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Choosing A Fast Cash Loan

By Edited Jul 3, 2016 0 0

The number of choices of fast cash loans can be overwhelming, and when you need the money quickly, this just adds on more stress! In this article, I want to explain to you the most common types of these loans, as well as why they cost so darn much, so that you can make the best decision for your current situation.

A fast cash loan is expensive, but once you know why it will make sense. They don't just charge you extra for fun! Most payday loans are repaid in only two weeks, so if the lender were to charge 15-18% like a bank they would only make a few dollars from the loan. Without making that extra interest, they would quickly run out of money to loan out. Banks charge low interest because it's compounded over months and years and adds up to a large amount. Also, lenders spend a lot of money tracking down the people that don't pay back their loans. Since lenders don't check credit scores, this happens often. It's an unfortunate risk that comes from making these loans as fast as they are. Don't start thinking about defaulting on your loan, the penalties and fees that come along with it are insane!

The loan that most people qualify for is the payday loan. You can still get a payday loan locally in most states, and they are always available online. The basic requirements are that you're over 18, have a valid checking account, have been employed for at least six months at your current job, and make over a thousand bucks a month. Each lender has their own specifics, but they're going to be pretty close to these. Should you meet these simple requirements, this loan is probably your best choice.

You can also get fast cash with a title loan. These use the value of your car to get you money. Your car has to have been paid off to qualify. If you have a nice car, you can get quite a bit of money with these, and they also give you the option to repay them over several months. Don't let that fool you into thinking it will save you money, they're still very expensive!

Using a loan like this is a way to get fast cash now, but it has some serious risks. I've explained that they're expensive, but not paying them back is the real problem. The amount of debt that they can cause in a few short weeks is staggering!

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