What Are Quick Loans?

Quick loans are for people with bad credit, no credit or those that are in need of immediate funds. The criteria from state to state are generally the same. Regulations vary from the number of quick loans that you can have out at one time to some states completely prohibiting them altogether.

Applying for the Loan

When you enter a quick loan facility it is important to have all of your documentation in order. You will need to fill out an application with the requested amount that you need on the application. The application is rather short, just asking basic information for verification purposes. It is important that you read all of the stipulations with the application so that you completely understand the terms of the loan before agreeing to take it.

General Criteria

The general criteria and information required to obtain a quick cash loan include verifiable income, proof of residency, a valid checking account with physical checks, proof of identity and in some cases, a piece of recent mail with an address on it. This information is standard with nearly all loan facilities. Do your best to have all of this on-hand so that you can get in and out of the facility faster.

Determining the Amount to be loaned

The amount of the loan is determined on the amount of income that you have along with your listed bills including rent/mortgage, utility bills, vehicle payments and insurance payments. The lender cannot give you more than you are able to pay back based upon these numbers. This is both for their protection and yours. Figured into the amount to be loaned are the fees and interest. You may receive a smaller amount due to your income, the fees and interest.


With quick loans repayment is generally scheduled for your next payday. Most of these loans require that one payment be made, on time. While this may set you back financially, it is important to pay the loan back on time.

Failure to repay a quick cash loan results in the depositing of the check given to the facility when the loan was issued. If the check is rendered insufficient funds or is drawn on a closed account, this results in legal action being taken against you. The cost for these measures is far more given that additional fees such as insufficient funds fees, court fees, fines and additional fees from the lender are often imposed.

Quick cash loans are fine when you are in a pinch and are easy to obtain but really are a last resort. Sending in your payment on time is important in order to avoid more consequences.

About Jennifer

Jennifer has two loves in life: personal finance and yoga. She loves writing all over the web and taking care of her adorable beagle, Bagel.


  1. Vince Baker says

    I have tried to stay away from quick loans in my life but that wasn’t always possible. Years ago I wrecked my car and didn’t have all the money to fix it. I had to get a loan. Hated that I did but it was still cheaper than buying a new car. It took me a few months to pay off the loan but to me was worth it.

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