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One form of financing that many people take advantage of is a cash loan. A cash loan is a direct advance of cash from a lender to a borrower.

These loans are called cash loans because in most cases the lender gives the cash directly to the borrower. Many lower income people who have no bank accounts and bad credit take advantage of cash loans. Quite a few modern cash loans involve direct deposits of money into checking or other banking accounts.

Cash loans go by many names including cash advances, payday loans, check loans and hard money loans. Most people are familiar with the cash loans offered by check cashing stores and pawnshops in many cities.

In more recent years a large industry of online cash or hard money lenders has grown up. These online lenders provide direct cash and hard money advances to borrowers.

How a Cash Loan Works 

A cash loan is one of the simplest and most basic of loans. In the usual arrangement a borrower takes out a loan for a small amount of money usually a few hundred dollars. The lender gives the borrower the cash and charges interest that will have to be paid when the loan is due.

Most cash loans are short-term loans, a short term loan has be paid off very quickly usually in a few weeks. When the cash loan is due the lender either has to pay it off with interest or take out a new loan. Lenders often charge a fee for taking out a new loan.

Persons with bad credit can usually get cash loans because cash lenders are interested in cash. Instead of a credit check they do income verification. If a person has the income to pay off the loan they can qualify for the loan.

Lenders are eager to make cash loans to almost anyone because of the high profit they can make on these loans. The typical lender might collect $100 in fees and interest on a $500 cash loan.

Cash Loans Online

Most people are familiar with the cash lending operations in stores in many cities. These stores cater to lower income people who don’t use or trust banks. Many people avoid these stores and cash loans because of the sleazy reputation that they have.

An excellent alternative to cash loan stores is online cash and hard money lenders. Online lenders often charge lower interest rates and give better terms than storefront lenders. Online lenders can provide money very quickly usually within 24 hours.

To get an online cash loan you will have to have a bank account. The online lenders wire the money directly to your bank account and expect the loan to be paid back electronically.

How to Use Cash Loans

Cash loans should only be used in emergency situations when no other source of funding or credit is available. A person should exhaust all sorts of financing and all alternatives before turning to a cash loan because of the high costs involved.

No one should ever take out a cash loan unless they are certain they will have the money to pay it off available. Owing money to a cash lender can be an irritating experience because cash lenders will harass borrowers who don’t pay them back with phone calls and visits.