Unsecured loans are such loans that are provided to borrowers without the requirement of any guarantee or collateral from their end. Fast cash loans almost always unsecured loans, as the borrowers are not required to take this loan against any asset. It is possible for lending companies to provide fast-unsecured loans as fast cash loans are provided for a very short period of time. The repayment is required to be made either with thirty days or four weeks depending upon the agreement. However, some companies do allow the borrowers to extend this period for an additional charge. The repayment date generally coincides with the next payday of the borrowers.
To qualify for an unsecured fast cash loan, borrowers with a steady source of are the ones that are considered. Some companies also put a limit on the amount of gross income borrowers must be receiving in their paycheck. Generally, other eligibility criteria consist of an open and active checking account, proof of identity, latest bank statement and proof on income, which can be the latest pay stub.
There are many lending companies available online or otherwise that specialize in small denomination, unsecured, short-term cash advance loans. Usually, they provide fast cash loans in the range of $100 to $1000, which varies by state. In some cases, they may be willing to lend sums as low as fifty dollars or as high as fifteen hundred dollars. These companies also charge a service fee along with the interest applied to the loan amount. However, it is possible to find a lender suited to particular personal needs as the fast cash market is quite competitive. Additionally, these companies are required to comply with the state as well as federal laws.
The main advantage of an unsecured fast cash loan is that the borrowers' assets are never at risk. They can get instant cash with minimum documentation, conveniently into their checking accounts, though with a high interest rate.