Rapid funding loans are quickly gaining popularity, and are the number one choice for small business owners as well as people who need a quick injection of cash. Fiscal troubles can arise at any point in time, so it’s important you keep some sort of buffer cash or a savings amount to make ends meet in case of an emergency. Unfortunately, most people who lead their lives paycheck to paycheck often have difficulty in setting money aside in case an emergency arises. Going to the bank is not really a wise option, especially when you consider the fact that banks take upwards of two weeks to process the application.
Secondly, if you don’t have decent pay, the bank may deem you an unfit candidate for the loan, and your application will be rejected. This could often make problems worse. Many consumer banks have tightened their eligibility criterion after the market crash in 2008. Rather than rely on banks and other credit lenders, a better option would be to apply for caveat loans. These loans are offered by a number of private companies and provide a number of significant advantages over conventional loans. Here are a few reasons why you should consider applying for the caveat loan as compared to a conventional bank loan.
Quick Approval Process
You don’t have to fill out an application on paper and then wait a couple of weeks or so to get approval. Instead of all that, all you have to do is go online to the company’s website and fill out the application. It will take hardly five minutes to fill out the application. You don’t need to worry about any face-to-face interviews, no printing of papers, or anything at all. Once you have filled out the application and submitted your basic documents online for verification, you will get a response from the company if your application has been accepted or rejected.
Get the Funds
If your application has been accepted, the funds will be transferred into your account within the same day. You will need to sign the contract first (a paperless online signature is also available), and the funds will be sent into your account. In most cases, you will be able to access the funds from your account in the same day as they were transferred, though in some cases, you might get them the next day.
The process for applying to such loans is so easy nowadays that many people now prefer them to conventional loans. While the interest rate might be higher, the swifter processing is a very attraction option, especially for people who are in a bit of trouble and need money quickly.