If planning could take care of everything, the word ‘emergency’ would never exist. But all of us know that even the best of plans may fail and even the most careful people may be in need of more time and money in order to tackle some of the unseen financial situations that may arise.
The fortunate ones have friends, family members or colleagues to fall back upon. But there are many who have to fend for themselves when in a financial crisis. If you fall in this latter category, it may be beneficial for you to know more about a quick cash loan.
If you are looking for a few hundred dollars loan then opting for a short term cash advance loan is one of your best options. Lenders offer anything from $100 to $1,000 with many of them offering a maximum loan of $250. Studies show that most people prefer taking smaller loans rather than borrowing bigger amounts.
How Do Short Term Cash Advance Loans Work?
These quick cash loans are made available to a consumer or applicant depending upon his or her next paycheck date. So for instance, someone who is expecting to receive a paycheck after two weeks but needs some money today may go for a short term cash advance loan.
Depending upon the lender and the terms of repayment, the loan can be typically repaid between fourteen and thirty days. Most importantly, almost anyone applying for a small cash loan gets it approved because it does not need a hefty income to make repayments. Also, most consumers are comfortable borrowing $250 because it can be repaid quite easily.
Who Can Get A $250 Loan?
The loan facility is open to a citizen of the United States of America provided the applicant has a steady source of income. The applicants must also be capable of proving that they have been working for their current employer for at least a period of three months or ninety days.
The general standard dictates that the applicant must have a net income of $1,000 per month. But even if you do not earn a $1,000 salary after deductions, this does not mean you are not eligible for the loan. More often than not, these specifications are general guidelines and are nothing definite. Lenders often offer a flexible repayment option and work out a way that is suitable both to the lender and the borrower, even those earning less than $1,000 a month. A $250 loan is, however, approved independent of the credit history.
How Long Does It Take To Get The $250?
It takes only minutes to complete the application form and once that is successfully done the loan amount is wired to the applicant’s savings or checking account within a few hours. The cash thus received can be withdrawn at the local bank or from the ATM.
