Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

What is a quick cash loan?

Gino Lisondra
19 December 2017 6 minute readShare
Piggy bank, gold, saving

Need fast cash but with bad credit rating? You might want to consider quick cash loans. Doing so, however, is no straight forward task, as there are many different options available, with varying costs, reputability and purpose.

Most of the time, applying for a quick cash loan doesn’t involve your credit rating getting checked. So if your credit score leaves much to be desired, quick cash loans are one of the best funding options for you. To better understand, apply for, and successfully get your quick cash loan approved, we ask the following:

  • How do quick cash loans work?
  • What are my quick cash loan options?
  • How quick is a quick cash loan?
  • What can I do to get my loan approved even quicker?

How do quick cash loans work?

Quick cash loan applications can be done online or in-person. Most lending institutions allow a speedy transaction by letting you fill a simple application e-form. Once you’ve completed said application form, it will be sent off right away to the lending institution’s system, and you can expect your loan application decision back really quickly—in a couple of minutes, or even seconds! After your application gets approved, your requested fund amount will then be deposited into your provided bank account. It’s that easy, fast, and simple!

Before successfully getting your loan approved and finally having the fund in your bank account, however, you, as lendee should:

  • Have a steady and reliable source of income that will ensure debt repayment obligations are attended to and fulfilled
  • Be of legal age, as defined by relevant legislature, or, in most cases, at least 18 years old
  • Have an active bank account—of course—that is at least a month old (opened a month prior to the loan application), and provide said bank account details to the lending institution
  • Be available, or should make oneself available, on contact for loan application verification and other related processes
  • Submit a valid identification (ID) card issued by the government as well as hard copies of income/payslip(s) and bank statement(s)

What are my quick cash loan options?

There are at least three quick cash loan options you may consider:

  • Payday loans
  • Car title loans
  • Business loans

Payday loans

Payday loans allow you to borrow funding based on your current paycheck or income statement. A short-term loan, this funding option is considered one of the best, if not the best, quick cash options if you have an unsatisfactory credit rating or even no credit score at all.

If you’ve decided to apply for a payday loan, most lending institutions will require the following:

  • Your most recent/updated checking statement(s)
  • Your driver’s licence
  • Your social security details and your actual social security card
  • Your bank/checkbook
  • Your most recent payslip or income statement

Payday loans are considered one of the best options for quick cash loans because the application and approval for these loans get completed really quickly—as fast as three minutes on average! And again, bad credit rating or even no credit rating isn’t relevant, and thus reduces your worries. The approval not only lasts seconds or minutes, but details on how much your lending institution is willing to let you borrow also get in really quickly. Once everything’s completed successfully, expect your cash right away in your bank account!

Car title loans

Quick cash loans also allow faster and more convenient automobile/vehicle financing. In most cases, it will only take you two weeks for conditional, pre-approval application, before you get your car/vehicle!

What’s better, you can actually just find the car you want and then apply for the loan on the spot! You could get approved in seconds, provided your application and requirements are sufficient—meaning, you tick off every requirement item on your lending institution’s list.

Business loans

Quick cash loans are also applicable, and thus very useful when you’re running a business. In Australia, many lending institutions offer quick cash loans to businesses and business owners for a variety of business-related reasons or purposes: big-order inventories, the purchase of necessary tools, machinery, and equipment, or any other business-relevant needs.

Most lending institutions offering quick cash business loans only require that you provide necessary documents that prove you are able to fulfill your debt repayment obligations. These documents include proof that you have a stable and regular source of income—which means your business’ income statement and other relevant paperwork usually very easy to produce and make available.

How quick is a quick cash loan?

The speed of your loan application and it getting successfully approved still depends on the sufficiency of the requirements you provide your lending institution. Thus, you need to gather all relevant documents and other required paperwork even before you commence loan application. Doing so will no doubt facilitate the ease and speed of your application and, more importantly, having it successfully approved.

In general, quick cash loans are successfully completed—meaning you get the funding in your bank account—in a matter of seconds or minutes.

What can I do to get my loan approved even quicker?

As discussed above, the speed and success of your loan application still depend on how sufficient and complete your quick cash loan application requirements are. Below are some tips for you to get your quick cash loan application approved faster:

  • Find a way to settle your previous debts, or at least get them in order
  • Do not limit application to only one lending institution
  • Bring along a trusted and reliable co-signatory
  • Consider other funding options

Find a way to settle your previous debts, or at least get them in order

Though your credit rating/score is deemed irrelevant (at present) in quick cash loans, as these loans require speed in all of their processes until completion, it is still advisable that when you can, settle your debts or at least get them in order.

If right now you are still unable to attend to your debt repayment obligations on your previous loans, you may consider sending out goodwill notes/letters to your lenders. These letters will help you possibly address, if not eliminate, your previous debt repayment issues (of course, not the debt itself) and will no doubt help boost your credit rating.

Do not limit application to only one lending institution

Remember that every loan approval or rejection still depends on the criteria set by each lending institution. This means one application you lodged at one lending institution can be denied, while another of your applications can be easily approved by another creditor. Simply, this means you need to try and apply for funding to not only one lender, but several, and from there weigh your options and proceed with the decision that best fits your current financial situation and future financial needs.

Bring along a trusted and reliable co-signatory

One of the fastest and easiest ways to get your quick cash loan approved is by tagging along an individual whom you trust and whom you are sure makes a credible co-signatory. A qualified co-signatory with a satisfactory, if not excellent, credit score will no doubt give your quick cash loan application a push to getting successfully approved faster.

Note, however, that if you are unable to fulfill your debt repayment obligations in the future, the burden will fall onto your co-signatory. So to avoid personal issues arising between you and your co-signatory, you need to make sure to both yourself and your co-signatory that you will, to the best of your ability, attend to and fulfill your debt repayment obligations. Simply, you need trust and must maintain trust for this to work.

Consider other funding options

Besides quick cash loans, you may also want to consider other possible funding alternatives. This, of course, requires that you thoroughly understand your current financial situation and needs, your ability and capability to attend to and fulfill your debt repayment obligations in the future, and other relevant considerations specific to your personal and/or business situation.

Bear in mind that anyone can experience a little difficulty with their credit and finances, so it’s important that you thoroughly think about your financial decisions, loan application plans, and other relevant considerations—all these will enlighten your decision on which funding option suits you and your financial needs best.

What is a quick cash loan?
mybusiness logo
Gino Lisondra

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?