Many of us have heard the terms like cash loan, cash advance, fast cash and payday loans. All these are the same thing where people get small amount of loan from a lender, which is denied by the banks. Banks often provide loans that are bigger in amount and contain good interest rate. Fast cash loan is meant for those situations, when you have an unexpected emergency and you are short of money because you get paid after two or three weeks.
It is a simple procedure unlike bank’s formalities that keep you waiting for days in queue. They are approachable online which is beneficial as they don’t see you by face and don’t have your address as well. You simply fill up a form where you need to mention your age, bank account information, and salary and employment details. Once they approve your loan they will send you a form to sign and the moment you send it back, within 2 to 3 hours you will have money in your account. Every lender has its own cut off time, if your loan gets approved within the cut off time then, you get it on the same day or it gets extended to the next day.
Generally, it is seen that people pay off this short loan the moment they get their salary. That is why lenders ask for postdated checks so that they don’t harass you or remind you about the payment. They manage everything on their own by simply depositing the check in the bank. They are also lenient in payment procedures. When somebody is unable to pay back on time, the entire amount, they apply for payday installment loans where two to three checks are taken with a fixed amount including interest rate and every month the lender deposits it in the bank.
There can be situations when you can’t pay your loan any month then you will need to follow these few things –
- The lender might try to contact you, don’t ignore their calls but try negotiating with them and come down to a settlement amount.
- Approach a credit counselor who can give free advice and set a repayment method. Then call your lender and set a deal to pay just a part of the debt and forget the remaining.
- If you’re still unable to pay debt then they can take you to the court. Never ever ignore the lawsuit because that can get the case against you.
There is no imprisonment attached to such loans but you can get threatening calls from debt collectors. The lenders handover your account to third party collection agency that gathers all information about you and start bothering you in office and home. Although this isn’t allowed but who would like to spoil their image in public?