If you research online, you will find a lot of information about quick cash loans. Upon a little research, you will find out that many people talk about these types of loans in a negative connotation. So, even if you direly need the money, you would hold back and not go for it. However, that’s not the right thing to do always. Yes, you might not need a loan in some cases, but in some other cases, there is no other way out of the situation but to get some extra cash. So, let’s take a look at the common issues that people associate with quick cash loans, and then find out why it is not such a bad idea to get them.
Common Gripes People Have with Quick Cash Loans
You can hear a lot of complaints from people about quick loans. The first issue they have with these loans is the interest rate. Of course, if you research on the internet you will know that the interest rates are relatively high for such loans. You can easily have to pay close to $100 in addition to a loan of around $500. That’s a lot of money in interest without a doubt. Secondly, people would often complain about how such loans are designed to make you get them over and over. According to these people, once you are in the cycle of quick cash loans, you can never get out of it.
Some might even argue that the lenders are not willing to give you enough time to have enough money to return the loan easily. The other big issue that a lot of the borrowers have with quick cash loans is the amount they can get. You can’t get a lot of money in the form of quick loans. They are not regular bank loans or business loans wherein you can get thousands of dollars for something. If someone told you these things, they are not lying. These issues are associated with such small loans but when you look closely, you find out that there is an answer to every complaint. Let’s address these issues one by one.
Answering the Complaints People Have with Quick Cash Loans
The Interest Rate Complaint
Here’s what you have to understand. People who forward such loans are not making your credit score a basis of approving you. On the other hand, your credit score is the first thing they check while forwarding other types of loan. You know that the lender is taking quite a risk by doing this. Moreover, you have hundreds of lenders to go to for getting the loan. Some are even available online today. While some are very expensive, others can have quite realistic interest rates too.
The Small Amount Complaint
If you think about it, there is no way you should get a big amount in the form of a quick cash loan. Quick cash loans are often referred to as payday loans as well. A payday loan means that you are going to return the borrowed money on your next salary. Of course, the loan can be only a small portion of the salary you get on month end. How can you repay $2000 if your salary is $2000 as well? So, for a person who gets paid $2000 a month, a loan of $500 makes the most sense.
The Lack of Time Complaint
You don’t have enough time to repay the loan, that’s what a lot of people will tell you. But how can you have a lot of time to repay the loan when you are talking about quick cash loans. The amount you have to return is small and only a small portion of your salary. Returning it should not be a problem. It is not as though you are borrowing the amount to start a business.
The Vicious Cycle Complaint
People think you will get yourself in a never ending loop if you go for quick cash loans. That could be right and wrong at the same time. Keep in mind that it is just one of the many options. Lenders are not coming at your home and forcing you to get the loan. You have all the options in the world available to you. It is up to you to do the research and pick the option that you think you will be best able to manage. When you go for a certain service, you must know its pros and cons in advance.
How to Approach Quick Cash Loans
The first thing you should consider when you have made up your mind to go for quick cash loans is to pick your lender wisely. Research as much as you can, compare the quotes, and even negotiate before you finalize your option. You should also know the prerequisites of getting the loan. While the lender might not look at your credit score, they will definitely ask for a post-dated check that you will write in their name so they can get the money from your account on the specified date.
You should also make sure that you have checked all the other options that might be available before you go for quick cash loans. It is critically important to know the side effects of getting such a loan so keep those in mind as well. If you have borrowed $500, they are coming out of your next paycheck. Make sure you have already developed a plan about how you are going to manage the next month.
For any wise consumer, it is clear that every product and service in the world has its pros and cons. Just like any other type of loan, quick cash loans have their pros and cons as well. You can’t blame the loan or how it works for as long as it is only an option for you. Yes, it might be a difficult option to choose, but it is you who has to make a choice at the end of the day. The best advice anyone can give you is that you should never find yourself in a position where you have to get a loan to fulfill your financial needs.