If you need extra cash in the quickest possible time and you have nowhere else to turn to, just know that you have a friend in a company that offers cash loans. In this article, we are going to talk more about this type of lending product so you will know if you should get it or not.
As the name implies, cash loans lend money to the people who need it. But the good thing about it is that you do not need to have a collateral in order to get money. Often, the only thing you need to do is to fill out an application form and proof of income. This convenience, however, is not without its cost. And the cost, in this case, is always in the form of high interest. How high is the high interest?
While each lender may have different policies on first-time loan applications, loan payments, and reloans, they often charge the same interest rates, which is usually at $30 for every $100 your borrow. If that’s not expensive, we don’t know what is, and this is the reason why you need to ensure that you will only be borrowing the money for emergencies that your money on hand cannot cover.
But the high-interest rate is not the only that should make you think twice about getting a cash loan. There’s also the matter of loan expiry. You need to repay it after two weeks or one month after you get the money.
How much money can you borrow? That really depends on the lender. However, as far as we can tell, most lenders do not go beyond lending you over a few thousand dollars at any given time. Some even have an upper limit of only $1,000.