If you are looking for a quick loan that can be provided to you in less than 24 hours then you may be on the hunt for what is called a payday loan, or cash loan. These sorts of loans are typically made for low amounts—anywhere from one hundred to twelve hundred dollars, and they carry ridiculously high interest rates and fees. The high costs for these types of loans have spawned much criticism from many financial gurus and other experts who all argue how these kinds of loans borderline on predatory lending, and that they should not be able to charge such high rates and fees to their borrowers. The lenders of these types of cash loans respond by saying that they are providing a service that is highly in demand and that their borrowers would have no other place to turn if it wasn't for their loan product.

Only you can determine what side you agree with, but in reality these sorts of cash loans do in fact provide people who are in need of fast money a viable option when they are facing very difficult situations. The lenders that provide these loans can almost guarantee that virtually any kind of borrower with a minimal income and the appropriate identification can get approved with little effort, and for this reason many consider these types of loans to be guaranteed cash loans with an easy approval process. These guaranteed cash loans are meant to provide people with the cash they need right before their payday, and they are not meant to be used for frivolous purchases such as televisions or cruise trips.

These types of guaranteed cash loans are rather supposed to only be used in emergency situations or when the borrower is experiencing dire straights. While it is nice to think that people would not abuse these loans products, the fact is that they are being abused severely across this country, and it is becoming more and more a problem for folks who get lured into thinking that these loans are similar to other sorts of personal loans. The truth is that there not, and they should probably be called emergency cash loans because they should not be used unless you are experiencing very difficult circumstances.

The people that do end up abusing these guaranteed cash loans get themselves into trouble when they find out that they have to payback their loan in less than a month and they also have to make all of their finance charges during that timeframe. The loan amount in combination with the interest and fees can cause a person to easily default almost right off the bat, and this can eventually lead to serious financial trouble if the person does not make any repayments after their loan term is up. Some lenders will automatically renew the borrower's loan term without issuing a penalty to the particular borrower but many will simply let the loan fall into default and that is when the penalties and fees can really start to pile up. The borrower who was already most likely experiencing considerable financial difficulty is left with a mounting debt on their credit report and often times this only leads to more trouble down the road. These types of guaranteed cash loans can provide you with the emergency funds you need but at a steep cost, so if you're not ready to be responsible when paying back such a loan then you're probably better off looking elsewhere for your financing.

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