Imagine a situation in your life when you are cash strapped and need money to face an emergency that cannot be ignored or postponed. Can you afford to wait for long to get money from a bank? Are you in a frame of mind that allows you to fulfill all the requirements or formalities of a bank? Any exigency is in itself so distressing that it is too much to ask an individual to follow the tedious procedure of loan application in a bank.
And no emergency can wait for so long as it takes for a bank to disburse money. In such a scenario, instant cash advance loans appear to be godsend as you meet your emergency and pay later to the lender. Small loans for small durations as the name implies, instant cash advance loans are loans of small amounts of money for a small duration. They are unsecured in nature as lenders do not ask for any collateral as a cover for the loan. This is the reason why interest charged on these loans is higher.
But most people who avail these loans do not mind higher interest rates as they get many other advantages with these loans. The reason why these loans are called instant is because of the speed with which they are processed and disbursed. It may be hard to believe but in many cases, the borrower gets money within 24 hours of application. Speedy disbursement of money if you are facing a financial emergency at the end of a month when you are short of funds, all you want is instant money from a source rather than having to visit a bank to fulfill the loan formalities. Of course you can borrow money from a friend or relative, but it is really embarrassing to ask for a favor frequently.
You know you will return the money on your next payday but hesitate to ask for money from someone you know. This is the main reason why these instant cash advance loans have become so popular these days. You as a borrower need not go up to an office and face a manager to apply for a loan. The lenders have set up shops on the internet these days and your presence is not required for a loan application.
You can apply for a loan by simply logging on to the website of any of these lenders in total privacy of your own living room. Just give your details and the loan amount you want. This is all you have to do as the lender verifies your details and deposits the money in your bank account as soon as the loan is approved.
Keep in mind the rate of interest the only drawback of these instant cash advance loans is the high rate of interest that accompanies them. Normally it does not hurt the borrower too much financially if he is able to repay in time as the money has to be repaid on the next payday.