These loans are offered by most banks, and the proceeds may be used for virtually any expense (from buying a new stereo system to paying off a common bill). Typically, personal loans are unsecured, and range anywhere from a few hundred to a few thousand dollars. As a general rule, lenders will typically require some form of income verification, and/or proof of other assets worth at least as much as the individual is borrowing. The application for this type of loan is typically only one or two pages in length. Approvals (or denials) are generally granted within a few days.
The downside is that the interest rates on these loans can be quite high. According to the Federal Reserve, they range from about 10-12%. The other negative is that these loans sometimes must be repaid within two years, making it impractical for individuals looking to finance large projects.
In short, personal loans (in spite of their high interest rates) are probably the best way to go for individuals looking to borrow relatively small amounts of money, and who are able to repay the loan within a couple of years.
These are the following requirements to get cash loans:
- Have a job or business set up for the last three months.
- Take home pay is more than $1000.
- 18 years of older.
- Have checking account facility or savings account with direct deposit.
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