Rapid Cash Loans
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Remember that short-term loans should also be a short-term solution.
Rapid cash loans provide a person with a more flexible and friendly loan service. They help people in short term financial need without creating any financial burden. It offers a short term cash loan to its borrower and also called as a payday loan, payday advance or cash advance. It is one of the fastest ways to get cash.
A rapid cash loan is also a form of payday loans that provides faster service with the help of an electronic ID checking system. This system helps in approving the applications instantly. The bank account of the customer receives cash in just a few minutes. It allows for the same day service when applied within the same day. The electronic ID system uses the Automated Clearing House Network (ACH). When any bank receives a paycheck, the deposits or transfers pass through the network. It makes transactions more secure.
Using the network system takes time, unlike paper-based transfer funds. There are also cut-off and processing times when transactions pass through mobile check deposit, bill pay, credit, and debit account transfers. It is essential that the lender accepts the application on the same day and transfers funds before the cut-off time of the bank. There are only three batches for the network to run in a day. It allows the financial institutions to either reduce the processing time or increase.
But with the new network expanding its versions, the system now has the option of making payments and transferring funds on the same day. Sais me-day payroll, bill, and business to business payments are some of the networks which use the system. But the lenders and banks need more manual credit history for larger loans even if it passes through the ACH network. It will delay the payout and may take more time than smaller loans.
What Is Cash Loans
A cash loan is a short term loan similar to a rapid cash loan. It is also known as a payday and short repayment loan. It is an unsecured loan. The difference is the time for repayment. In a cash loan, the compensation is flexible and does not have any repayment charges. The loans have straightforward eligibility criteria. There is no credit check by the lenders to know your credit score. The lenders require a regular source of income to qualify for the loan. They are approved and sanction within hours. Once approved, the cash is advanced in the account against an arranged line of credit.
Benefits With Rapid Cash Loans
The benefits of rapid cash loans are as follows:
- It provides cash instantly during emergencies
- No waiting period
- Can be applied online
- No credit score required
- Fast and easy to apply
- Extended repayments
- Quick response and approval
- Less interest rate as it is for the short term
- It helps improve credit rating
- It offers flexibility and reduces stress
Requirements For Same Day Deposit
Same day deposit means money can be transferred and withdrawn on the same day when deposited. Usually, banks take one or two business days for processing. Most banks take a few business days to make funds available to the customers. There are some exceptions, for same-day deposit in case of cash deposit.
The lender should approve the application on the same day:
- The loan amount should be small
- The cut-off time maintained
- Cash deposit is an exception for same day deposit
- Same day deposit for direct deposit, transfer from another account to the same bank, ACH deposit, and direct deposit are needed
- Fund transfer should be avoided via bank wire