A quick cash loan is an excellent remedy for urgent financial needs. The maximum amount offered in the form of instant cash loan is around $5000. This is not a golden lending rule, but most lenders follow this maximum limit.
Some lenders might offer instant cash loans up to $10,000 or more. Here, we look at different scenarios when you should opt for an instant cash loan.
When Do Instant Cash Loans Make Sense?
You need to consider your financial situation carefully while applying for an instant cash loan. These loans can give you instant cash that can be used for purchases that you can afford upfront. Here are some financial situations when a fast cash loan makes sense.
- Emergency expenses
- Pay utility bills
- Moving costs
These are only a few common scenarios when you should opt for fast cash loans. The reasons to borrow can change with the financial condition of an individual.
Emergency Expenses
Many times, emergency expenses like car or small house repairs come unexpectedly. These repairs cannot wait till your payday. A quick cash loan can be used to meet such costs and get going. Every lender has a fixed minimum and maximum loan amount.
When applying for a fast cash loan, make sure the loan amount falls between the lower and upper loan range. If the minimum loan amount is $1000 and you need $1500, apply it only for a $1500 cash loan. This will ensure you can pay off the loan without straining your budget.
Pay Utility Bills
Utility bills need to be paid on time. If you do not pay utility bills before the due date, you would be required to pay late fees. If you do not have sufficient cash in hand, you can apply for instant cash loans to pay utility bills.
Taking an instant cash loan might be a better alternative than using a credit card. The reason is credit card debt attracts high-interest rates. If you cannot pay credit card dues on time, the credit card bills start bloating. An instant cash loan has a lower interest rate. Also, these loans have minimal documentation.
Most lenders will disburse the loan amount on the same day as the loan application. Thus, the instant cash loan can be useful to prevent late fees and disconnection of services.
Moving Costs
Relocating requires you to spend money on several things like a new house, make necessary arrangements in the new location, and arrange transportation to move your household items. Many times, people fall short of money while relocating. Instant cash loans can provide up to $5000 to meet your urgent needs.
You can use the funds to meet the moving costs. Instant cash loans have tenure of 30 days, 60 days, 90 days, 180 days, and more. In most cases, the maximum loan tenure is 365 days. You can select the loan tenure, which will determine the EMI for the loan. Try to choose the shortest loan tenure as it will help save money.
Instant cash loans can be your lifesaver when you are in dire need of cash. These loans can give you cash in hand almost instantly and meet your urgent needs. Make sure you use this loan option only when you need money urgently.
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