Financial crush is something that anyone can encounter, and there is nothing bad in seeking some help. Some incident happens so spontaneously that there can be no planning put in place for such contingencies. Incidents like damages to house because of the storm that came out of nowhere or a health issue that requires heavy financing. In such a condition, a bailout or emergency fund can prove to be quite helpful. According to lendingbee.com.sg, a fast cash loan is a perfect example of this emergency bailout fund.
Overview
Quick loans are for clients who require instant money and don’t have access to facilities like credit card’s cash or even loans from a traditional bank. These loans are available in different options, depending on the clients’ needs and the ability to pay back the loans.
These loans are a fast, short-term, high-cost loan and a loan of $1000 can be taken at a time. This money needs to be paid back in full with interest in the decided payday. These loans are available instantly for people who need money in a hurry.
Interest rates
These loans are available in different options, depending on the clients’ needs and the ability to pay back the loans but something that is consistent is the high fees. Depending on the lender, this fee can vary. A common range of $10 to $30 against every $100 borrowed is observed, meaning that the borrower has to pay $50-$150 against a loan of $500. That comes to more than 400% APR on a typical two-week loan with a term of $15 for every $100 taken. In contrast to this huge figure, credit card companies or banks offer an APR between 12 percent to 50 percent.
Legality
The legal status of fast cash loans varies from country to country and from one state to another in the same country that legally allows fast cash loans. In the United States, fast cash loans are legal in 32 of the 50 states. Some lawmakers have taken further steps to ensure that the benefits of the loan outweigh its disadvantages, states have put a limit on the fee charged by the lenders.
Not only that they have also capped the borrowing amount and APR against it. The standard quick cash loan term is two to four weeks. Loan renewal is not available is not possible everywhere. Borrowers from the states where fast cash loans are prohibited should consider other types of online loans like installment loans or personal loans.
Applying for a loan
Using Leading bee’s website, you can access an online application which is the first step towards a fast cash loan. Upon completion of our loan application, you’ll be reached out by one of our representatives and an offer will be extended to you. If you agree to the terms and conditions, the money will be transferred on the very next working day. The requirements for cash loans are very basic: the borrower must be 18 or older, have a verifiable source of income, have an active bank account and be a citizen or permanent resident.
