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Fast Unsecured Loans

Quick unsecured loans are often called payday, or cash advances. They have a very different borrowing structure than you are used to with traditional loans, and cost more with high fees.

The first noticeable difference about these deals is of course how fast you can be approved. You can get cash this way the same day. There are very few requirements that applicants have to meet, and your credit history is rarely an issue.

The few rules are that you need to be at least 18 years old, a citizen of the country you are applying in, and be employed. Most will require that you make over $1, 000 a month, and some will require that you be employed for a certain period of time, some 3 months, some 6 months.

Another big difference with these quick unsecured loans is their repayment. With traditional deals you make small payments over a period of time until the total amount has been repaid, but with a cash advance you repay the borrowed amount plus fees at the time of your next paycheck, usually within one month. If you go to a brick and mortar store you will give them a check for the amount with a date in the future that you both agree they can cash the check on; if you use an online lender you will give them your bank account information and on the agreed upon date they will automatically withdraw the funds.

Fees on these quick unsecured loans can be very, very high. While with traditional financing you may have an annual percentage rate of ten percent, with a cash advance you are much more likely to borrow $100 and pay $15 in fees. The companies justify this by saying that these deals are not meant to be compared to traditional financing, but instead are the preferable option to having to pay larger fees for overdrafting on your checking account, late fees on bill payments, or other unexpected financial issues. You can borrow $100 and pay $15 in fees, or you can overdraft $100 and pay much worse than that in overdraft fees. People who are against these cash advance deals say that they are preying on the poor, but despite a large number of people against these deals saying this, they still fill a gap in the loan industry for fast and relatively small loans that isn't met anywhere else.

To get quick unsecured loans you can do a short internet search, or head down to a local store.

Jennifer Quilter has published 309 articles. Article submitted on Monday 04th January 2010. Word count: 421

Should I buy the condo?
I looked at a Condo in Atlanta (Northern suburb, good area) love it. My problem is that the owners will do any type of assisted load (FHA) they want a traditional loan with 10% down. I can not cover the closing AND 10 % down. The realtor I met with loves the condo so much that she said she had been thinking of buying it. We started talking about a lease to purchase for a year. I have PERFECT credit and gross $4500 month. The lease to purchase would only be a small amount more than what I pay for rent right now and where I am is old and falling apart ect. This is a brand new condo, granite counters, hardwood floors, stainless appliances etc. 1. People tell me wait and buy a house, that a condo is not a good investment. I don?t want a house. I want to be on a second (or more than second floor) to feel secure as I?m a single female. I do want a smaller place. Even if the condo sold for what I bought (as the market is bad) in a few years, would I not be better off than if I stayed renting for a few more years until I have the 10 %. 2. The money put aside in the lease money each month goes towards a kitty for my down payment at the end of the agreement (I believe the agent said $80 a month). If I do not buy the property at the end of the agreement, I loose that money correct? 3. I pay a deposit when I move to the condo (for the owner in case I damage the place and do not buy it). Do I get this money back when I buy?

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