Sometimes it seems that no matter how hard you try to plan your finances and protect your savings. At any moment, there may be unforeseen expenses and you need fast cash. If you find yourself in a financial emergency that requires quick access to fast cash, but you do not want to dive into your savings account yet, we suggest that you familiarize yourself with all the details regarding the signature loan as well.
Fast cash loans come from a revolving line of credit which allows you to receive cash advances at any time. Use when you need fast cash to help manage your money or as a source of overdraft protection and avoid commissions. With faster access and more flexibility than standard consumer loans, fast cash from MFO’s similar to MoneyZap.com can help protect you from life’s little misfortunes.
- Conditions on fast cash: revolving credit line;
- Minimum loan amount on fast cash: $ 300;
- Minimum advance payment on fast cash: $ 25;
- Fast cash payment options: online or mobile bank, at a branch, via CU by phone, mail, or payroll;
- Early repayment penalties on the account of your fast cash received: none;
- Competitive rates considering getting fast cash online.
What is a subscription loan vs fast cash?
Subscription loans are unsecured personal loans that do not require you to post collateral when you apply so that you can get fast cash. Instead, lenders will seriously weigh your financial situation taking into account your credit rating and debt-to-income ratio when determining eligibility for getting fast cash.
Here are a few more things to know about subscription credits to take advantage of the fast cash:
- The money is issued in a lump sum. Loan amounts range from $ 1,000 to $ 50,000 or more. If approved, the money can be transferred directly to your bank account;
- Monthly payments are predictable. You will pay off the loan in fixed monthly installments over a set period of time usually several years;
- Interest rates are fixed. When you receive a signature loan, your APR which includes the interest rate as well as any other fees will remain the same until the loan is repaid considering fast cash;
- No deposit is required. Signed loans are backed up by your promise to pay off the debt to the lender, and you don’t run the risk of confiscating any assets if you don’t pay off the loan;
- Your credit score carries a lot of weight. Banks and lenders rely on your credit score and payment history to determine your eligibility for a loan or getting fast cash. Applicants must have good credit or higher which is defined as a credit rating of 670 or higher using the FICO model.
How does a subscription loan work?
Since signature loans are unsecured, lenders rate you based on your ability to repay. They will review your credit rating, credit history, and debt-to-income ratio when they decide whether to approve or reject your signature loan application. If you are approved for a subscription loan, you will also receive fast cash in a lump sum and repay it within a set maturity period (usually from two to seven years in monthly instalments).
Subscription loans are provided at a fixed annual interest rate which includes interest and any fees. Therefore, monthly payments do not change over time. For example, if you are approved for a two-year loan of $ 10,000 at 12% per annum, you will make monthly payments of $ 471 over the life of the loan. It will cost $ 1,298 in interest. Most financial experts agree that the signature loan available has a maximum annual rate of 36%.
What is the subscription credit used for?
A subscription loan can be used for almost anything from paying for urgent car repairs to financing a vacation. It also can serve as your urgent fast cash. We recommend using a subscription loan only to cover necessary expenses or to improve your overall financial situation.
One of the best ways to use a signature loan is debt consolidation. If you can qualify for a signed loan at a lower annual interest rate than your total debts, you can use the loan to pay off those debts. Then, you can make one simplified payment against your new loan.
Since this loan has a lower interest rate, you will pay less interest and are likely to have lower monthly payments. Use a debt consolidation calculator to see how an unsecured loan can help you pay off your debts. Other uses for a subscription loan include financing a home improvement project (ideally one that increases the value of the home or refinancing an existing personal loan at a lower rate).
How to apply for a signature loan to get cash?
Before applying for a subscription loan to get the fast cash you need to shop around to make sure you are getting the most affordable loan. It usually has the lowest annual interest rate. Prequalification is one of the best ways to do this and involves filling out a short preliminary application and then submitting for a soft credit check that won’t hurt your credit score.
The lender displays the rates and conditions to which you may be eligible. It is in your best interest to pre-qualify with more than one lender as there is no risk to your credit rating and you can compare more options. Having chosen the best deal to get fast cash, you are ready to apply. Applications differ depending on the lender. However, most of them ask for personal information such as your name, social security number and contact information as well as information about the desired loan such as the loan amount, the purpose of the loan, and the desired repayment period.
After you submit your application, the lender will do a tough credit check that will temporarily lower your credit rating by a few points. Many lenders apply and approve processes online. Still, some banks and credit unions may require you to visit a branch. Once approved, you can receive funds on the same day or within one week depending on the lender.
Where to get a signature loan
You can get a signature loan from an online lender, bank, or credit union. These loans can be called unsecured personal loans but they are the same. Online lenders offer unsecured personal loans ranging from US $ 1,000 to the US $ 100,000 for borrowers with bad or excellent credit history. Those with limited or patchy credit history may find more options with online lenders. Still, the rates may be higher compared to banks or credit unions. You can apply for these loans online and they are often funded on the same or next business day.
Not all banks offer unsecured personal loans but those that usually serve borrowers with good or excellent credit history (690 FICO or higher) with loans ranging from $ 1,000 to $ 100,000. You may need to be a current client to apply for a loan. Clients tend to see most of the benefits such as being eligible for a rate discount or getting access to higher loan amounts.