Quick cash loans: The Pros and Cons
Quick cash loans or payday advances as they are often called, are funds deposited into your account within an hour of your application (usually). Essentially, it’s a very quick way to get your hands on some cash if you find yourself in a tight financial spot.
However, in order to get approved for many of these quick cash loans you’ll need to show that you have a source of income (e.g. temp job, contract job, etc) and you’ll also need to have a bank account because if approved, the money will be deposited electronically (you won’t be picking it up at a physical location like Western Union).
The companies that lend money based on having a “job” (and I use the word “job” loosely) and a bank account do not check your credit rating. The amounts lent out are usually not that large, but the interest rates charged will be higher than normal because of one’s credit situation.
The date of your first repayment amount is all laid out in front of you as well as the interest rate that they will charge you for borrowing this money. It’s a pretty straight forward process once you find the appropriate lender and the reason the process is designed to be seamless is because the goal is to get you the cash quickly.
Depending on your salary you can get a loan of up to fifteen hundred dollars, though usually most of the lenders keep it to five hundred dollars or under. This amount seems safe enough for both the lender and the borrower.
Quick cash loans may offer you an easy way out, but you should only consider applying for them during emergencies. It is a short term loan and lasts till your next paycheck comes through. Therefore, it is advisable to keep the amount to a minimum so that you can pay it back in due time and avoid the high interest rates.