Category: Advice

Fast Cash Helps To Tide Consumers Over

Sometimes, speed is everything with loans. It’s one of the major factors that makes consumers decide in favour of unsecured loans, rather than the more conventional type of secured loan offered by a bank or building society. When you need quick cash, a complicated contract and months of credit checks, value assessments, and negotiations can be counter-productive. Many Brits are faced each month with a gap between the day their rent, bills or loan payments are due, and the day that their salaries come in. When this is the case, a little fast cash on the right day can prevent disaster. So every month, some consumers are looking for cheap loans which don’t take too long to arrange.

Time scale is a problem for those who prefer to use conventional, secured loans such as mortgages or bank loans. The reason? Collateral. A ‘secured’ loan means the pledging of high value property – usually the borrower’s home – which will become the property of the bank or other lender if repayments of the loan aren’t made on the timescale agreed. A secured loan is usually designed to be repaid over a long period of time – years or decades – and means that if one of the payments isn’t made, the property can be repossessed: this is how the lender can afford to pay out large sums.

When making a secured loan with property as the collateral, the lender has to determine how much the property is worth before deciding how much money to lend (so that they know how much they could potentially gain in the event of non-repayment). This means working with estate agents, lawyers and finance experts before a loan can be approved on. And when you need quick cash to pay off a pressing bill, this kind of loan will simply take too long to arrange.

For those who need quick cash, unsecured loans are the most common solution. Unsecured loans can sometimes be made on the same day that they’re asked for, and will rarely take more than a week or two to arrange. This is because there’s no collateral, or property at stake – instead, the lender makes money by charging a high rate of interest (which could be any amount from relatively cheap loans at 7% up to 50 or even 100% from some companies.) The borrower gets fast cash – and on payday, should repay the cash as fast as possible, to prevent too much interest mounting up.

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A cash advance is occasionally worth considering

Student loans are some of the best debt out there. They are low cost (in fact, some people have ended up with next to no interest on them) and they don’t need to be repaid until you are earning above a certain threshold. If you reach a minimum age without achieving that threshold, they may be cancelled entirely. The system is currently going through changes, so it’s worth keeping your eye on the ball, but all in all, as debt goes, such loans aren’t bad value. But they are often paid infrequently, if regularly, meaning that you may hit the end of your overdraft a touch too early for the next payment to get you out of trouble. It’s in these circumstances that you need to look around for any alternatives – friends, relatives, credit cards and, if you need to, unsecured loans. These aren’t to be taken on lightly, but a cash advance can get you through a tricky spot. If that’s going to save you more money (in late-payment fines, for example) than it costs in interest, then it could be a solution worth considering.

No debt is good debt, and it’s best to be really strict and structured about your finances in order to avoid unexpectedly running out of funds. And it’s true that short-term loans can be pretty expensive – you can expect to pay around 30 percent over the course of a month, which is much more than you’d pay for a loan from a bank, or on your overdraft, or even on a credit card (the most expensive of which are usually 30 to 40 percent per annum). But they are supposed to be short-term cash in fairly small amounts – typically between £75 and £750.

Whilst student loans may not be bettered in their terms, sometimes needs must. If you haven’t planned well – or have just been thrown a curve-ball by circumstances beyond your control – then a cash advance could get you out of trouble. Unsecured loans are typically expensive and not designed to function in the same way as a student loan; they are for short-term snags rather than long periods of time, and the interest rate reflects this (as well as the risk to the lender). However, if there aren’t any good (or cheaper) alternatives, then it makes financial sense to apply for one. If that gives you the breathing space to address your budget and put measures in place so that the same thing doesn’t happen again, then it has served its purpose.

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Cash genie can help solve short-term cash worries

There will come times in all our lives when money worries will produce stress and problems. Looking just at the less serious occasions, when the shortage of funds might be described as merely an inconvenience, it would not be abnormal to wish that a Cash Genie would turn up who would be able to grant our wishes and magically take-away our financial worries.

At the moment, unless you find a magic lamp, this is not an option. There is, however, a way in which the worry caused by lacking sufficient money can be temporarily suspended. This is by taking one of the short-term loans that are increasingly being advertised by online companies. A short-term loan will not, of course, be the best option for everybody, but it can give breathing-space while you wait for your next pay cheque to clear or for other money owing to you to be transferred to your account. Although the interest charged on short-term loans is high, so are, sometimes, the costs of going overdrawn at your bank or building society.

When considering taking a short-term loan it is important to think about how much money you could do with and how long a period you need it for. Then you can weigh-up the different choices open to you and make the best financial decision for your situation. If you often find that you have exceeded your monthly budget and are often in need of a loan then a short-term loan is probably not the best solution to your problems. This indicates that you need to reassess your financial situation more completely than looking for a temporary solution like a short-term loan.

One of the most important things to think about when taking any kind of loan is your ability to repay the money by the agreed deadline. With many short-term loans arranged over the phone or on the internet the loan provider will not run a credit check on you before granting the loan, but your credit rating will be adversely affected if you fail to repay the loan, no matter how small the amount is that you have borrowed.

If you need a small amount of money quickly and simply to tide you over until your next salary cheque arrives, then looking for a Cash Genie online is a better bet than searching for a magic lamp. There are many advantages to such arrangements, such as the speed with which the money can be transferred into your bank account and they can prove useful as a short-term solution to a temporary shortage of funds.

Please visit http://www.cashgenieblog.co.uk/ for further information about this topic.

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