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Cash Loans – Considering a Fast Loan?
These days, everybody seems to be getting themselves in major financial hurdles and there seems to be no through way to these problems. It is getting harder and harder to get any money and financial problems keep on cropping up one after another. Now the financial market has just launched a viable solution to these problems. This solution is, going to the lender and acquiring a fast cash loan instantly.
To apply for the loan product, all that is required on the borrower is to log into the net and fill in some simple online loan application forms. The online forms remove the hassles of filling in the paperwork and waiting for approval. The loan is availed to you within no time, in fact within 24 hours after application is received by the lender.
The online mode of application at least makes it easy and simple for you to apply for your loan and it is instant for that matter. There is no more waiting or standing in the queues all day long in order for your application to be considered. This is usually a waste of time, and, in most cases, you are not even sure that your loan application will be approved. With online application the approval is virtually instant which means your emergency is adequately taken care of.
With cash loans, there is usually no credit check. With bad credit or not, you will still get your loan amount. The maximum amount of money that can be advanced is usually £1000 and it is supposed to be repaid within 14-31 days after application. The rate of interest charged for these types of loans is usually very high. So before you settle for on lender compare and contrast on what others are offering. Go for the best deal that suits your special and unique needs.
To qualify for cash loans, one must have attained an age of 18 years and must be an United Kingdom citizen. More over, you must have a regular monthly job which gives you not less than £1,000. This assures the lender that you are in a position to pay their money in full and at the stipulated time. Another requirement is the checking account. You must have one so as the loan amount to be transferred in it. Other wise, whenever you find that you are short of money, go for the fastest and hassle free solution which is cash loans.
How Much Does Your Personal Loan Cost?
A personal loan is a big commitment for your financial future, one that you’ll be living with for years. If you choose the wrong loan package, then the effects will be felt for the full length of the loan term, so it’s obvious that you need to take care when deciding which loan to apply for, and from which lender.
It’s also obvious that getting the cheapest loan possible should be a priority, but how can you properly compare the costs of loans? The first factor that most people look at when determining how expensive a loan or other form of credit is is the APR, or Annual Percentage Rate. This is the interest rate that will be charged on a loan, and the higher the figure, the more expensive the loan.
Although the APR figure is intended to give an accurate picture of the overall costs involved, there are several different ways of calculating it, and so when you compare the APRs of two loans side by side, you might not actually be comparing like with like. Because of this, you should also take a look at the other factors involved in how cheap or expensive your loan will be.
One major thing to look out for is whether the lender or broker will charge an arrangement or setup fee. This is a one off charge which is made when your loan application is approved and completed, and the fee is usually added on to the loan balance and repaid over the term of the loan. This means that not only do you have to pay the fee itself, but also interest, which will make it even more expensive than it initially looks. Arrangement fees are common on secured loans and mortgages, far less so on unsecured personal loans.
The length of a loan term will also have a major bearing on the cost of any loan. While a lower interest rate might be attractive, a low APR over a long term may actually lead to more interest being paid overall than a higher interest rate over a shorter term. It’s usually a trade off between a lower monthly repayment and a lower overall amount of interest paid – the choice is yours.
Many loans and mortgages feature something called an early repayment penalty or fee which is charged if you clear your loan before the originally agreed term. It is usually expressed as a percentage of the outstanding balance, and is most commonly found in loan products that feature an initially discounted rate, or a long term fixed rate, and is put there by the lender to discourage borrowers from taking advantage of an introductory deal and then immediately switching to a new loan, so costing the lender money in terms of lost interest charges. The period in which an early repayment fee may be charged is usually limited to the first few years of your loan, and will be made clear on the loan agreement before you sign.
Even if there is no early repayment charge, many loan companies will charge an ‘exit fee’ of a few hundred dollars if you repay your loan early, perhaps as part of a debt consolidation program. This fee is intended to reflect the administration costs involved in closing your account, but recently there are suspicions that it has come to be seen as another way for lenders to squeeze a little extra profit from the loan.
Finally, one thing to beware of when taking advantage of the payment holiday option available on some loans is that although you don’t have to make a repayment that month, interest will still be charged on the balance – so in effect you’re paying double interest for that one repayment. If you use this option a lot then, over the term of the loan, the effects could add up to produce a substantially higher APR than that quoted when you took out the loan.