You always hear the phrase “easy loan” in the ads scattered all over the internet and in the radio but is there something called easy cash loans in the real life. The answer is simply No because this type of loans can put you in a worse situation so, you need to make sure that you really need this loan before you go for it.
The first thing you need to do is to shop for the different loan offers and see what interest rates they are offering. You may find that these loans are asking for a huge fee, especially if you decided to roll it over for a longer period of time. for example, the typical easy cash loans are due in one month or less, this means that you need to pay what you have taken, in addition to the incurred fees, through your next pay check. If you were not able to do so, then you will extend the loan for the next pay check against another fee.
Let us crunch some numbers to put a clear example. Borrowing $ 200 will incur a fee of around 30 to 35 dollars in one month period. That fee will bounce to around $ 800 if you extend that loan for one year. So, your APR (annual percentage rate) for these easy cash loans is around % 400. So, if you are not able to pay for your loan on the first upcoming pay check then you will end up in a very bad situation. Make sure that you can pay for these easy cash loans as soon as possible in order to get the benefits and stay away of the bad complications.
There are several alternatives that you can use instead of these loans in order to keep the interest rate to its minimum. You can get a small loan from your bank for a less interest rate but it might take a little longer to get the money in your hands so, make sure of the due dates of your bills and see upfront if you need a loan or not. If you did this early enough then you will be able to get a loan from your bank for a better interest than the easy cash loans.
Issuing a new credit card and leave it for emergency cases like this could be a very good idea. You can issue this card and not use it for your daily shopping but, you leave it untouched for the emergency cases that pop up. You should deal with that credit card as a payday loan, meaning that you should pay the amount in full on your next payday. When you do this, you will keep the balance to zero and keep a reserve for cases of emergency.
Some easy cash loans have a different way to get collateral; they ask you to hand the title of your car as collateral for the loan that you have got. This could be very risky because you could lose your car if the money plus the fees grew over the value of your automobile.