Unexpected emergency situations happen. Unfortunately, they rarely occur when you’re flush with cash. Your next paycheck — either too small or too far away — isn’t enough to cover your new financial obligations. As a result, in order to fund your sudden trip out of town, those unavoidable car repairs, or necessary home renovations, you’ll need to borrow money. The traditional source for assistance (your friendly neighbourhood bank) relies on a time-consuming process navigating seemingly endless red tape before you can have the money you need. When time is a factor, you can’t afford wasting any more of it on bureaucratic formalities. Luckily, there’s a new way to access cash advances, flexible loans, and lines of credit, and it doesn’t require a trip to your bank. All you have to do is open up your laptop and click a new tab to find a quick and hassle-free way of getting the money you need.
Why go online for a loan?
Whatever your financial responsibilities may be, they all have one thing in common: due dates. Your bills, repairs, and renovations have hard deadlines that, if you miss, will result in harsh penalties and added interest. Time, therefore, is your biggest adversary when you’re experiencing a cash shortage. You simply don’t have enough of it before you’re expected to make a payment against what you owe.
Fast access to cash is your only advantage against your financial problems. When you hit the Internet for loans to bridge the gap between your bills and your next paycheck, you can expect to save a lot of time. Online direct lenders have created a convenient and speedy alternative business model to traditional lenders. These lenders, such as those at MoneyKey, have streamlined their lending process. They don’t require in-person meetings that can take weeks (or months) to coordinate, nor do they involve exhaustive study of your financial history and credit scores. Using only basic contact and financial information, you can fill out the application form in less than 20 minutes and receive word if you qualify instantly. If you pass a simple verification process and are approved, you can receive the money you need in your bank account in as little as one business day.
What kind of loan can you expect online?
Financial products will vary from lender to lender. While some companies may only offer one particular kind of cash advance, others will have several products that differ in size, rate, and term. Typically, these lenders have three products available:
- Cash advances — These loans, limited to $500, are to be repaid in full by your next paycheck.
- Installment loans — These products are similar to advances in that they rarely exceed $500; however, they may increase to $1,000. Their repayment is split over several pay periods to mitigate the loan’s effects on your budget.
- Lines of credit — Normally these are no larger $1,000 and you only need to make a minimum payment which is determined by how much of the total you’ve used and the associated interest.
Whether or not you have access to one or all three of these products will depend on where you live, as federal and state laws have regulated the kinds of cash advances, lines of credit, and installment loans you may have access to. In order to adhere to these rules, direct payday lenders like MoneyKey will tailor the products they offer in each state, ensuring that their financial assistance conforms to the law. These laws, put in place by your state and federal governments, are there to protect consumers, making them an important regulation for your lender to follow.
An online direct lender will provide all of this information on their website, making it easy (and fast) to find out what sort of financial resources you have at your fingertips. Learning about their rates, terms, and conditions can be as simple as applying for their loans, which makes them a better source for cash than traditional lenders when time is tight. The next time you need help reaching your immediate financial goals and can’t afford to waste any more time, locate an online direct lender that offers convenient and pain-free financial assistance.