As of July 2022, the US total loans were reported to be $11.477 trillion.
There are various reasons that people get loans, and in the past, the best way to do so was through a major bank. In recent years, however, more people have turned to the idea of an instant cash advance. This is a quick, simple loan provided by a lender, and there are several advantages to getting a loan this way instead of through a bank.
For a rundown of 6 of the key benefits of an instant cash advance, keep reading.
One of the most important benefits of cash advances is that pretty much anyone can qualify. Many people traditionally turn to big banks when they’re interested in getting a loan, but it’s often the case that people aren’t eligible.
Banks generally have very strict criteria when it comes to providing loans, and as such, people often find that they’re ineligible, and the bank won’t provide them with anything.
With cash advances, you should still expect certain things like background checks, but ultimately, as long as you show you’re reliable enough to pay a loan back, you should be fine. Going to a cash advance lender for your loan rather than a big bank can save you a lot of time, which in some situations, can be crucial.
On top of saving time in being approved for a loan, you can also save time in terms of access to the funds. Traditional business loans can take a long time to get approved, so you might be waiting around longer than you’d like before being able to access the money. They have more long-winded application processes, and banks tend to have more in-depth review processes that could easily take several weeks to complete.
An instant payday loan is almost always much quicker. These are often reviewed and approved instantly, and you should be able to access the funds within just a couple of days. If you need cash quickly, then a merchant cash advance is almost always the more suitable solution.
Loans aren’t easy to get. It’s not as simple as walking into a bank and telling them how much you want to borrow. There are forms, background checks, administration, reviews, and more – all of which take time.
With payday loans, everything can be handled online. This means you can apply for your loan and be granted it without ever having to leave your home.
This convenience doesn’t just come into play when applying for your payday loan but also with any assistance afterward. Most alternative lender websites have customer service lines that are open at more flexible hours than traditional banks. This can make it easier to get assistance when you need it.
You can also get support more easily through other methods. Most lenders provide contact emails and even live chat support, making getting help even more convenient.
One of the drawbacks of a loan from a traditional bank is that they’ll want to know what the money is for and how you plan on spending it. This means that you then have to spend the money as initially intended, and you can’t easily make changes. Many banks also have strict terms and conditions when lending out money, so there may be certain things that you would like to spend the money on but can’t.
With a fast business cash advance, however, these restrictions generally don’t exist. This means that you can spend the loan however you see fit. Once your loan has been approved, you can decide how to spend the money in the best interests of your business without having to answer to anyone at the bank.
When taking a loan out through a bank, they’ll conduct a credit check. This is one of the checks they’ll do to ensure your eligibility for their loan, and it can affect your overall credit score. If your credit score is too low, they won’t approve you for the loan.
Instant loan lenders don’t do credit checks, so having a low credit score won’t affect your chances of being approved. This makes them more accessible for people with low or non-existent credit ratings.
Every time a lender makes a withdrawal from your credit, it will make your credit score go down. Ensuring your credit is secured will help maintain a higher credit score, which can provide you with various benefits in the future.
These days, a lot of people are feeling the squeeze as the cost of living is going up and inflation is increasing, while salaries are not rising to meet them. Many people are turning to second jobs or sources of passive income to help deal with current financial struggles.
All of this can make it very difficult to get a business off the ground. Without initial funds, you will struggle to get things started, and saving up enough money isn’t easy.
Instant cash loans can help with this by providing you with a quick, secure sum of money that you can use to finance your business. Depending on your business and what you want to do with it, an instant cash loan might not provide enough funds to cover everything, but it will definitely help. For many people, it can be the difference between launching a business and letting it remain a dream.
There are many banks that offer traditional loans, and likewise, there are also many instant cash advance providers that provide payday loans. Fast Loan Direct can offer some of the most competitive loan rates, and you can apply for anything between $100 and $35,000.
You only need to fill out a single form, making it one of the easiest ways to get a loan. After approval, you could have access to your funds the next day! Click here to get started with your application today.