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 often receive bad press, but you have to remember that cash loans are only as bad as the customer borrowing. When short-term cash loans are 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 bad credit 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.
Alternatives to Loans
Borrowing money is quite humbling, but sometimes you just have to if this is what it takes to get you out of financial trouble.
However, there are a couple of things that you can do to prevent yourself from borrowing money.
You can work more hours, get a raise or get a second job. If you’ve been in the workplace for very long and believe you have shown excellent performance, perhaps it’s time to ask your boss for a raise.
You can also put in more hours at work or take a part-time job like tutoring, dog walking or baby-sitting.
Sell your stuff. It will help declutter your home and get your things in order. You can put up a garage sale or sell your stuff online.
Cut back on expenses. You may be spending too much on designer clothes, Starbucks and fancy dinners. If you have something to save up for, which is mostly the case, you can detox your lifestyle from luxurious treats and save money so you don’t have to resort to borrowing.
Of course, getting a loan is sometimes inevitable, especially in case of an emergency. At this point, it is reasonable to take out cash loans because emergency almost always means needing the money immediately. Banks are quite slow in approving loans while online lenders can process your application quickly. Don’t worry if you have bad credit, you may still get a loan. But make sure to put in more committed effort to rebuild your finances so you are better prepared for unexpected in the future.
How to Handle Financial Stress
Money problems can pose a serious host of stresses on yourself and in your relationships. Money is a necessity to pay for the basic needs and some pleasure, but if you happen to have mismanaged your finances in the past, it is very likely to face the consequences later on. Whether you have maxed out your credit cards or missed paying some bills, it is important to keep a clear head and mindset at all times, especially when you need to handle a financial stress.
Here are some tips to keep you poised and graceful when handling financial stress.
Determine the source of your problem. You go to the grocery and your card was declined. You’ve just found out that you have exceeded your credit card limit, and not in the most pleasant way. You may think that the problem here is just that you have exceeded your credit limit, but think again. You wouldn’t have exceeded your limit if you have been careful in your past purchases and you were prompt in paying the credit card company.
Many times, we blame the situation as the source of stress, when technically, it is our past financial decisions that add up that caused them. From now on, it is best to rethink your purchases and be careful when making financial decisions.
Line up your options. Now that you know that you have a problem, the next thing to do is to consider what your options are. Do you have some cash to get you by while you try to fix things up? If not, you may end up finding funding sources until your next paycheck. You can perhaps ask a relative for a loan. Or consider getting cash loans from private lending firms. Your financial mishaps may stamp you as a bad credit borrower, but you can still borrow money to tide you over despite off. You can also consider selling a few things to raise some funds or getting more hours at work.
Establish your goals. It is always best to have financial goals to help keep you grounded when making decisions. If you are saving for something huge, like a luxurious trip or buying a new property, you should know how to cut down on your expenses so you wouldn’t go overboard. Remind yourself of your goals from time to time, most especially when you face a tempting offer that can sabotage your commitment.
Build a better financial attitude. You should know by now that it isn’t fun to be in a financial stress, so you should start building a better financial attitude. By looking at your past mistakes and spending habits, you would be able to modify your attitude towards money so that you can work on your goals.
Perhaps one of the most important things is to build an emergency fund. Whether you are in debt or not, you can’t help emergencies from happening. This fund will cushion you from that fall and prevent you from going into debt even further.
It is also best to start tracking your expenses from now on. This will help give you a more solid picture of how you spend your money and where the bulk of it goes. If you’ve been living a very luxurious life that way above your income, then you certainly have some lifestyle modifications to do.
There are a couple of online resources and apps to help track your spending. They can be very helpful, especially if you intend to stay on your budget.
Many people lose sleep over their money problems, but you don’t have to be one of them. If you are careful in handling your finances and committed in following your budget, you eradicate the threat of overspending and you getting into more debt.
Borrowing money online, such as cash loans, is very convenient. However, lenders have come in all types of forms and sizes, and some of them take the form of a scam. If you are applying for a cash loan for the first time or making a loan from a new lender, be wary of these red flags.
The lender insists that you pay your “credit insurance” upfront. Some lenders may have other fancier terms for it, but never pay for anything upfront. You were there to take a loan in the first place because you need the money, it makes no sense to come up with money to borrow one.
The lender insists you pay for the initial installments of the loans even before getting it. Again, this does not make sense because you intend to borrow the money, why pay right away? Take a look at the payment terms the lender has provided you with and point it out. If you don’t get a satisfactory answer regarding this issue, don’t take the loan.
The lender in general is vague with explanations. You can ask where the fees are coming from and a good lender will have a steady and viable answer for that. If the lender talks in circles without properly explaining things to you, he might just surprise you with hidden costs later on.
Even with bad credit, you don’t have to desperately settle with a suspicious lender just because you need to the money.
Online Cash Loans in a Minute
Whenever you’re in dire need of cash, it seems that almost everything is trying to keep you from getting what you need: banks who won’t lend you cash, friends who will suddenly be out of reach, lenders who will ask for collateral or even money before they lend you money (which defeats the purpose entirely). But the answer to your problems lies in the most accessible loans ever: the online cash loans.
Online cash loans are loans you can procure through the internet via electronic banking. By accessing the internet, you can find scores of lenders willing to provide online loans even for people with bad credit histories. If you’re in dire need of cash and you can’t seem to find anyone willing to give you that, then it’s time for you to look for online loans.
How to Go about Finding Online Cash Loans
It’s quite easy to find lenders providing online loans, all you have to do is go online and type in the search engine online loans or online lenders and you’ll find what you’re looking for in a few seconds. The problem with this is that there are also lots of scammers who are only looking to con people into providing sensitive information about their selves. So how do you figure out which ones are real and which ones are scams?
It’s quite simple really. Genuine online cash loan providers often have proper credentials attached to their websites and all you have to do is look for them and perform a little background check. You can always go to forums to see if the online lender you’re checking out is for real and ask the people there about that particular lender. You could also do your own background check and see if the credentials the online loans provider gave are real. Oftentimes online lenders are attached to real banks or lending institutions so check out their credentials and see if the banks associated with them are real, which is quite easy enough to do.
The scammers often ask for lots of information about the borrower and most of these data are quite sensitive that you don’t normally provide to anyone such as your social security number. Also, scammers often ask borrowers to provide money first before they give out their online loans. They consider this as collateral or some sort of ‘fee’ to have your cash loan application approved. Steer clear from these people because in reality you don’t need to give out money to get your online loan. You’re already in need of cash so why should you give someone money first before you get your loan? That’s just ironic.
Know Your Online Lender Well
Now that you’ve found the online lender you like, it’s important that you know everything there is to know about your online cash loans. You should know the interest rates, the amount of the online loans you’re allowed to get, the timeline of repayments and everything else. It’s important to know all these things before you apply for your online loan because you might get sideswiped by some detail you weren’t aware of and you might get yourself into more trouble finance-wise.
Some people apply for loans to help them fix something that requires cash immediately only to find their selves sink deeper into debt because they weren’t aware of the interest rates of the loan they asked for. Some people also make the mistake of asking for a huge loan without knowing that certain states have varying restrictions when it comes to the amount of cash to be given to any borrower. As a matter of fact in South Dakota people asking for payday loans are only allowed to get $500 for this kind of loan while it varies for other states so best to know about these details beforehand.