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An unexpected financial emergency can put you and your family in a perilous position. Whether it’s an unexpected vehicle repair, a broken appliance, or a sudden illness, sometimes all you need is a bit of a safety net to help you get back on your feet.
Unfortunately, many of us are strapped for cash, especially in the aftermath of the pandemic. According to a recent survey reported by CNBC, 63% of Americans are living paycheck to paycheck, up from 53% before the pandemic.
Even before these statistics were published, the Federal Reserve found back in 2018 that 40% of people lacked enough cash or available savings to cover a $400 expense. With many peoples still recovering from the economic shock of the pandemic, fast cash loans are a way to keep households afloat.
How to Qualify for a Fast Cash Loan
Depending on where you go to secure your loan, the requirements will vary. Typically, however, you will need the following:
– A valid form of government-issued identification. This can be a passport or driver’s license. It cannot be expired.
– Proof of income. This is typically in the form of a recent paystub. You may need proof from only a single pay period, though you should be prepared to share records going back as far as six months.
– Tax returns. If you are self-employed, you might not have pay stubs. Here, tax returns will suffice. You may be able to present bank statements indicating your cash flow as an alternative.
In some circumstances, you’ll have to agree to a credit check. Some lenders will check your credit before approving the loan. Others will wait until you’ve accepted an offer to do a final review of your credit history.
Because credit checks can drop your credit score by a few points, you may want to look for fast cash advance loans that don’t require this hurdle. At Greater Alliance Federal Credit Union, we do not require borrowers to undergo a credit check when applying for fast cash loans online.
One thing you won’t need for a fast cash loan is collateral like your house, car, or a relative’s antique pocket watch. As an unsecured loan, these loans do not require to offer anything of value as collateral, which is the norm for a secured loan. As a result, you won’t have anything confiscated from you if you don’t pay back the loan, but you will be subject to higher interest rates.
Tips to Get Faster Approval for Fast Cash Loans
If you’ve been searching for “fast cash loans near me,” you may have been presented with a dizzying array of options. Further, you probably noticed that the time it takes to approve your loan and when you have cash in hand could take anywhere from one day to a week or longer. If you need money fast, then you’ll want to follow these eight tips for getting money in your wallet or bank account quicker.
1. Apply Online
Going online to apply for a fast cash loan gives you the best of both worlds. You don’t have to plead your case in public, and you don’t even have to leave your home or office. Instead of filling out endless forms and waiting to speak to someone, you can enter your information online and get an answer within minutes.
For example, you can apply online with us at Greater Alliance Federal Credit Union in a few easy steps.
2. Check with Your Bank First
Before going all over town (or the Internet) looking for a lender, we recommend first checking to see if your bank offers fast cash loans. Because you already have a history with your bank, you could get approved more quickly and be subject to more favorable loan terms because you have a proven record with an establishment.
3. Keep Inquiries to a Single Lender (if possible)
Understandably, you’re in a hurry to get ahold of some emergency cash, but inquiring with multiple lenders can backfire. If you have several credit inquiries happening at once, it could delay your approval process.
4. Maintain a Good Credit score
Though not every lender checks your credit, it’s a good idea to keep an eye on your credit score. There’s no universal rule here, but if a lender reviews your credit, you’ll be in good shape with a score over 700. When your score is high, approvals can be instant.
If you have the luxury of time on your side, you might want to check your own credit before applying. If you spot anything that’s inaccurate, you can attempt to correct it before applying for a fast cash loan.
5. Meet Eligibility Requirements
Again, every lender is different, but you can increase your chances of a fast approval by meeting the following requirements (in addition to those already stated above):
– Have a steady job with predictable income (or a business with healthy cash flow)
– Meet a minimum threshold of earnings, usually $800 to $1200 per month
– Have a checking account in good standing
– Provide a valid phone number and email address
6. Consider a Cosigner or Co-Applicant
If you are not confident that you’ll get approved or you’ve been turned down before, bringing a cosigner or co-applicant into the mix can help move things along. This person might have a stronger financial position or healthier credit history that will help convince the lender that you are not a high credit risk. Just make sure that the person you’re asking to co-sign or apply with you has stronger financial credentials.
7. Ask for a Reasonable Amount
Resist the temptation to view a fast cash loan as carte-blanche to get a giant check. By keeping the dollar amount you ask for reasonable and in line with your actual financial need and your ability to repay, you’ll have a better chance of getting fast approval.
8. Provide Accurate Information
Never fudge the numbers to make your financial situation look better. Lenders have a wide variety of tools at their disposal to verify the information you’ve given them. If you get caught in an inconsistency, it could delay the approval or cause your fast cash loan to be denied altogether.
We Believe in a Greater Alliance
Times are tough for many people in our community, and we are here to help. Members of our credit union can apply online for fast cash loans to borrow $1,500 at interest rates lower than most credit cards. Our requirements are very reasonable, and we don’t require a credit check. Visit us online or call us at 201-599-5500 for more information.