What Are Instant Approval Personal Loans?
An instant approval personal loan goes by a couple of different names but they do the same thing: offer to borrowers a chance to get needed money in emergency situations. Certainly not for everyone, an instant approval personal loan can cost you plenty in fees and interest charges making this option one of a "last resort" instead of a first choice.
Still, an instant approval personal loan may be just what is needed to help you through a temporary crisis.
Other names for instant approval personal loans are payday loans or cash advance loans; depending on the lender these names are used interchangeably.
With an instant approval personal loan you can borrow $100, $500, even $1000 or more for a short period typically term rates of 7, 14, even 30 days. Fees to borrow funds are charged at rates ranging from $10 to $30 per $100 borrowed.
Thus, a $1000 loan could cost you as much as $1300 if the higher rate is charged. Translated to an annual rate that loan will cost you 300% in interest payments!
Your instant approval personal loan is easy to obtain and all that is needed is for you to have a checking account where your monies can be deposited in as little as one hour after the quick approval of your loan.
In addition, you may be asked to supply employment and residence information, but most instant approval personal loans no longer require you to fax in your application, instead an online application is sufficient.
If you don't pay your loan back on time, costly penalties can be incurred. However, if you need the loan for a longer period of time, then one or more extensions can be granted. Remember, that if you borrow money for an extended period of time additional fees and finance charges will be assessed.
As mentioned earlier this type of loan is a loan of last resort and should only be undertaken after all other options have been exhausted. Don't borrow more money than what you need and beware of the temptation of borrowing funds you have no reasonable way to pay back.
Any late payments on your part will adversely affect your credit, but if you are already bankrupt you may still qualify for a instant approval personal loan.
Contact your state's attorney general office if you aren't sure if a particular instant approval personal loan is legal in your state. Shop online to compare all offers and remember to read the fine print!
Still, an instant approval personal loan may be just what is needed to help you through a temporary crisis.
Other names for instant approval personal loans are payday loans or cash advance loans; depending on the lender these names are used interchangeably.
With an instant approval personal loan you can borrow $100, $500, even $1000 or more for a short period typically term rates of 7, 14, even 30 days. Fees to borrow funds are charged at rates ranging from $10 to $30 per $100 borrowed.
Thus, a $1000 loan could cost you as much as $1300 if the higher rate is charged. Translated to an annual rate that loan will cost you 300% in interest payments!
Your instant approval personal loan is easy to obtain and all that is needed is for you to have a checking account where your monies can be deposited in as little as one hour after the quick approval of your loan.
In addition, you may be asked to supply employment and residence information, but most instant approval personal loans no longer require you to fax in your application, instead an online application is sufficient.
If you don't pay your loan back on time, costly penalties can be incurred. However, if you need the loan for a longer period of time, then one or more extensions can be granted. Remember, that if you borrow money for an extended period of time additional fees and finance charges will be assessed.
As mentioned earlier this type of loan is a loan of last resort and should only be undertaken after all other options have been exhausted. Don't borrow more money than what you need and beware of the temptation of borrowing funds you have no reasonable way to pay back.
Any late payments on your part will adversely affect your credit, but if you are already bankrupt you may still qualify for a instant approval personal loan.
Contact your state's attorney general office if you aren't sure if a particular instant approval personal loan is legal in your state. Shop online to compare all offers and remember to read the fine print!