What Can Quick Loans be Used for?

4 Mins read

Financial needs tend to differ across borrowers. While expenses like purchasing a new car may be put over for some time, other needs like medical bills or car repairs usually require urgent financial attention. These unpredictable circumstances and emergencies make it necessary for you to seek out fast funding. In such situations, quick cash loans may be a perfect way out. 

As the name implies, these types of loans provide you with relatively fast approval and funding compared to regular loan options. They are also a great alternative to the stringent requirements of bank loans which may take days to arrive in your account. If you’re looking to enjoy immediate funding, here’s a rundown of how quick cash loans work and what they can be used for.

An Overview of Quick Cash Loans

A quick cash loan is a type of short-term loan that provides individuals with access to funds quickly and easily. These loans are typically sought by people who need money to cover unexpected expenses or to pay urgent bills. Quick cash loans are often offered by online lenders or brokers like WeLoans, which is famous for payday loans for bad credit with no credit checks online. Besides payday loans, you can also find other loan choices on this platform.

Good enough, they are quite easy to qualify for, with many lenders offering approval decisions in minutes and funds available within a few hours or days. Fast loans are also typically unsecured, and this means you don’t need to provide collateral when you apply to receive them. However, quick cash loans also come with higher interest rates and fees compared to traditional loans. 

Types of Quick Loans for Borrowers

There are different types of quick loans available to borrowers. All these loans are typically approved within a few business days. However, they may differ in the repayment term or loan principal that you can take out. Here are some common types of 

Payday Loans

One option for obtaining quick funds in an emergency or urgent situation is a payday loan. These short-term loans are typically offered for a period of up to four weeks and are intended to be repaid on the borrower’s next paycheck, hence the name “payday loan.” Payday loans often have higher interest rates due to their short-term nature. 

Installment Loans

Installment loans allow borrowers to access a set amount of money and repay it over a period of time through monthly payments. These loans typically have a term of 3 to 36 months, making it possible for individuals to borrow large amounts of money and repay them in manageable installments. 

Title Loans

A title loan is a type of secured loan that allows individuals to borrow money using their vehicle as collateral. If the borrower is unable to repay the loan, the lender can take ownership of the car. 

These loans may not require a hard credit check, making them a potential option for individuals with poor credit. Car title loans also provide access to funds quickly, with many lenders offering same-day approval and funding. 

Personal Loans

Personal loans are unsecured loans that can be used for a variety of purposes. These loans do not require collateral, making them a potentially accessible option for individuals who do not own a car or house to use as collateral for a secured loan. 

Personal loans typically have terms ranging from 12 to 84 months, offer borrowing amounts from $1,000 to $100,000, and have annual percentage rates (APRs) of 6% to 36%. While it generally may take a week to receive funds from a personal loan, some lenders offer quick funding on the same business day. 

Pawn Shop Loans

A pawn shop loan is a type of secured loan in which an individual uses an item of value, such as jewelry or electronics, as collateral to borrow money. Pawn shop loans are typically short-term, with repayment periods ranging from a few weeks to several months. 

If the borrower is unable to repay the loan, the lender can keep the collateral and sell it to recoup the borrowed amount. Pawn shop loans are often seen as a convenient and accessible option for individuals who need quick access to funds but may not have good credit or access to traditional forms of credit. 

Common Ways You Can Spend Quick Loans 

With quick loans at WeLoans, you can settle urgent bills and wriggle your way out of financial difficulty. More specifically, here are a couple of things that you can spend your quick loans on. 

  • Medical Bills
  • House Repairs
  • Vehicle Repairs
  • Grocery Shopping
  • Vacation
  • Payment of Utility Bills

While there are barely any restrictions on how you can spend your quick cash loan, it is safe to cross-check with your lender to avoid using your loan unlawfully. 

Where Can You Get Quick Loans?

You can get quick loans mostly from online lenders, pawn shops and credit unions. These platforms offer you access to loans with extremely fast approval, and you can expect funds to show up in your bank account in one to two business days. 

However, it is advisable to opt for brokers like WeLoans while looking for quick loans. Choosing direct lenders robs you of the opportunity to compare the rates and amounts on offer by these lending companies. On the other hand, a reputable broker like WeLoans processes your loan requests and gives you multiple offers from its network of lenders across the country. 

This allows you to compare the available loans and choose a fast funding option that suitably meets your needs. You can get quick loans here and enjoy access to WeLoans free brokerage services. 

Quick Loans Application Process

Applying for a quick loan through a broker like WeLoans, for example, is quite a simple process. Below are the three steps involved in making a loan request down to receiving funding. 

Fill Out The Application Form

Begin by providing your details in the online form that is available on the WeLoans official website. It is important to fill in accurate personal and financial information.

Browse Through Offers

Your details are sent to partner lenders who will return with offers based on the information you provided You can then browse through the multiple offers and select the one that best meets your needs. 

Get Funding in Your Account

Complete the application process by signing all relevant paperwork with the lender. Once the loan is fully approved, you can expect same day funding or have the money in your checking account in one to two business days. 

Bottom Line

Quick cash loans can provide individuals with access to funds quickly in an emergency. These loans are typically unsecured, easy to qualify for and offer fast approval and funding. However, they also come with higher interest rates and fees compared to traditional loans. There is also a risk of taking on more debt than the borrower can handle. So, it is important for you to evaluate your options and consider all potential costs before taking out one of these loans.

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