Taking out a quick cash advance or personal loan is a fast and hassle free alternative to a conventional bank loan. Bank loans usually involve background checks on years of detailed financial statements, audited tax returns, credit scores and bank records before banks will even consider making borrowers put up collateral against a loan. For relatively small sums of money not amounting to more than $500, the time and effort put into the lengthy process is not usually worth it.
Conventional loans usually deal with large sums of money that the borrower may use to pay for a house, a car or a small business. The loan must be paid back in fixed monthly rates with interest. If the debt is not paid on time, the bank has the right to seize the collateral.
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A quick cash advance or an unsecured personal loan can be used for smaller yet also important things like income tax preparation and medical emergencies. The term "unsecured" means that the loan does not make use of collateral. Instead, the loan only requires that a certain amount agreed upon should be paid on the borrower's next paycheck. Using the fixed amount, there's no need to compute the interest and the immediate deadline makes it easier to manage.
This kind of loan can be approved despite low credit scores. Barring special bank holidays, Sundays and other non-bank days, a personal loan can be approved and funds delivered overnight. Interested parties can even apply online and have money deposited to their personal account on the following bank day whereas conventional loan applications can take months to be approved.
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