Should You Get a Fast Cash Loan or Not?
These days it is common to live paycheck to paycheck because money is so tight. Fast cash loans are very useful when you are low on funds. Where would you turn for help, if you quickly happen to need cash to tide you over, should the unexpected happen? Several people are turning to fast cash loans to offer a temporary solution to an immediate issue.
What Are Fast Cash Loans All About?
A payday loan has the same meaning as a fast cash loan. It is a short term loan where even with poor credit until your next payday, you will be able to borrow money easily and quickly. You can either apply for these loans in person at one of the local fast cash businesses or apply online without ever leaving your home. In many cases, you can have the money within minutes of applying. A bank account in your name is all that is required from you.
You get the loan in return for a post-dated check that will pay it back in the near future. Usually, this will last for 2 weeks or until the date of your next paycheck. Such loans usually carry an interest rate around fifteen percent. For example, if your loan is for $500, your post-dated check will be for $500 plus fifteen percent, or $575. However, ensure to find out find the interest rates before applying for one of these loans, as in some states, some of these loans have been known to charge much higher interest rate. At the rate of $15 per day, your loan can be paid the next day of the due date; in case of any difficulty. So that the interest is not allowed to compound and accumulate, this may mean that you would aspire to pay back one of these loans at the earliest possible time.
Fast Cash Loans has its benefits.
There are some benefits to be had from fast cash loans, such as the following.
You can borrow a little bit of money, typically a maximum of $1,500 quickly when you just don’t have the time to wait to see if you are eligible for a bank loan.
You can the money you need for a real emergency even if you have bad credit.
For a fast cash loan you don’t have to have collateral, nor have you to fill out pages of paper work, just a simple application will suffice.
What’s Bad About Fast Cash Loans: slick cash loan
These are the drawbacks of fast cash loans.
The high interest rate- 15% is an extremely high interest rate and if you have to roll over these loans this interest rate keeps adding up making it more and more difficult to pay off these loans.
To pay off a loan when you are going from paycheck to paycheck each week is going to be very hard.
Fast cash loans are illegal in some states so, you may not be able to get one of these loans depending on where you live, unless you apply online for a loan from another state.
A fast cash loan can help get you out of a serious bind, but you should be careful, and only take out this kind of loan if you’re positive it’s necessary. They can be a real help to those who need money fast every occasionally but, can also become a burden when the interest piles up from taking out too many of these loans.