Tuesday, January 15, 2008

How to Get a Personal Cash Loan


For those times when you're left short in the wake of unexpected expenses, a personal cash loan can be your solution. A personal cash loan is generally quick and easy to get, and you can still qualify for one even if you have bad credit.


Difficulty: Moderate

Get a Personal Cash Loan

Things You'll Need

  • Proof of monthly income
  • Checking or savings account (may be needed)



Step One

Keep in mind that a personal cash loan is designed to be a fast solution to pressing financial emergencies requiring a modest amount of cash. Most first-time borrowers will not be approved for loan amounts exceeding about $1,000 to $2,000, unless you have a very high monthly income.

Step Two

Apply online with the lender of your choice, after you have taken the time to compare rates and terms and checked into the lender's company history. Remember, knowingly falsifying your application information is a violation of federal law. Many online loan applications will ask you to fill in fields stating your monthly income, so make sure you represent it accurately.

Step Three

Present any supporting documentation the lender requests of you. While you don't generally have to submit to a credit check to get a personal cash loan, you will usually have to show proof of your monthly earnings with a pay stub or deposit invoice.

Step Four

Read the fine print closely. Some lenders advertise low interest rates, but then double back on borrowers by burying taxing fees and penalties into the loan terms. Don't get burned; understand the terms before you agree to the loan.

Step Five

Have your personal cash loan deposited directly into your checking or savings account by the lender. Your application can be approved as quickly as the same day you submit it, and the funds can be delivered shortly thereafter.

Step Six

Pay back the loan promptly. Don't miss payments or interest and penalties will accrue on the money, costing you more in the end.

Step Seven

Qualify for larger personal cash loans by demonstrating your ability to pay them off without incident. In the future, you might be able to get an instant personal cash loan for as much as $15,000 or $20,000 if you need it.

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