The number of Americans falling on hard financial times is increasing every day and as a financial consultant, I receive tons of daily emails with questions of every sort. It worries me to see how many people get caught up in the debt-loan vicious circle. They need money, so they take out a loan and then find themselves deeper in debt because they cannot repay the loan, so what do they do? They resort to a second loan to pay off the first one, which gets them deeper in debt. I see this happening all the time, specially with people who resort to cash advance loans as a way to obtain fast cash.
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Sometimes people wonder if there is a way around this issue. Is there? Of course there is, it is all a matter of wisely managing ones finances, balancing the ins and outs of money and keeping track of your expenses. Easier said than done? Not quite. Payday loans can really save your neck when you find yourself in a predicament, but using them regularly as a means of getting money when you are low on it is not a good idea. Read on to find out why.
Quick Cash Loans And The Fast Approval Topic
People are drawn to this type of loan because they are easy to obtain. No other loan is obtained as fast as this one. Usually, getting approved for a loan of this sort is very easy. Specially if you are applying online. The only requirements are to be of age, to be an American citizen and to show proof of income. Following some simple and fast steps, it is very frequent to get approval in a matter of hours. The needed money will be wired to your account in less than 24 hours after approval.
This is very convenient in case of an emergency. Sometimes, unpredictable events get in our way and we find ourselves unable to economically face those situations. What do I refer to when I speak of an emergency? It all depends on each person, a car breakdown might not be of relevance for a person who has two cars, but for someone who uses the vehicle to go back and forth from work, it can really be a big deal.
Quick Cash Loans And The Interest Rate Issue
With a cash advance loan, you will be able to obtain from $500 to $1500, depending on the lender. It might not be a lot of money, but it will be enough for a pricy medical bill you cannot afford two weeks before payday or for any other unexpected expense you are not able to afford. These loans last approximately two weeks and they are meant to be repaid on the next pay day, hence the name of the loan.
What concerns most users is the high interest rate this loan carries. This rate ranges between and annual 350 percent and 700 percent, which might seems monstrously high compared to the rate charged on a regular personal loan. The problem arises when the borrower finds himself unable to repay the loan after it is due, such a high rate over a two week loan might not seem too much, but what happens when it is not repaid timely? Interest rate will begin to pile up, becoming a financial nightmare.
My best piece of advice: use cash advance loans cautiously and the will always be of help.
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