Cash loans or short term loans, in general, are small amounts of cash made available to borrowers for financial emergencies. The proceeds usually range from $100 to $3000. Applicants typically receive the cash within 24 hours from loan approval.
Qualifications for Approval
Even if you have been previously turned down by credit card companies and banks, you may be approved for cash loans Salt Lake City lenders offer if you meet the following qualifications: at least 18 years old and legally living and working in the US; have a working email address and telephone number, and a bank account under your name; have been employed by the same employer for no less than 90 consecutive days at the time of application, and you meet the minimum income requirements.
Getting the Loan Proceeds
The lender will usually deposit the money to your bank account within the next business day following the approval of your loan application. You can then withdraw the proceeds over the counter or via ATM.
Maximum Loanable Amount
Several factors affect the maximum amount you can borrow. These include the regulations in your state, the lender’s terms, and your specific financial situation. In general, the maximum amount ranges between $1000 and $3000.
Effect of Bad Credit
Even if your chosen lender performs a routine credit check during the qualification process, your lack of credit or bad credit history will not be a major factor in the decision on whether or not to approve your loan application. You have good chances of approval as long as you meet the guidelines.
The entire process, from application to approval, may take only one business day to complete.
As soon as you become aware that you will be unable to pay on time, immediately contact your lender to avoid additional charges and penalties. The maximum amount that the lender can charge for late fees is regulated by the state.
Cash loans can help you in times of financial emergencies. However, you have to make sure that you can pay off your debt to avoid bigger problems in the future.