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Thursday, April 2, 2009

Fast Cash Loan - Cash in Less Than an Hour

With an increasing demand for short term loans the loan market is teeming with lenders offering the same. Each lender is constantly improving his product to make it more attractive to the buyers. The lenders have recognised the urgency of the borrowers for money and therefore offer fast cash loan. Fast cash loan is so quick that money is made available to the borrower in less than an hour of applying.

Understanding Fast Cash Loans

Fast cash loan is an unsecured cash advance to the borrower to meet any unforeseen expenses. These loans are usually due on the next payday. Usually the loan amount is such that it can be paid out of the next salary of the borrower. At the discretion of the lender a bigger amount can be given.

Eligibility Criteria For The Fast Cash Loan Are Very Simple.

1. The borrower has to be a US citizen.

2. He must be atleast 18 years of age.

3. He must be working and must be earning around $1000 a month.

4. He must have a bank account.

5. He must not have any outstanding loan in his name.

Any person who satisfies the above conditions can get a fast cash loan. Since the loan is unsecured and the credit worthiness of the borrower is not checked before extending the loan it becomes a bit risky for the lender. Therefore the lender may want to conduct some preliminary checks to do away the possibility of a default. He therefore requests the lender to submit a proof of identification like a passport or a driver's license to conduct checks. When a proof of ID is required for getting the loan in addition to the above mentioned criteria these loans become guaranteed cash loans. This is just an additional requirement to ensure that repaying capacity of the borrower.

Application can be made online. No faxing or sending across documents is required. Within 24 hours of receiving the application, money is credited into the borrower's account. Some lenders even credit the money within an hour of application. Verification is quick since no elaborate documents have to be processed. These immediate cash loans come handy whenever you are in a tight spot.

Repayment can be made online itself by authorising the borrower to debit the account on due date. Option is also available to roll over the loan for another term if the borrower requires it. For this a small fee has to be paid.

Getting cash in an emergency has become hassle free and discrete with the introduction of such loans. That is why quick cash loans are becoming the most preferred option to meet short term exigencies.
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