What Is Quick Cash Loan?
Quick cash – which is also referred to as a cash advance, payday loan or payday advance – refers to loans where a small amount of money lent for a short period of time.
Just as with other types of loans, quick cash loans usually rely on the borrower’s previous employment and payroll records.
In certain cases, however, quick cash loans can be obtained by the unemployed, self-employed, or borrowers with a negative credit history.
Fees and Interest Rates Charged by Payday Lenders
If you decide to get a quick cash loan from a payday lender, you should not compare the interest rates on payday loan rates to mainstream loan rates. Keep in mind that payday lenders will compare quick cash fees to the overdraft, late payment, and penalty fees you might face should you fail to secure a loan of any type.
Many US states impose a cap on the maximum APR (annual percentage rate) lenders can charge.
Also, you should remember that mainstream lenders are highly unlikely to give you a loan if your credit history is bad or if you don’t have a verifiable credit history. A payday loan is a good way to build or improve your credit history.