past-due utility bill, a broken down vehicle, or an untreated medical condition. But with quick online loans, it doesn’t have to be this way. You can use your income to access fast cash that will get you out of trouble. When used responsibly, online loans are reliable financial solutions that give you a cushion against last minute expenses. These loan options are there for you to explore, even if you have below average credit.
Finding a legitimate lender
While there are many online lenders out there, you need a financial institution that understands your needs, offers favorable rates, and is willing to work with you when establishing a repayment plan. If you don’t know where to start when finding an online lender, here are several things to look out for.
Favorable loan terms
Fast cash loans are often thought of as having unusually high interest rates. However, you can access very favorable loan terms by working with the right online lender.
When applying for an online loan, make sure you read the blueprint and calculate how much is being charged in terms of interest. Also, note down all fees and loan conditions before you make a final decision. Favorable lenders will typically charge interest rates that are at (or slightly above) traditional market rates.
A safe and secure application process
Online loans begin with an application process on the lender’s website. When applying, make sure the lender is asking for reasonable information that is pertinent to the loan. For example, relevant questions include your income, bank statements, and contact information.
Be wary of lenders who ask for too many sensitive details such as social security numbers or family information. Only disclose what is relevant to the online loan, and always clarify why a lender would need to know certain personal information.
Flexible repayment terms
Most quick loans issued online are repaid within 30 days. However, the state of your finances may cause you to need more time to repay the loan. Work with lenders who understand your financial needs and are willing to offer flexible repayment terms.
In some cases, refinancing a loan will come with extra fees. Make sure your lender is charging reasonable fees for extending the repayment period.
How do you know you’ve found a good deal?
It can be challenging to evaluate lenders for online loans when you need quick cash. The tension surrounding your emergency (as well as your busy schedule) doesn’t provide enough time to shift through hundreds of online lenders.
That is why Bonsai Finance is here to help. By filling out a single application, we connect you with multiple online lenders who match your specific criteria. You then have the opportunity to pick from a refined list of quick cash lenders to meet your immediate needs.
There are several ways you can tell if you’ve found the right lender. Keep an eye out for the following characteristics.
- They can deposit quick cash in your bank account within 24 hours
- They have a clearly explained approval process
- They accept good or bad credit
- Favorable loan terms and a realistic repayment plan
- No requirement for collateral
- Minimal restrictions on how you can use the funds
In addition to the above list, you should also note down other conditions that work for you. Don’t shy away from negotiating with lenders for more favorable loan terms. For example, you may request more time to repay or for a lower interest rate. Bonsai Finance allows you to narrow down and to save time when searching for lenders.
What you need to apply
In most cases, online loans have an easier and quicker application process than traditional loans. However, you should still prepare important application information so you can save time when applying for a loan. You will typically need to meet the following criteria for fast online loans.
- Be 18 years and above
- Have a steady and verifiable income
- An active U.S Bank account (for depositing the funds)
- A valid phone number where you can be reached
You can typically complete a fast cash loan application in less than 5 minutes. In this way, you can meet your emergency expenses in a timely fashion and with minimal stress.
Quick cash loans online: A new way of lending
Just a few years ago, the thought of receiving a loan online was farfetched. Many people questioned how secure online loans were and whether lenders were reputable. Others also thought that quick cash lenders were predators who would charge unreasonably high interest rates.
However, fast online loans are actually valuable financial resources for many Americans. If you don’t have a healthy savings account or a strong credit score, these loans can be your lifeline in case of an emergency. You can also negotiate competitive interest rates, more time to repay, and a loan amount that is consistent with your income by working with the right lender.
This new avenue of lending is a two-way process. Lenders provide the funds and terms of the loan, while borrowers negotiate the best circumstances that meet their financial needs. A new way of lending is here to help you navigate through tough times.
What about your credit score?
Another benefit of fast online loans is that they rarely consider your credit score. This means that you can qualify for the funds you need whether you have bad credit, good credit, or no credit. When you need fast cash, the last thing you want is to be reminded of how low your credit score is. That is why fast cash loans are a good option.
As long as your income is verifiable and you can show an ability to repay, you will receive the funds in a matter of minutes (or in one business day at most).
How Bonsai Finance can help
At Bonsai Finance, we understand that emergencies happen. We also understand how time consuming it can be to identify a loan lender when you need quick cash. That is why we maintain an extensive network of online lenders for fast cash loans. By filling out a single application on our website, we connect you with many different lenders who meet your specific criteria. We also narrow down the list to help you save time shifting through many different lenders.
In the end, we give you the tools you need to find the best quick loans online for your short-term financial needs.