Instant cash loans are an excellent option to pay for emergencies. These loans can give you cash in hand within 24 hours or less. Taking a loan is a big step financially. Many online lenders are offering instant cash loans. This article discusses how to choose the best same day instant cash loans.
Compare Annual Percentage Rate
Instant cash loans come with a high APR. There is no industry standard APR on instant cash loans. Every lender charges APR as per their business rules and regulations. Hence, please compare the annual percentage rate levied by different online lenders. Selecting instant cash loans with lower APR means you end up paying less to loan higher APR.
Check Credit Score
Before you approach any lender, it makes sense to check your credit score. If your credit score is good, you can ask the lender APR. Most lenders agree to lower the APR if you have a good credit score. In many cases, the credit score may not be a matter of concern, and you can get a cash loan even with a poor credit score
Check the Loan Terms
You need to read the fine print carefully before signing loan documents. Read all loan terms and conditions. If you do not understand any specific loan term or condition, seek clarification from the lender.
Make Sure the EMIs Are Affordable
The repayment period of same day instant cash loans is around one year or less. Make sure the EMIs are affordable, and you can pay the installment every month without any difficulty. The EMI generally depends on the loan amount and the loan tenure. If the EMI seems too high, you can ask the lender to extend the repayment period.
Check the Minimum and Maximum Loan Amount
Instant cash loans are short-term loans. Some lenders have a lower and upper limit for the loan amount. Some may have a lower limit of $1,500 and an upper limit of $20,000, while some may offer a minimum loan of $2000, and the maximum loan amount might be $50,000. You need to ensure the amount of money required by you falls between the minimum and maximum loan amount offered by the lender
Check Lender Ratings
Not all lenders are good. Hence, it is always good to look at the lender’s rating before applying for same day instant cash loans. Selecting the right lender is a kind of assurance that the lender follows ethical business practices.
Bad lenders are always looking to trap people in debt and earn a good income through cash loans. Hence, checking the lender rating is a safe way to go. Check the Internet for comments and ratings related to a particular lender. There are many websites online that list lenders and ratings given by real customers.
Time to Funding
An instant cash loan is known explicitly for the fastest loan disbursement. However, there is no guarantee you walk in the lender’s office with the loan application and come out with cash in hand. Some lenders may give you cash in hand the same day if the loan is approved by noon. Some take 48 hours or provide you with money on the next day if the loan is approved.
There is nothing wrong with taking an instant cash loan in dire hours of need. However, borrow what you require and pay the loan installments on time to avoid credit score beating.
Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.