Small Cash Loans: Direct Lenders, No Faxing, No Credit Checks

If you spent most of your life middle class, before the Gig Economy destroyed the middle class, small cash loans may be an alien concept for you. You may be thinking you need just a few bucks to tide you over and not realize you have options to get that.

Let’s Talk About Small Cash Loans

Small cash loans can vary in size but are usually at a minimum a 100 Dollar Loan. A loan that small are usually going to be a Cash till Payday Loan.

The way that will work is that you borrow a really small amount based on your ability to pay it back with your next paycheck. They take a pre-authorized check from you and you pay them back as soon as you get paid, often in just a few days.

But if you need more like a 500 Dollar Loan, you do have other options. Another option might be to look for Small Installment Loans.

Payday loans are typically lump sum payments. In other words, you pay them back all at once.

Installment loans get broken down into smaller payments. You typically make one payment a month for a minimum of three months.

What are the different types of small loans?

You can get small loans from a number of lenders like private lenders, credit unions, and commercial banks. The big difference between these lenders and one another is that they charge different interest rates and take various options into consideration while providing funds.

Common small lender choices:

Bonded loans: These are short-term loans where the interest you pay is tied to the price of your security/bond, which means you get paid back in full even if the value of your bond goes down. Borrower obligations may be structured for shorter terms, such as three months or six months, which allows you to repay the loan sooner than would otherwise be possible without taking a penalty on your profits.

Small business loan options provided by commercial banks: The common choices are short-term loans, lines of credit, and term loans.

Short-term loans: These are unsecured and offer a wide variety of interest rates and terms. You can borrow money for any period between one month and six months, and the loan is paid off after a number of payments which you can choose.

Lines of credit: This is a revolving line of credit where you don’t have to worry about paying it off right away. These allow you to borrow money as needed for up to $250,000 or more with terms that range from three months to five years.

Small business loan options provided by credit unions: Credit unions are best known for their low-interest rates and short terms. Many of them also have a “co-signer option,” which means you can get a loan even if you have a bad credit history because a co-signer will help to cover the payments while you pay off the loan.

Independent small lender choices: You can get an independent small business loan from non-bank lenders, but there are hardly any independent lenders in the United States due to strict lending regulations. The reason why these loans are so popular is that they usually offer lower interest rates and flexible repayment schedules.

Where Can I Find Small Cash Loans?

These may be too small for your typical bank. Banks are pretty conservative and tend to specialize in more conventional loans, such as mortgages, credit cards, and auto financing.

So you often find these at brick-and-mortar payday loan places, which may also do title loans. These days, another major source of Small Cash Loans is the internet.

Lenders increasingly make their loan products available online. Of course, the internet can be a scary place where you don’t know what to trust. This is where we come in.

Part of what TheGuaranteedLoans does for you is we vet lenders so you can feel more comfortable applying online. Another part of what we do is streamline the application process. You only have to fill out one set of paperwork with us to apply to a variety of lenders with potentially matching loan products.

What Kind Of Paperwork Does It Take To Get a Small Cash Advance?

For a small loan, you usually don’t need much paperwork. You do need to prove you are a legal adult and either a citizen of the US or a legal resident. This is typically done by providing a copy of your ID, such as:

A state issued driver’s license.
A state issued ID card.
A military ID card.
A tribal ID card.
A student ID card.

You will also need some financial paperwork. This is often as simple as a recent copy of a bank statement.

Can I get a small loan with bad credit?

You may want to know if you can get a small business loan with bad credit. This is a valid question because there are a lot of lenders who supply businesses that don’t have solid finances or a good enough credit history. There are ways to get through this, though. For instance, you likely have other lines of credit that have been used in the past, so you can use them for purposes such as getting a small business loan.

What are the benefits of small loans online?

There are many benefits to getting a small business loan online. First, most small business loans are processed within 24 hours, which is an excellent time frame for busy business owners who have to carry out the same tasks that need to be done consistently throughout the day. You can also save money by getting a small loan through the Internet instead of going to your local bank or lender’s office because you likely won’t need an appointment to visit them.

What are some of the disadvantages of small cash loans?

When you are trying to decide if your company would benefit from borrowing money, one aspect that needs to be considered is how it will affect your job status.

Apply Now For A Small Cash Loans at TheGuaranteedLoans

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FAQ

Can I get a cash loan without a credit check?

This is a legitimate question because most banks and other lenders will check your credit history when they do business with you. There are some lenders in the market that do not always do this, though, which means they don’t need to verify your credit score if you are good enough to get approved for large loans. These lenders include credit unions, alternative financial institutions, and private lenders.

Do I need a guarantor?

While it is best that you have a guarantor when you apply for a small business loan, this isn’t always feasible. For instance, if you are a single mother and don’t have anyone else who can help to cover the payments and ensure that your company gets complete reimbursement for the amount borrowed, then it may be difficult to find someone with good enough credit to be your guarantor.

What can I use the money for?

When you are thinking about borrowing money for a small business, it is critical that you have a clear understanding of how you will use the money and what it can be applied to. For instance, if you need to borrow $30,000 to launch your business, then it may be a better idea to get a loan from a big bank or from the SBA. However, if you only need $15,000 or less because you have already hit upon a way to use this funding wisely and appropriately, then an alternative like personal loans or small business loans may make more sense.

How soon will I receive the money?

A large chunk of small business owners are impatient with lenders; they don’t like waiting for the money to arrive. But this isn’t always the case because it depends on the lender and lender’s policies.