Emergencies happen—that’s why they’re called emergencies. They’re those things we can’t necessarily prepare for, like a clogged toilet that has caused a backup in the septic system at our home, a broken-down transmission keeping our car from getting us from point A to point B, or that excruciating toothache that means you need a dental crown, and your dental insurance won’t cover the entire procedure.
When these things happen, you can’t put off the solution. Will you wear a nose plug and run over to the neighbors whenever you need to use the bathroom? Are you going to walk to work? Are you going to deal with the tooth pain? The answer to all these questions is no. The truth is when these emergencies arise, you need to take action. And, you need the funds fast to do the job—pun intended.
In this article, we’ll give you the down-low on instant loans and how they can help you in an emergency. We’ll also explain what the term instant loans really means so that you can manage your expectations and not set yourself up for disappointment.
Let’s get started.
A recent article released by Bankrate suggests that 27% of Americans don’t have an emergency fund. We also know that even more Americans out there are living paycheck to paycheck, which means they don’t have funds on hand when these emergencies creep up.
That’s where instant loans can come to the rescue. So, let’s look at the four primary types of loans that are often referred to as instant loans.
Here is where things can get a bit tricky. The idea of an instant loan is a bit of a misnomer, as these loans aren’t funded instantly. There is always going to be some sort of delay, whether it is a few hours to a few days and sometimes even to a few weeks. That said, when financial institutions advertise an instant loan, they are usually referring to a loan that will get you your funds in one to two days or less. So, it's important to read the fine print and know what you are applying for and when you might receive your money.
Let’s look at the steps that lenders take to help award you your loan funds.
At Cash Store, you’ll need to provide personal information such as your name, address, and Social Security number, employment details, income information, and bank account details. This helps verify your identity and financial stability. This process is relatively consistent across all lenders.
This can vary by lender and loan type. Some lenders can approve within minutes, while others may take several days. Longer approval times might occur if additional documentation is required or if the borrower has a complicated credit history.
This will also vary based on the lender. Here are the typical options.
If you are in need of emergency funds, make sure you do your homework before applying and signing on the dotted line with any lender. We know that in these situations, it can feel desperate, and you want to make a quick decision. But doing so can sometimes create a bigger problem than what you are dealing with in the first place. Taking a few moments to slow down and read the offer, terms, and conditions will pay it forward. Trust us.
That said, if you are in need of same day cash, Cash Store can help. Our cash advance loans let you pick up your cash on the same day so you can get on your way. Complete our prequalification application to get started.
The content on this page provides general consumer information or tips. It is not financial advice or guidance. Each person’s circumstances are unique. The Cash Store may update this information periodically. This information may also include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.
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Read More >Loan Amount is subject to loan approval. Loan terms and availability may vary by location. Approval rate based on complete applications received across all Cash Store locations. Customers can typically expect to receive loan proceeds in less than 20 minutes; however, processing times may vary. Loans / Advances are provided based on approved credit. Each applicant for credit is evaluated for creditworthiness.
Please see the Licenses and Rates page for additional product details.
Cash Store offers consumer credit products that are generally short-term in nature and not intended for long-term borrowing needs.
In Texas, Cash Store is a Credit Services Organization. Loans are provided by a non-affiliated third-party lender. Please see the Licenses and Rates page for links to Consumer Disclosures and choose the one for the product and amount that most closely relates to your loan request.
Customer Portal residency restrictions apply. Availability of funds may vary by financial institution.