Have you ever found yourself in a situation where you were in urgent need of cash, but all your family and friends were not able to help you out for one reason or the other? It’s not a great feeling, but in such moments, there is usually one viable solution to consider, which is to take out fast cash loans here from CocoLoan.
For those unfamiliar with them, fast cash loans are a form of short-term lending that is designed to help individuals deal with urgent financial needs as they can typically be processed within the same day of approval.
They can be applied for through online broker services like CocoLoan, and since these loans come with less stringent eligibility requirements than traditional loans, this means that you can secure funding even without strong credit.
According to CocoLoan co-founder Sarah Ross, “We have worked hard to expand our lending network and increase the number of loan options that are available on our platform for borrowers of all credit types.”
Taking this into account, plus the speed at which these loans are typically processed, makes them well-suited for dealing with unexpected costs like sudden medical bills or car repairs.
What Are The Benefit Of Fast Cash Loans?
Fast Cash Loans offer up many benefits to borrowers that make them well worth the investment. Some of these main aspects include;
#1. Highly Convenient
One of the biggest advantages of applying for fast cash loans is that they are significantly more convenient than traditional loans. For starters, fast cash loans can be applied for almost anywhere with an internet connection, even using your mobile phone. On top of that, there is no excessive paperwork required or hassles to worry about.
#2. Speedy Loan Processing
Another major benefit of fast cash loans is that they can be processed and disbursed quickly, with most of them accessible within the same day of approval. The entire process, from application to receiving your money, is simple and straightforward.
All you need to do is fill out a short online application form via a credit service like CocoLoan with all your personal and financial information. The lenders within their network will review it, and if approved, you can expect to receive multiple loan offers that you can compare until you secure a loan that fits within your budget and requirements.
#3. No Hard Credit Checks
One of the best things about fast cash loans is that there are typically no hard credit checks involved. Most lenders will usually carry out a soft credit check when reviewing your pre-approval form, so you don’t have to worry about your credit score being impacted as you compare loan offers. This makes them a great choice for those with bad credit or no credit score at all.
In most cases, you will only need to fulfill a few basic eligibility requirements to get approved. Some of these include; being over the age of 18, having a steady source of income, being a US citizen or permanent resident, etc.
#4. No Restrictions On Funds Usage
When you apply for funding from online lenders, you don’t typically have to worry about being unable to use them for what you need. Whether you need cash to repair your vehicle, buy new clothes, go on vacation, or pay your utility bills, it doesn’t matter.
Most fast cash loan providers do not impose any restrictions on what the money can be spent on, thereby providing you with a fair amount of flexibility. However, it is often recommended that you only take out such loans to deal with emergency expenses to avoid falling into bad debt.
#5. Unsecured with bad credit allowed
Even if you have bad credit, fast cash loans can be acquired without having to put up an asset as security. Most traditional money lender singapore will usually require you to stake your home, car, or other assets as collateral in the event that you fail to repay what is owed.
In contrast, fast cash loan lenders provide unsecured funding, so you don’t have to worry about having to put your valuables at risk. This is because most of these lenders are usually more interested in whether you can actually afford to repay the loan or not.
As long as your income level indicates that you can afford it, you should be able to secure approval for the funding that you need, even if you fail to meet the lending criteria of banks and other traditional credit institutions.
What Are The Drawbacks Of Fast Cash Loans?
While it is true that fast cash loans are extremely quick and convenient, this form of lending can often come with a fair number of drawbacks that you need to take into consideration.
#1. High-Interest Rates
For starters, fast cash loans can be expensive, as while they are quick to process, these types of loans often come with high interest rates that can often be difficult to repay on time.
So, while they are accessible to all borrowers, they come at a price that can often be too steep to pay for most people. It is for this reason that you should never take out fast cash loans as a last resort and only to help deal with emergency expenses.
There are also other forms of borrowing that can provide you with reasonable rates, such as personal loans or installment loans, but these will usually require you to have a good credit score to be approved. As such, you should also try to consider other alternative lending options, e.g., borrowing from friends and family, before you finally decide to submit your loan application.
#2. High risk of bad debt
Some fast cash loan providers may charge late payment fees that could end up raising the cost of your loan significantly and lead you to fall into a bad debt spiral.
This is what happens when you are forced to take out another loan to repay what you currently owe, which complicates your financial situation even further. This, added to the fact that these loans tend to come with high interest rates, makes them something to be cautious of.
In conclusion, fast cash loans are a viable option for anyone in need of an emergency cash injection. After all, you don’t need to wait too long to be approved or to access the funds.
You simply head to an online credit service like CocoLoan, fill out the online form, and within minutes, you will be matched with multiple lenders, each with their own offers to consider. And since these loans are accessible to almost any type of borrower, even those with bad credit, you can rest assured that you will be able to get the funding you need.
However, you should also consider the fact that taking out these loans comes at a hefty price. This means that you should only apply for one via CocoLoan if you are confident that you can afford it.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.