What you should know about quick cash loans and the lenders that provide them is that “quick” usually means you will be able to get the money within a few hours with some lenders, and the next business day with most lenders. However, just because they are easy to get, it does not mean that you should get them.
We really do not need to tell you, but quick cash loans charge high interest rates, usually around the area of thirty percent for the life of the loan. When you consider that some lenders require you to pay up after two weeks, the interest rate is actually 60% for one month. If that’s not a high interest rate, we don’t know what is. Still, there are a lot of people out there who get these loans. These are usually people who do not have a credit card where they can pull out a cash advance. Also, they would have low credit scores.
If you need a quick infusion of cash, the last place that you should look for money is with quick cash loan lenders. While they are more than willing to lend you the money, the fact is that the interest rate is too high. Imagine for one second that you are borrowing $100. You will be paying $130 when the loan expires. That $30 in interest rate is definitely something that you can use to buy a latte for five or six days straight.
If you need money, seek out relatives and friends first. But if there’s no one there that can lend you money, feel free to apply for a loan with these online lenders. Just make sure to get a quote from at least three lenders before pushing through with your loan. No, you do not need to apply for a loan individually at three websites. There are websites out there that act like brokers. Look for these loan brokers and send your information.
Once they receive your request for a quote, they will pull up information from the lenders in their database. Feel free to check out the interest rates and loan terms of each lender.
Please take note: quick cash loans is not free money. They are debts that need to be paid. And while it highly unlikely for a lender to send a group of thugs to collect money from you, as they would in the movies, the fact is that there are consequences to not paying your loans. Actually, there is just one consequence and it is this: A dent in your credit report. And you could see you credit score slide even lower if you already have a low credit score.
That said, never attempt to get a cash loan unless if you are absolutely sure that you can repay it afterwards. If you need money, ask your relatives first for a loan. At least, you won’t be paying anything in interest rates when you borrow from them.