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Fast Cash Loans â The Pros and Cons of Using Them
There are times that you will need access to fast cash. There are many ways to do this and one of those is through the use of payday loans. There are a number of pros and cons about these loans that you should consider before you sign on the dotted line for them.
Pro: No Credit Checks
One of the main advantages to taking out fast cash loans is that many companies will do credit checks. This is a breather for many families that have been struggling in the past. It means that more people are likely to get access to the money.
This does put the companies at risk and it will mean that they have some requirements that you will need to meet to get access to the fast cash. The main two requirements are the type of employment that you are in and the amount of money that you earn each month. You will need to make sure that you are definitely able to pay the money back the next month.
Pro: You can help your credit rating
Fast cash loans will help you improve your credit score because you can prove that you are a responsible lender. You will need to take a few steps to do this and there are factors that you will need to look out for. The main one is not taking out too many of these loans.
You will not be asked why you need the money, which is something that harms your rating. This means that you can use the money on anything that you need and all the lenders see is that you have a history of credit; pay the money back on time and you have a way to improve your history.
Pro: You get the money quickly
Fast cash loans are just what they sound like. You will get the money quickly. Usually the fast cash loans are paid within the hour of being approved and the approval process only takes a few minutes. This can mean that you get the money that you need, as soon as you need it.
Of course, this will all depend on two main factors. The first is that your bank allows the fast cash transfer. There are some banks that will want to check where the money has come from. The second is on the date that you apply. There are times that you can have to wait because you have applied late one night or later on a bank holiday.
Con: The interest rates are high
There are fees with the fast cash loans and they can be exceptionally high. The interest rates are somewhere around 2000 percent for the year and this is something to think about. However, the first month is usually comparable with your overdraft charges or over the credit limit fees.
When it comes to taking out the fast cash loans, you should compare each one that you find and do your research. Also look out for any hidden costs and compare them with the costs of using your overdraft or credit cards.