subject: Cash Loans - The Pros and Cons Revealed For You [print this page] Cash Loans - The Pros and Cons Revealed For You
We always run into hundreds of ads over the internet stating that you can get cash loans in a very short time. All these ads always state that these loans are very good and can help people to get out of cash shortage situations but, they do not even mention the cons of such loans and what are the complications associated with non paid loans.
Let us first state the good points about these loans and how they could be beneficial in some cases. These loans do not require a credit check so, no matter the amount of loans you have taken already, you can still have a cash loan within no time. It also means that even if you have very bad credit, you can still get approval for one of these loans.
You can also get a good loan if you just earn 1000$ on monthly basis, most jobs pay more than this amount per month so; it won't be a problem to get a loan no matter what job you are doing. Another important thing is that cash loans can get approval within hours so, if you are in desperate need of cash, you can get the money in your hand very quickly to solve this urgent situation.
In addition to this, cash loans are offered through a lot of institutions all over the country and this means that you will never need to search a lot for a place to give you your quick loan. Banks offer different types of loans but, there are other lenders who are specialized in this particular type of loans.
When you look on the other side of the topic, you will see a considerable amount of cons that you need to take in consideration in order to weigh the issue fairly. The first thing that you will see is that these loans are short term ones. Standard loans span only couple of weeks or maximum a month. At the end of that period you need to pay the amount your borrowed in full in addition to the incurred fees and charges.
The second disadvantage that you will face is the very high interest rate quoted on these loans. In most cases, you pay about % 20 of the amount you get in the two week period of the loan. This means that if you borrowed $ 100 for two weeks, you will need to pay $ 120 after two weeks in full. This may seem fair for some people who do not fall in cash shortage a lot of time but, if you borrowed $ 2000 then you will be paying $ 2400 after two weeks.
In order to avoid such disadvantage, make sure that you check the quotes offered from different companies in order to get the best rates and conditions. The most important disadvantage is that cash loans can duplicate the interest rates several times when you do not pay it in full on time. Make sure that you go for this solution when it is really needed.
