When there is no money but you really need it, you can borrow it anywhere. There are several options: to borrow from friends/acquaintances, in a bank, pawnshop or at a financial institution.
The latter are actively offering instant cash online loans today. On the one hand, it is convenient and fast.
All you need to get instant cash is your passport, TIN and bank card.
If the borrower indicated personal data to receive instant cash, then within 10-15 minutes money will be on the card. There is no need to go anywhere.
On the other hand, instant cash can be extremely expensive. Instant cash is issued at “draconian” interest rates.
Many financial experts personally consider them pure and evil but nevertheless they could help you in a desperate situation, and organizations like Directloantransfer.com exist because of that..
Instant cash is justified if money is needed very much and for a very short time.
Therefore, we decided to conduct a small study of this part of the financial market: describe the procedure for issuing instant cash and compare the conditions for issuing it in a dozen companies.
1. Instant Cash Interest Rate
Each MFI has its loyalty program the essence of which boils down to “you take more – pay less”.
But no matter how “loyal” the client is. It is unlikely to get cheaper than 1% daily instant cash.
From time to time, companies throw gifts in the form of promotional codes that give discounts of 20% -70% of the cost of instant cash.
They are sent out in honor of the holidays or if the company notices that a regular customer suddenly disappears.
2. Nuances of an Instant Cash Registration
To apply for instant cash in an MFO, you will have to specify the data:
- identification number;
- bank card (with a minimum balance for verification);
- the place of work;
- the address of residence;
- marital status;
For some companies, this is enough. Others are pickier and may ask for more information.
Some MFIs certainly want to know the name and phone number of your boss. They may even call him to check.
However, this is not the most reliable method of client verification and can be circumvented. You may give the contacts of your friends in this case.
3. Penalty Sanctions
Delay in instant cash is not welcome. If the deadline has come, and there is nothing to pay, you can extend the instant cash loan by paying the accrued interest.
It is better to do so, otherwise, a fine and a damaged credit history will be added to the already considerable interest.
Consequently, in the event of a long delay, you will be attracted to litigation.
Some MFOs after the due date give careless borrowers three days “to think” for which they can painlessly pay in full or at least pay off the interest for instant cash.
If this is not done the fines are charged including “grace period”.
Delay in instant cash can be earned by inadvertently replenishing the card on time. Be aware that some banks can process payments for up to three or even five days.
You need to remember this and replenish such cards in advance.
4. Flexibility of Using Instant Cash
Other loans dictate where the money should be used. For example, home loans are only for purchases or expenses related to the home and cannot be used to pay off outstanding debts or other purposes.
However, with instant cash, you decide how you want to spend the borrowed money. You can use it to pay rent, school fees, emergency medical care, and other expenses.
5. Convenient Application Processes
Unlike other loans in which you need to provide various documents during the application process, instant cash on the same day only requires filling out and submitting a simple application form containing the relevant data.
Trusted lenders even have online applications so you don’t have to waste precious time, money and energy requesting instant cash.
Note that you can also get financing even with bad credit and no collateral.
6. Tricky Way to Improve Your Credit History
If you have been denied a loan or have a low credit rating and want to improve it, then it is always difficult to know what to do.
The main thing to focus on is paying off any credit card or loan debt.
When you are up to date with the latest developments, it is important that you make payments on a timely basis to your contract.
Whether it’s a credit card, utility bill, or paying off a loan, paying the right amount every month will improve your credit score.
Another important factor is making sure you are on the voter list. This means that potential lenders can easily verify your address.
Make sure all inactive accounts such as old checking accounts or credit cards are closed. This can make a big difference.
Checking that your credit report is free of errors is also another quick win to get instant cash.
7. Much Depends on the Lender
Although many lenders advertise faster, convenient and secure loans, still not all of them can deliver on their promise.
There are many fly-by-night operations that you should be wary of when searching. To ensure that you will only be dealing with reliable lending institutions, take the time to get to know them.
Ask for referrals or read customer testimonials to find out how a particular lender is doing business.
You may also check the lender’s licenses and ratings to get an idea of their position in the industry.
Industry experts recommend choosing loan types entirely depending on the requirements associated with the borrower rather than simply focusing on the interest rates provided.
The types of financial loans include their pros and cons.
Hence, you will need to choose one of the best options after you fully understand the intent to borrow combined with its repayment potential.
Credit card financing and instant cash receipt come as authorized financing and provide a loan with a maximum payment amount.
However, this is not necessarily the same as the distribution of cash.
In fact, it is an unsecured loan that is usually taken for an expensive purchase or emergency medical care, unfulfilled cleaning obligations, secondary and sometimes even weddings.
With instant cash, there are no restrictions on what can help you which makes it attractive to everyone.