The MerchLaon is one of the loan companies with policies and practices that conform to applicable provisions of fair lending laws like the Truth in Lending Act. Before a consumer enters into a loan agreement, the lender should provide in writing with the exact fees, rates, charges, roll over charges and other details before a customer is giving easy cash loans.
The company recognizes a personal loan is a private matter. Reasons for needing money range from critical automobile maintenance, unexpected medical expenses, much-needed family vacation, basic home improvements, etc. Whatever your reason, the company respect your privacy. Thus, they work with lenders familiar with your situation and are ready to help you.
You can secure these 3 types of Easy Cash Loan from MerchLoan.com
This is money that is borrowed from a mortgage company that a borrower can pay back in fixed monthly payments, or instalments, typically over 2-5 years. The lender rates can range from 6% to 36% approximately.
Most of the personal loans are “unsecured” i.e, not backed by collateral. A secured loan backed by a car or house is typically cheaper, but one can lose the asset if the person defaults. The borrower usually can use the money for any reason.
Lenders always make their decisions based on factors including credit score, credit report and debt-to-income ratio. Most lenders allow you to see estimated rates without affecting your credit score. Some loan marketplaces allow you to easily compare several offers at once. If you qualify, you may receive your money as soon as the next day.
This is a short-term unsecured loan which process involves a lender providing a short-term unsecured loan to be repaid at the borrower’s next payday. Some verification of employment or income is involved via pay stubs or bank statements, although according to one source, some payday lenders do not verify income or run credit checks.
A payday loan is marketed heavily to people who have difficulty making ends meet each month. Once you start taking out a payday loan, it becomes easy to depend on it. This type of loan has a simple application process. A borrower can provide their identification, banking, and other details, and once approved, receive the loan funds either right away or within 24 hours.
The payday loan companies operate under a wide variety of titles, and payday loans usually are a small amount of money for a start. Payday lenders may take postdated checks as collateral, and generally, they charge a significant fee for their loans which equates to a very high-interest rate, with annualized rates as high as four hundred per cent.
Auto Title Loan
This is one of the easy cash loans where borrowers can use their vehicle title as collateral. The borrower will allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount.
When the loan is repaid, the lien is removed and the car title is returned to its owner. If the borrower defaults on their payments then the lender is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt.
An auto title loan is typically short-term, and tend to carry higher interest rates than other sources of credit. Lenders typically do not check the credit history of borrowers for these loans and only consider the value and condition of the vehicle that is being used to secure it.
Despite the secured nature of the loan, lenders argue that the comparatively high rates of interest that they charge are necessary. Most of the auto title loan can be acquired in 15 minutes or less on loan amounts as little as $100.
Most other financial institutions will not loan under $1,000 to someone without any credit as they deem these not profitable and too risky. In addition to verifying the borrower’s collateral, many lenders verify that the borrower is employed or has some source of regular income. The lenders do not generally consider the borrower’s credit score.
How to apply for MerchLoan Easy Cash Loans
To request for a loan from MerchLoan is very easy, you just need to fill out forms online and your inquiry will be submitted with a large network of lenders. Loan amounts range from $100 to $5,000.
Though, exact loan amounts vary based on lender programs and your state of residence. Borrowers can have a response from one of the company’s lenders the same day, and often within minutes.
Once the loan is approved, you will be redirected to the lender’s website where you can review the terms of the loan, including details about all the applicable rates and fees. If you accept these terms, the lender will deposit money directly into your bank account as quickly as the next day.
To be eligible for MerchLoan Easy Cash Loans offers, you need the following
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident, and over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
Through a secure technology, you will find a lender in the network that is willing to take work with you based on the information you submit. Once a lender is ready to work with you, that lender will contact you to get any additional information they might need (such as verification of employment, pay stubs, etc.).
After your lender has taken and approved your request, cash will be deposited directly into your bank account. That means you don’t have to take a trip to the bank to endorse and deposit a check or pay check-cashing fees.
You can start your application for the easy cash loans now or visit the Google Play Store to download the mobile app and submit your information through the company’s website. After your information is submitted, you will be redirected to the lender’s website to review the terms of the loan, and if accepted, the funds will be deposited directly into your bank account.