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In the United States, it is possible to find a wide variety of ways to obtain money for various purposes, from buying a home to reunifying debts or paying fines, through financing trips, buying a car or starting a business.
Depending on the destination that is going to be given to the capital, the amount necessary and the term you require to return it, you can choose between mortgages, personal loans, credit cards or fast loans.
In this comparison, we analyze the best quick cash loans that you can contract in the USA, and we tell you all the details, so you can easily understand the details of each product so as not to get unpleasant surprises.
What are quick cash loans?
This is the name given to fast money personal loans that you can request through the Internet, either by accessing the lender's website or using its smartphone application, or at the physical stores that the lenders have throughout the United States.
It is common in this type of financing that they have lower requirements than bank loans, in addition to shorter contracting times, it is even possible to receive the money the same day, and in many cases in cash.
It is also common that it is not necessary to carry out any type of paperwork to process quick loans, being able to send the little documentation that they request through the Internet.
Normally, they tend to have smaller amounts than the personal loans offered by traditional credit institutions, and the terms are not usually as high.
What types of quick loans exist?
Within the quick credits, we can also find various modalities that we will detail below:
They are the smallest amount, below $1,000 dollars, and very short terms that can range from a few days to one or two months at most. The requirements are minimal, even not having to justify regular income or having a low credit score.
Its name, Payday Loans, comes from the fact that at the beginning these loans were linked to the day of collection of the borrower's salary, so the amount borrowed plus fees was automatically deducted from the payroll.
Nowadays, however, there are many lenders that no longer carry out this practice and it is the money applicant who must worry about making the payment manually or direct debiting it into their checking account or their debit or credit card.
In the case of needing a larger amount of money and a longer term to return it, we can find installment loans. It is an intermediate version between payday loans and personal bank loans.
The amounts that you can get with this type of quick credit can exceed $10,000 USD and the terms even reach 5 years. Its requirements are a little stricter than with mini-loans and the application process may take a little longer, although it is usual to be able to have the money in 24 or 48 hours, if there are no holidays involved.
Your car can serve as collateral to get a quick loan on fairly favorable conditions. Through these credits for your car title you can obtain financing for what you want without having to stop driving your vehicle.
With this modality you can have greater amounts of money, always depending on the value of your car and its age. Normally, you will be able to obtain a loan if your car does not exceed 5 or 6 years since it was registered.
They should not be confused with car loans, which are used to buy a vehicle or refinance your current car credit.
Bad Credit Loans
Within this type of financing you can find loans of any of the above types. In this case we are talking about products that are more permissive with your credit score, being able to contract them even if you do not yet have a credit history started or even if you have it but your score is low.
Of course, in order to obtain this type of loan, you will surely have to provide some additional guarantee or pay higher fees, in the form of interest and commissions.
The advantage of these bad credit loans is that you can start or improve your credit score in order to access other cheaper forms of financing.
How to compare between quick loans?
When you resort to this type of method to obtain money, it is because you cannot obtain it in another way, either in banks or traditional financial entities or among friends and family.
So, what you should do first of all is to know the credit institutions that allow you to avail quick money loans. In this comparator you can find information about the best online and in-store lenders, so that you know all the details and can choose more easily.
These are the main aspects that you should look at in order to compare between several fast loans:
- Availability in your state. Not all lenders offer service in all states of the Union. Make sure beforehand that the entities you are going to compare can lend you money in the state in which you reside. In addition, some of them have physical offices where you can get cash, in case you have one nearby.
- Amount and term. The entity you choose must allow you to request the amount you need. Many have a lower limit for new customers, which increases if you pay off previous loans. The term will influence the amount of the monthly, weekly or fortnightly installment, but also the amount of interest.
- Interest and commissions. The fees applied by the credit institution will make your loan cost more or less. It is a very important factor when comparing, since you can save a lot of money if you choose well.
- Requirements. Being of legal age, residing legally in the USA and having an identification document is something that everyone will ask you for. From there, they may ask you to have regular income, have a certain credit score, etc.
- Payment facilities. Going to one of its offices or a bank branch to pay in cash, make a transfer, pay by card online or go to one of the store chains that offer these payment services, such as Walmart or Seven Eleven.
- Extensions. The possibility of being able to defer the payment of a fee or request more time to return the money is something that can come in handy if you have financial difficulties. The total cost of the fast loan will increase, but you will have the possibility of repaying it in a more comfortable way and without incurring extra costs for delay.
What requirements do fast loans demand?
It will depend on the financial institution that offers you the money, which may require more or less conditions. These are the most frequent requirements:
- Be of age. The law prevents the marketing of financial products to those under 18 years of age.
- Reside legally in the USA. Only if you have US nationality or if you have a valid residence permit can you access legal financing mechanisms.
- Have a valid official identity document. Such as a car driver's license, a state ID or a military ID.
- SSN or ITIN. Have a social security number or personal taxpayer identification number.
These are the basic requirements that all financial companies will ask you to be able to have a quick money loan. Below you can see others that, depending on the entity, may or may not request you:
- Have income. You must justify that you have a payroll, a pension or that you have regular income of another type.
- Have a credit history. To do this, you must have previously requested financial products that have generated notes in your history. As we have mentioned before, there are entities that will not ask you for this requirement.
- Have a good credit score. Although some lenders allow you to have a low score, others won't give you the money if your credit score doesn't meet a minimum.
Cautions when using quick loans
These financial products are intended to provide money to those individuals or families who cannot access bank personal loans, which are usually cheaper, but also more demanding with the requirements to be met by applicants.
To cover the higher risk assumed by lenders, the conditions are less favorable, including higher fees and higher interest rates.
Therefore, from Busconómico we always recommend not to abuse quick loans, and to follow the following precautions:
- Use them only for specific cases of need.
- Always ask only for the amount you need.
- Compare several options before applying.
- Make sure that we will be able to pay it back on time, so as not to incur penalties for late payment.
Español:Comparador de préstamos de dinero rápido