Making a loan decision quickly is not the norm for banks and other standard lending institutions. There are forms to fill out, employment and credit histories to scrutinize, and bank accounts to view, all of which take time. However, there are situations when time is of the essence and the normal loan process is not sufficient and needs to be expedited. There are loans available that meet these requirements and they are quite easy to obtain however, be advised to be aware of their pros and cons in order to know whether or not they are right for you and the situation you are in.
Loans that do not require the usual process of approval such as credit history inquiries and formal employment and residence verifications, can be processed and you can have the cash in your account within twenty four hours. This lack of customer verification however, places the lender at a higher risk level. When considering this type of loan, keep in mind that these lenders compensate their risk, as well as the convenience of these loans by applying large interest rates and fees. Extreme penalties are also normal for these loans that do not use the normal customer screening processes. Also, collateral in the form of a blank check or something of value is always necessary and puts the customer at risk should they not be able to pay the loan back on time.
There are very few occasions where taking this type of loan is worth the risks involved. A medical emergency or some other type of surprise expense which can not be avoided can catch you unprepared and is a legitimate reason why one might find themselves short on cash when bill time rolls around. In a situation such as this you may be facing a late mortgage payment or a late credit card payment, either of which can have long term negative effects such as a damaged credit score or a dramatic interest rate increase for which credit card companies are notorious. Here, a quick, short term, no credit check loan is well worth the price and risk.
On the other hand, this type of loan is not to be used for frivolous expenditures or as a supplement for an inadequate paycheck. If you are living beyond your means and are in constant need of extra cash to pay the bills, getting a high cost, high risk loan is not the answer.
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