Any small personal loan that is processed in a short period of time, and is lent for about a month, is called a fast, small loan. These products are a quick decision for those who are in need of urgent cash due to emergencies or other unexpected expenses.
What Are They Called?
Fast, small loans are more popular as “payday loans,” “cash advances,” or “small-dollar loans.” These sums are usually not very large in size and range from $100 to $2500. However, they may come with higher interest rates than traditional personal or installment loans.
As lenders do not perform hard credit checks before approving the case for a fast, small loan, the risk for the borrower of not being able to repay the loan is bigger. Traditional loans are usually lent after a careful credit check, which allows the lenders to assess the borrower’s creditworthiness. With small cash advances, lenders are not able to determine the creditworthiness of the client; thus, these products have higher interest rates so that lenders may recoup their losses in the event of a default.
Where to Get a Fast Small Loan From?
Generally, small payday loans are available from traditional banks and credit unions but note that these institutions perform hard credit checks; thus, the borrowers need to have good credit scores to qualify for traditional loans. At the same time, fast, small loans are also available from online lenders, who provide money with softer requirements: they never perform a hard credit check and do not assess the borrower’s creditworthiness via credit scores. This means that those who own bad credit ratings or no credit history at all are eligible for online payday loans.
As already mentioned, fast, small loans gained popularity among Americans due to their swift processing. The whole process takes no more than an hour and does not require so much paperwork or documentation. Here are the steps in short:
- Shop around to find the online platform you will work with
- Fill out the online application form and submit it
- Wait for the results
- You will receive an email on the approval of your case
- Discuss the details on the terms and conditions of the loan
- Sign the agreement
- Get your money in your cash account
Eligibility for Online Fast Small Loans
To be able to qualify for payday advances, you must first satisfy the following requirements:
- 18 years of age or older
- Have a Social Security Number
- Have a full-time or a part-time job
- Have a consistent income (not less than $1000)
- Have an active bank account
If you fulfill these criteria, Lendersadvance would be delighted to explore what we can do to provide small loans quickly. You will be required to provide extra information as part of your application, such as your full name, proof of address, and the latest three months' bank statements. This allows our third-party lenders to authenticate your identification while also properly assessing your capacity to repay the debt.
Fast Small Bad Credit Loans
The most important benefit of fast, small loans is that they are available to those with bad credit. That is why especially people with poor credit opt for these sums. This opportunity allows consumers to get money more quickly. At the same time, payday loans are not reported to the major credit agencies in case of default, but even so, these products do not help borrowers to build or improve their credit ratings.
About the Repayment
A payday advance has a two-week payback period, or until the customer receives his next salary. This varies per lender and depends on the terms stated in the loan agreement. In most cases, the lender verifies the borrower’s income and employment details, as payday loans often require the consumer to have past payroll and job records. In exchange for the provided money, the lender requires a signed check or authorization to withdraw funds electronically from the client’s bank account. When the loan is due, customers will pay the loan amount plus interest rates and receive their postdated check back.
Your Quick Decision is Fast Small Loans
Fast, small loans online are intended to provide you with a quick solution to cover a small expense, such as a repair bill, an emergency, or utilities. When it comes to small, fast loans, our platform offers flexibility to enable our clients to receive what they need while also giving them the option of repaying relatively lower rates. We offer terms that will meet your needs, whether you want to pay off the debt in one lump sum, weekly, or monthly. After you've clicked the apply now button and told us how much you want to borrow, we will do our best to provide you with the needed money in a very short time.