More often than not, we end up in a financial mess, often as a result of emergencies, unplanned spending or unforeseen situations. A little extra cash always comes handy, and that’s where short term loans come in the picture. Some loans are payable on your next pay day, while others can be repaid over a period of three months, with choices of renewal. So, should you consider an instant cash loan?
Here’s a take on the basics.
What’s an instant cash loan?
Also known as a cash advance, an instant cash loan is a short-term advance, which is secured against your salary. Basically, you don’t need to pledge an asset or go through an extensive credit check to get the amount, as long as you have a stable job. You must of a minimum age as per norm of the industry and must be capable of repaying the loan back. The payments will be done directly from your account for three months, following your pay.
If you check BC-Loans.com, which offers cash loans in Canada, you might note that they don’t offer advance beyond $750, but the approval is instant. You must also be a Canadian citizen, must have earnings over $1200 per month, and should have an active Canadian bank account among other requirements. With websites like this, you can sort financial needs immediately, especially if you just need a short amount.
Knowing the facts
Cash loans have a higher interest rate, and you will pay a brokerage fee for the approval. Also, there are additional payments or interests for defaulting or delaying the installments. In short, you might want to check all the aspects, costs and repayment options before applying. Also, it is extremely important that you consider the repayment terms, because it can affect your future short-term loan plans. Don’t misuse cash loans – These are meant to help you in the tough times, and no matter what you have in mind, the lender will get the money in one way or the other. The good thing is you can always choose to renew the term or extend your plan, depending on what the lender has on offer.
Cash loans are great for simple situations that need some extra spending. You can use the money for any personal use, and most lenders don’t really bother to know about that, as long as they are sure of getting the money back.