Pros and Cons of Instant Cash Loan

Does your income prove insufficient to meet sudden out of budget expenditures? If yes, then you are in great need of an instant cash loan. Thinking what it is all about? Well, here is a complete guide to the world of this online instant cash service.

The Bright Side

The best thing about this quick loan is that it is available online. In fact, it can be termed as online cash in 24 hours. There are many times in one's life that the national cash advance comes to aid. If you are looking for some quick cash fixes, within the range of $100 to $1500, your search ends here. There are many companies offering cash online, 24 hours. All you have to do is to choose the one that you like. There are also two types of payday loans-secured and unsecured. In the first case, you pledge collateral against which you take your cash advance. That option takes time, as your collateral is valued before you get the borrowed amount.

On the other hand, unsecured loans are faster, because you do not give any collateral. But, you need a good credit history to get this online cash in 24 hours. You can return your owed money in two ways - either authorize your lending company to withdraw the loan amount, along with interest and processing fee from your bank account, on a pre determined date or pay part-by-part. Generally, the decided date is the day when you get your paycheck. This way, you eliminate the chances of missing out the repayment. If you want, you can pay the interest on the set date and when you have enough money, pay the original amount taken as quick loan program. You can always manually return the money, but mostly people prefer the first method.

The Not-So-Brighter Side

The only downside of this financial service is its high interest rate. For every $100 you borrow, you have to return somewhere around $115 to $130, that is, an additional $15 to $30. If you do not repay by the first pay date, a late fee is added to it.

But there are ways to go around the disadvantages. Firstly, always pay on time. Secondly, try to take a secured fast loan and not an unsecured instant cash loan. The interest rate in the former case is lower than the latter. Also check for the extra payments that you make, e.g. processing fee and other charges. Compare the rates before you settle for your instant cash loan. Never take the loan for flimsy reasons. Shopping needs is never a good reason, but house renovation is a good enough cause to avail a fast cash loan.