Top Ways to Get Quick Cash Loans
A cash loan is the easiest way for a borrower to obtain money for various purposes, such as paying medical bills and buying a vehicle. The loan agreement specifies funds disbursed to the borrower at an interest rate, any additional fees, and the repayment schedule. While some banks and financial institutions might have multiple criteria for securing a loan, some lenders might offer quick cash loans as high as $6,000 (about 109,900 MXN).
Apply for classic loans
Most loan types follow the classic loan structure: individuals must fill out the loan application for a certain amount and decide on the timeline for paying it back with added interest and fees.
- Quick loans
Online lenders usually offer quick loans. While some approvals take about one day, other lenders might approve the loan on the same day and disburse the urgent credit in about ten minutes.
This loan type is offered to consumers to finance specific expenditures. It can be secured, i.e., backed by the borrower’s assets, or unsecured, which is without any backing from the borrower’s assets. A secured consumer loan typically offers the borrower higher financing, a longer repayment period, and lower interest rates. If the borrower defaults on the loan, the lender can take possession of collateralized assets and liquidate them to repay the outstanding amount. On the contrary, since an unsecured loan is not backed by collateral, the borrower gets only limited financing, shorter repayment periods, and a higher interest rate. One can look into consumer loan types, including mortgages, credit cards, auto, student, and personal loans.
The benefit of this loan type is that it is secured by the borrower’s salary, which helps reduce lender risk. So, one can check with their bank to see if they qualify for a payroll loan. Santander is a popular bank that offers credit against one’s payroll. Those who want this loan can apply for Santander’s payroll credit.
Check out mini loan options
Certain fintechs offer mini-loans to those in need. The lender lets one borrow up to MXN 2000 (about USD 100) and pay it back in small sums each month. Mini loans are usually disbursed quickly to those who qualify for the option and can help cover emergency expenses. But before signing the agreement, the borrower should always compare their loan options to find the best rate.
- Cash advances from credit cards
If one has a credit card or qualifies for one, they can use it to secure a quick loan. They can borrow credit card cash advances against their credit lines. That being said, the fees associated with the advance will be higher than those of a typical credit card purchase. One can also get the advance through an online transfer or a convenience check at a bank ATM. - Store credit and financing
Customers who need to purchase groceries or other items at a store can look into quick cash options like store credit and financing. These help consumers get loans at retail stores to purchase goods or services. It is often issued as a direct deposit to the merchant’s account or as a credit card for purchases only at specific stores.
Look into special loans
Apart from the classic loan options, eligible customers can look into special loan options.
- Consolidation loans
Sometimes, those in debt want to combine several smaller loans into one big loan. This can help them avoid paying excessive interest on multiple loans. They can check with their banks, credit unions, and online lenders for a debt consolidation loan. The eligibility requirements differ by institution. There are various ways to determine if one qualifies for a loan, such as checking credit, calculating total monthly debt, and comparing lenders. All these factors can improve one’s chances of approval.
- Overdraft line of credit
This is linked to a checking account and is designed to cover overdrafts or checks written for more money than the account has available. A bank or credit union usually offers an overdraft line of credit to help account holders avoid overdraft fees or other charges associated with insufficient funds.
