Category: Loans

If you need quick cash then there are a limited range of places to go. By the time they get to this stage most people will already have exhausted the other options. Banks will eventually stop you borrowing, when you get to the bottom of your overdraft and if they don’t think you’re a reliable prospect for a loan. You’ll no doubt have gone to friends and family. You can take money out on a credit card – not the best option, since it’s subject to higher rates of interest than purchases, but if needs must then you’ve likely hit your limit there too. If the most cheap loans (and that’s a relative term) aren’t an option, you’re down to less traditional prospects for fast cash.

That’s where you need to be a bit savvy. If you need cash and you’ve run out of other options, then you’re down to more expensive loans. And these come in a range of forms. Some are a necessary evil, others to be avoided totally. Whatever the penalties for non-payment of your existing debts are, they need to be seriously weighed against the impact of a loan – which may only push the problem a few weeks or months down the line, making it far worse in the process.

So it’s important to know just what you’re getting into. Log-book loans, for example, put your car up as collateral and can incur enormously high rates of interest – often leading to you losing the car. Doorstep lenders and other loan sharks can be a nightmare. This aspect of the industry often operates outside of the law, meaning you lose its protections as well as its restrictions. It also means that, because it’s unregulated, there’s no ‘best practice’. It’s in the interests of these organisations to keep you in debt, never quite paying off your loan. Often their records are bad, or non-existent.

The alternative is quick cash from a specialist short-term loans business. These will typically offer fast cash when other cheap loans aren’t available. The term of the loan is usually about a month: the idea is that you use the money to get out of trouble, not keep rolling the debt over month after month. You can expect to pay around 30 percent a month – not cheap, by any means, but better than a doorstep lender, and within the law too. Many will offer help and guidelines for staying out of debt in the future, meaning you shouldn’t have to keep going back again and again.

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If you’re looking for a cash advance to tide you over immediate cash difficulties, there won’t be many questions you want to ask. You’ll want to establish that your short term loan is offered on the best rates available, since these companies can typically be pretty costly. 30 percent for the month is normal – an amount which can stack up over the year to massive rates, which is why they only provide the loan for a limited period (typically a month) in the first place. Secondly, you’ll need to be sure that they are as ethical as possible in their business: you don’t want to be caught up with the online equivalent of a doorstep loan shark. Fortunately, the nature of the business and the law around it should mean that everything is fairly clear on the website. If it’s not, find another company. Lastly, instant loan approval should be just that: instant. If you have to wait around to get your money, the lender has missed the point.

These companies are typically quite expensive (30 percent per month is a rate that no credit card could ever dare to ask). But they fill a different niche in the market. These are definitely not long-term loans. They are instant sums of money to fill a short term need. Expressed as a percentage – particularly annualised – these lenders are not economical. However, as a straight fee for the use of the money in that one month, it might be a very different story. The only question you need to ask is, are the consequences of not taking out the money more expensive than the fees? It’s straightforward economics.

Of course, if you can find the money more cheaply elsewhere, you’re much better off doing that. But if you don’t have access to an overdraft, friends to lend you the cash, or even a credit card, then you may have come to the end of the road. The next stop is the loan shark, and that’s a decision no one should have to contemplate. cash advance companies on the web should be able to offer you a short-term loan with none of the complications to your kneecaps associated with doorstep lenders. Instant loan approval is subject to a swift (literally almost instant – think 30 second) online credit check, and they are (or ought to be – check) bound by a professional code of ethics that ensures they won’t provide money to anyone who is unable to be able to pay them back. It makes sense – defaulting on the debt doesn’t do the company any favours either.

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There will come times in everybody’s lives when money worries will cause stress and problems. Looking only at the less serious occasions, when the lack of funds might be described as merely an inconvenience, it would not be uncommon to wish that a Cash Genie would appear who would be able to grant our wishes and magically remove our financial concerns.

At the moment, unless you find a magic lamp, this is not an option. There is, however, a way in which the worry caused by lacking sufficient money can be temporarily suspended. This is by taking one of the short-term loans that are increasingly being advertised by online companies. A short-term loan will not, of course, be the right option for everybody, but it can give breathing-space while you wait for your next pay cheque to clear or for other money owing to you to be transferred to your account. Although the interest charged on short-term loans is high, so are, sometimes, the costs of going overdrawn at your bank or building society.

When considering taking a short-term loan it is important to think about how much money you need and how long a period you need it for. Then you can weigh-up the different options open to you and make the best financial decision for your situation. If you frequently find that you have exceeded your monthly budget and are often in need of a loan then a short-term loan is probably not the best solution to your problems. This indicates that you need to reassess your financial situation more completely than looking for a temporary solution like a short-term loan.

One of the most important things to think about when taking any kind of loan is your ability to repay the money by the agreed deadline. With many short-term loans arranged over the phone or on the internet the loan provider will not run a credit check on you before granting the loan, but your credit rating will be adversely affected if you fail to repay the loan, no matter how small the amount is that you have borrowed.

If you need a small amount of money quickly and simply to tide you over until your next salary cheque arrives, then looking for a Cash Genie online is a better bet than searching for a magic lamp. There are many advantages to such arrangements, such as the speed with which the money can be transferred into your bank account and they can prove useful as a short-term solution to a temporary shortage of funds.

Please visit http://www.cashgenieblog.co.uk/ for further information about this topic.

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