If you think you don’t know anything about cash loans, perhaps you could be helped by us telling you what the other names of cash loans are – payday loans.
What are payday loans? They are basically short-term loans where you only need to provide proof of income in order to get a loan. It’s easy enough to get this kind of loan. You just search for a lender and apply for a loan. In the alternative, you could also go to portal website where you only need to apply for a loan once and your loan application will then be sent to the different lenders in the portal website’s network.
We really don’t need to tell you, but getting this type of loan is not for everyone. As a matter of fact, it’s not good for anyone. This is because loans of this type have a high interest rate. If you do the math, the annual rate would come out 300% APR. If that’s not expensive for you, we don’t know what is.
However, there are people out there who have no other choice but to get a payday loan for an emergency. Sometimes, however, they get it because they need to buy groceries.
But the good thing about it is that a decision can be made in minutes. And the cash could be sent to your bank account in less than 24 hours, if the creditor guarantees a quick turn-around on your loan application.
So, if you really need to get a loan and you don’t have any other source of credit, then you can apply for a payday loan. Even though it is very expensive, you can get a lower interest rate just by comparing the offer of different creditors.