I need cash fast.. But how?
"I need cash fast.. But how?"

Best cash loans up to $10,000 – 2019

Every once in a while you find yourself in the position where you have no money but need cash really fast. What to do? The answer is a short term loan or installment loan. Jump to our list directly »

A payday loan or short term loan as it’s also called, is a small loan (from $100 up to $1,000) that lenders in some cases have same-day deposit directly to your account. Perfect for when you really need cash fast. Short installment loans on the other hand offer durations from 90 days up to 1 year and in some cases longer. Amounts between $1,000 up to $10,000, best option when you need $2,000, $2,500 or $3,000. Over the past few years, more lenders are moving over from the traditional payday loan structure to the more consumer friendly installment loan model.

We focus on one thing when we rank loans: That you get approved for a loan. If you get denied, jump to next in the list. Even if you get a no it doesn’t mean every lender will return the same answer.

Personal loans

The alternative to a payday loan is a personal loan. Higher amounts and longer loan terms. The downside is longer payout times, because more extensive credit checks has to be made. Generally it takes longer then 24h from application to money in your account.

F.A.Q: Questions and Answers on Securing a Loan

With so many different loans and lenders out there, it might seem overwhelming to select the right offer for you. Therefore we have created a simple questions and answers with the most common questions. Hope it helps on your way to a loan that fits your needs.

What is a payday loan and installment loan?
A payday loan (payday advance) is an easy short-term form of borrowing. Usually, people seek payday loans to meet their short-term financial obligations. Most popular are amounts between $500 and $1000. If you need to get cash fast, a payday loan is the good option. Nowadays there is also installment loans, paid back in installments over time. These loans start at $1,000, normally paid back over 90 days to 1 year.

What are the requirements for same day deposit?
The payout time can be as fast as the same day. To speed up things make sure your apply before 15 PM, that way if the lender deposits your money the same day you will also have them the same day you apply. Most lenders use ACH to transfer money to your account, but some transfer to credit cards. Please seek clarification from your lender.

What are the minimum requirements for one to qualify for a payday loan?
If you’re seeking for a payday loan, you must:

  • Be over 18 years of age
  • Be employed
  • Have a valid and active bank account
  • Have a monthly income of over $1,000
What are the costs for payday and installment loans?
Common costs for payday loans range from 15 to 30 dollar per $100 over 14 days. With loans paid back in installments over time, many lenders offer rates of 5.99% to 35.99% and loan durations between 90 days to 72 months. We used to list these numbers for every lender and connector, but with constant changes in many states we had to remove this information. We could easily end up showing wrong costs for a loan. We recommend you use these numbers as a thumb-rule, the only real way of knowing the costs and APR for a loan is to apply and carefully read what the lender offer. The larger the loan, the more customized your APR and costs will be. Hope that helps.

Credit score, does payday loan affect my fico score?
No. Generally, payday loan history is not captured in credit reports. However, some credit reporting agencies may collect your payday loan repayment history. And it’s most likely some lenders may want to get such reports when evaluating your creditworthiness for future loans.

Also, if you have an outstanding payday loan and it is sold to a debt collector by your lender; your debt collector may possibly report your debt to a major credit bureau. This may negatively impact your credit score.

What is the average repayment term?
Usually, most lenders will require you to settle your loan within 14 – 30 days. However, some lenders offer flexible repayment terms that requires borrowers to repay their loans in monthly installments for a period of 3 – 12 months or longer.

What is the maximum amount that I can borrow?
The amount you can borrow depends on a number of factors; your monthly income, repayment history, and your lender’s payday policy. However, most lenders offer payday advance in the range of $100 – $1,000. Installment loans range from $1,000 to $10,000.

Will my lender seek my credit history from major credit bureaus?
When it comes to payday loans, generally no. But they always do some kind of credit checks like verifying your income. Installment loans usually don’t check with major credit bureaus, but some might. So please read your loan offer carefully. You want to avoid hard credit checks when doing a simple application to check out what offer you get, as they might lower your credit score.

Do I need a fax machine when applying for a payday loan?
It depends on your lender. Some lenders offer no fax applications, while others require that you access a fax machine

Can I qualify for a payday loan if I don’t have a credit rating?
Yes. You can still qualify for a payday loan with very loan credit score. All you need is to have a monthly income of at least $1,000 and a valid bank account.

Author - Matthew

Writer & researcher -

Matthew has over 8 years of experience regarding working with loans and the financial sector. This is credit with his love for staying abreast of the latest financial trends. Matthew studied at the University of Texas, Dallas where he studied in Economics. Read more »