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Quick Cash Lender

A quick cash lender makes cash loans that have to be paid back quickly hence the term quick loan.

There are many quick cash lenders out there because quick cash lending is a very lucrative business.

A quick cash loan is a short term high interest loan made directly by a lender to a borrower. These loans are called cash loans because in the past quick cash lenders gave cash directly to borrowers. Today, many lenders still make cash loans directly to poor people who don’t have bank accounts.

Quick cash lenders operate everywhere from neighborhood stores to the internet. Finding a quick cash lender is very easy but be warned many cash loan lenders will hit borrowers with excessive interest rates and fees.

Types of Quick Cash Lenders

The best known quick cash lenders are the storefront lenders found in almost every city. These lenders, which are often attached to pawn shops and check cashing establishments; can be found in cities and suburbs.

The storefront lenders specialize in making small cash loans to lower income people who may not have bank accounts. They also lend to people whose bad credit keeps them from opening bank accounts or getting credit cards.

Many of these storefront lenders are called payday lenders because they make small loans to working class people. The payday loans are designed to be paid off on the borrowers’ next payday, hence the term payday lender.

Another common loan from quick cash lenders is the check loan. In a check loan the borrower writes a check for the amount of the loan plus interest. The quick cash lender holds the check until a specified date and cashes it with the expectation that the borrower has cash in the bank account.

Online Quick Cash Lenders

Another class of quick cash lenders or hard money lenders specializes in making direct loans sometimes called cash advances to businesses and persons with higher incomes. These lenders are called hard money lenders because they only loan money to those who can pay it back.

Hard money lenders will lend money quickly to almost anyone including those with bad credit. Most hard money lenders will make the borrower submit to income verification. This means that the borrower has to present documents that prove he or she can pay off the loan. These documents include pay stubs and bank statements.

Most of the online quick cash lenders are actually hard money lenders. Modern hard money lenders use electronic funds transfer or direct deposit to put money directly into borrowers’ bank accounts.

An online quick cash loan works much like a check loan. The difference is that the lender uses EFT to take the money out of the account rather than a check.

Locating Quick Cash Lenders

Those in search of a quick cash loan will usually get a much better deal online than from a storefront lender. Online lenders are usually easier to deal with but they will be less willing to work with people with low incomes.