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.
Reduce the Costs of Your Loans
If your loans have been taking a huge bulk in your finances, it is high time that you look for ways in reducing them. For one, you need to carefully shop for the best lender before signing up for any loan. All types of loans, like cash loans, should carefully be thought of so that applying for them is justified.
Aside from borrowing from the best lender you can find, you can consider looking at the fees and see what you can negotiate. Some creditors consider taking off certain fees upon customer’s request if those fees aren’t really applicable. You may need to look into the fine print into detail and don’t hesitate to ask your creditor about what can be done to reduce the cost of your loan.
Finally, strive for a better finance status because this will help you score better loans. If you have bad credit rating, you may have limited funding options.
Even online lenders may ask additional requirements before you can qualify for a loan. But if you are managing your finances quite well, you can show the lender that you have the capacity to pay off the loan. You can also consider saving more money for that intended loan, like a home or a car, so you can a bigger down payment and significantly reduce your loan interest and terms.
You May Need a Quick Cash Loan
If you find yourself in a financial rut, the first thing that comes to mind is where to find money to get out of this spot as fast as possible.
Ideally, you should have an emergency fund to cover the unexpected, but if you have very little fund to none, your choices could now include cash loans.
You could find cash loans in a variety of places – from family and friends, the bank, to private lending firms. But that’s not to say you should apply for a loan with the first person or company you come across with.
Perhaps, the first thing you should do is to determine if your financial situation indeed entails a cash loan.
A Matter of Personal Discernment
If there’s one thing you shouldn’t forget about loans is that the reason for borrowing is matter of personal discernment. That means you have to decide for yourself whether you need to borrow money for this certain situation or not. If you take your finances seriously, you would know that loans of any type should be paid. And if you can’t pay on time, the debt could build up and might even create more problems for you later on.
Financial experts would always advice that you should only apply for cash loans only when you really have to. If the situation is not life and death, or if the payment is not so urgent that it can wait for your payday, then by all means, tighten your belt until then.
Do not borrow for luxury. Do you really need to go to an online lender just to upgrade to the newest smartphone? Shouldn’t you have saved for that instead? Luxuries like gadget, travel and fancy dinners do not make good reasons for borrowing money. If your only reason is to be able to keep up with the Joneses and not to miss out, then you are setting yourself up for some long-term debt problem.
Instead, borrow only for immediate and very important needs. Has the storm damaged your roof? Is your one and only vehicle damaged? Is your kid not allowed to take his final exams unless the tuition has been settled? Does your spouse need to be give immediate medical attention? For things that are related to our very basic needs for survival like health, food, education and job, borrowing cash loans could be justified.
Do not worry if you have bad credit. Some friends may lend you money despite of that. Private lending firms even have bad credit loans which offer cash loans to people with bad credit history. So if the source of your stress is the lack of immediate funds and poor credit standing, you can breathe for now and apply for a loan.
Just remember that whenever you need to make a huge financial decision such as getting a loan, make sure that you have the right and justifiable reasons to do so. As a lender, you will be held to liable for that loan, make sure that every dollar counts.
Your loans will not go away if you close your eyes. They will stay and remain in your life until you’ve paid them off.
Whether you have a huge long-term student loans, or small cash loans for smaller expenses, you should adopt a more intentional attitude towards paying off your loans.
First, you should acknowledge that the loan is your responsibility, and not someone else’s. This will help strengthen your conviction that you should pay off your loans properly.
Second, you need to figure out where loan payments lie in your overall budget. It should have a spot there, or else you will forget and think you have some extra cash to spend. It helps that you write loans as your priority before allotting money for luxuries and wants.
Lastly, if you income does not suffice, you need to think of ways to get extra cash. Asking for a raise (if you feel you deserved it), getting more hours at work or accepting side jobs should help you raise more funds. If you aim to pay off loans earlier, you can place all extra cash from bonuses and tax refunds towards them.
There are a lot of online tools that can help you manage your loans depending on urgency, interest rates, amount and duration. Moreover, choosing to be intentional about paying off your loans can help you acquire healthy finance habits as well as improve your bad credit rating.
- Reduce the Costs of Your Loans
- You May Need a Quick Cash Loan
- Healthy Habits
- How to Control Credit Card Use
- Financial Constraints
- Loans as Emergency Fund
- Stick to the Budget
- Unexpected Events
- Ways to Save Money
- Maximize Cash Loans
- Loan Comparison
- Financial Emergencies
- Cash Loan Is Right For You
- Pay Off Promptly
- Control Your Spending