Cash Loans for Short Term Financial Freedom
There are occasions when short term cash loans are needed. Many people face unexpected financial problems that they cannot afford, and if these people have no standard lines of credit to turn to then payday cash loans are often the only option. For situations such as vehicle repairs or unexpected breakdowns, short term cash loans are a simple way to get the money you need in an extremely short amount of time. Cash loans receive bad press, but cash loans are only as bad as the customer borrowing, and when used sensibly and for legitimate purposes, it is better to have this option than no options whatsoever.
What are Short Term Cash Loans?
Cash loans are called cash loans because they provide you with a fixed cash sum in your bank, which you pay back in full at a specified date. Some payday loans stretch out over longer periods, though the vast majority of them will last until your next payday where the money will be automatically taken from your bank account.
Available either at brokers or online, cash loans can be applied for with a quick application process. Payday loans will usually not make a through credit check, and indeed most short term loan customers turn to short term loans because they do not offer money based on customer credit performance. So, with online cash loans you can get your hands on the cash you need within a day or two if your application is successful. The drawback to this however is the high rate of interest applied to short term payday lending. For example, if you borrow $500 then you can expect to pay at least an extra quarter of this back depending on the lender, which would mean paying back $625. This makes it worthwhile to consider other options available to you before you apply for bad credit cash loans.
It makes sense to research available lenders properly, as there are cowboy payday dealers out there. Use loan comparison websites to find the most popular and well-regarded lenders.
You might not need a good credit rating to be successful, but having a regular income and being over the age of 18 are the minimum prerequisites to apply. Furthermore, some lenders will require that you earn over a certain amount each month.
Further Cash Loans Advice
The Annual Percentage Rate (APR) is what most customers use to compare traditional credit options, though things are different with no credit check cash loans. Instead of APR, it is a fixed fee that is applied to the amount you borrow, usually based on the fixed period of a few weeks. So if you are shocked at how high (APRs of around 500% and representative APR of up to 5,000%) the interest rates are, then understand that the short term repayment makes general APR rates misleading.
Online cash loans are designed to help you pay when you have no other options, and you should never use cash loans for general purposes.