Approval for cash loans requires lots of formalities to complete before you get cash and after approval too, it takes a long time to get your cash in hand. Whereas quick cash loans provide you fast cash at the earliest when you required it. These loans do not involve any hidden charges. It will not serve you more amount than what you need and that’s why it will be quite easy for you to repay. Quick cash loans will not demand unnecessary bank statements or salary slips to apply for loan. It is an easy way to get cash loan when you required without any obstacles, like hectic paperwork, guarantor etc.
Advantages of quick cash loans
Now a days, quick cash loans are also available online. This is the faster way to lend money. You can apply for quick cash loans online from anywhere and anytime if you have internet access. In case you are going through a difficult situation or a financial problem and you require cash in an emergency, then quick cash loans through online is a best option for you. It provides you financial independence when you are in a condition of financial breakdown.
Quick cash loans provide money in emergency conditions and also provides service for your general home repairs, buying livelihood things and other purposes etc. Do you have any leakage in the roof of your home and do not have sufficient cash to repair it? The solution to cope up with this situation is quick cash loans. You can approach them for any purpose, but the reason should be a genuine one. One thing that is important to apply for these loans is that the applicant has to be efficient to repay the loan amount. Quick cash loans are a very convenient way to get money on urgency.
Disadvantages of quick cash loans
We enjoy lots of advantages of quick cash loans when we need it on urgent basis. On the other hand it also has some disadvantages. As quick cash loans do not involve any paper work or guarantee, it provides limited amount of cash as a loan amount. So the borrower can easily repay the borrowed amount but might not get enough. For quick cash loan the lenders calculate high rate of interest. This condition reflects the higher risk towards the lender.
As there is no guarantee for quick cash loans, sometimes the borrower willing to apply for bad credit loan and they misguided for selecting wrong lender. The risk is high and the amount is low. Additionally, the loan repayment time is also very short.
All the loans that we review or recommend all have:
- Minimum period of repayment: 6 months. We do NOT recommend taking any loan with repayment period of less than 6 months, as you will have difficulties paying back
- Maximum period of repayment: 3 years
- Annual Percentage Rate (APR): less than 12%. Any rate higher than this will negatively impact your finance
- Below is an example of the loan mentioned in this article, with a loan amount of $20,000
|Flat Interest Rate||7.50% p.a. (Effective Interest Rate of 14.39% p.a.)|
|Total Interest Charged for the Loan||$20,000 x 7.50% p.a. x 3 years = $4,500|
|Loan amount + Total Interest||$20,000 + $4,500 = $24,500|
|Monthly Instalment||$24,500 / 36 = $680.56|