Are you facing a financial difficulty, such as an upcoming due date or a medical emergency? Quick loan services provide emergency funds, and get the money to you in as little as an hour. This service is fast-acting, and has a lot of benefits.
It’s important to educate yourself before applying for any type of loan, and the following information is designed to help you make the best decision for your situation. Here are the answers to ten of the most commonly asked questions regarding quick loans (sometimes called pay day loans).
- How long does it take to process a quick loan?
It only takes a minute to fill out a quick loan application. You don’t have to leave the house if you opt to apply online, and both in-store and online applications are quick and painless. Approval is quick as well.
*Some companies can get your money to you in as little as an hour, but most companies provide funds the next day.
- Can I get a quick loan with bad credit?
Your credit score has no bearing on a quick loan; however, it is necessary to have verifiable income. Income includes money earned from working, social security benefits, and other resources (child support, settlement payments, etc.).
- Do I need a bank account?
In most cases, it is required that applicants have a bank account. It’s rare that a quick loan company will send cash or a check, and most do not accept cash payments. Sometimes, quick loans companies require a checking account that has direct deposit, in order to guarantee that there is income coming into the account.
- Is the information I provide in my quick loan application secure?
Increased government regulations have improved security. Not only is your information secure, such as your identifying information (name, address, age, etc.), your banking information is secure as well. And, the FTC has cracked down on illegitimate lenders, ensuring you’re not scammed out of your hard earned dollars.
- How much can I borrow?
Your income determines the amount you can borrow. In general, most quick loans have a max out amount. For example, Blue Trust Loan can deposit up to $1,250 into your bank account as soon as the next business day. Depending on your income, you may receive the full amount or something smaller.
- What are my options for repaying the loan?
Repayment typically begins on your next pay day. Some companies require that you pay off the entire amount. Others allow you to spread out your payments. “All loans have an agreed upon due date as covered in the customer loan agreement,” writes Blue Trust Loan in their FAQ section. Some quick loan companies allow early repayment, which often reduces finance and interest charges. Blue Trust allows early repayment without any incurred penalty (depending on the time), but most services do not offer such desirable repayment terms.
- Are there restrictions on what I can spend the money on?
No, there are absolutely no restrictions on spending.
- How does the money get to me?
More often than not, lenders direct deposit the quick loan funds. Other companies may agree to give you cash, a money order, a wire transfer, or a check.
- What’s the interest rate on a quick loan?
The interest rate on your loan is dependent on the service you use. Some quick loan companies charge a fair and reasonable rate. Others require a more substantial fee. It’s important to read your loan agreement thoroughly before submitting your request.
- Can I apply at any time, or does the service have normal banking hours?
You can apply and be approved at any time. Unlike banks, quick loan companies are open at all hours.