When unexpected situations occur instant cash loans can sometimes be just the answer you are looking for
. When it comes to these types of loan you will have two main options in which you can choose. One is to just borrow the money from a friend or a family member, the other is to apply for a short term payday loan. Below is a discussion on the pros and cons of both of these options. This information should be considered before making a decision as to where you will get help from.
Simply asking friends and family for the money is sometimes the easier and less embarrassing way to get the cash you need but it doesn't always leave the relationship in the best shape either. Problems paying the money back as the person would like can often result in a relationship that goes completely sour and can't be repaired. The lack of an interest rate is great, but is it worth losing your best friend over?
Cash advance loans are your other option and can be perfect for last minute situations even if you suffer from poor credit. As long as you are at least 18 years old, have a job and a checking account you can be approved in as little as an hour or two.
While this may sound like just the answer, be aware of the fact that there are some negatives to this option as well. These loans typically need to be paid back in full within a few weeks to a month and because of this they have exceptionally high interest rates.
The ups and downs of both these options vary depending on your individual situation as you can see. You need to insure that the money you are about to borrow is truly for something that just can't wait since there is a high price to pay with either one.
If you only borrow because you have to and know you will be able to pay the money back on time either situation can be a good choice for you. Just don't get into the habit of doing it this way every time any small situation arises.