Being part of the salaried class has its own share of problems. The little or large troubles in life just never seem to consider when the pay check is due, rather they have a mind and will of their own. Throw into the mix the current condition of the economy and you have higher prices for everything from utility bills to car gas. Doesn’t really matter if you’re a blue collared worker or a white collared one, we’ve all been down the road of unexpected happenings and not enough funds.
But as the saying goes, ‘where there’s a will, there’s a way’ and there is a way for you to meet any financial surprise that may pop your way. The solution is what is known as instant cash loans. Instant cash loans allow you to get your hands on some fast cash hassle free and have the easy repayment plans as well.
When dealing with a sudden need for cash what matters most is how much you can borrow, how fast the money will actually land in your hands and what the repayment options are. Sure, you may be thinking to borrow some dough from your friends but if they are also salaried workers like you, you’d really be putting your friends on the spot asking them for a loan. Needless to say, it’s not good policy to be known as the borrower in your circle. So instead of pooling in the pennies from those who probably need them to run their own budget, you should go for those institutions which understand your need and have specially tailored offerings to meet your precise circumstances.
Instant cash loans generally use your paycheck as the security. So this means that you should have a regular job that pays a fixed salary. You also must be an adult, 18 years of age or above, and have current account opened with a bank that is at least 6 months old. The loan that you will receive will be deposited into this account of yours.
As for the interest rates, instant cash loans have rather higher interest rates than other longer term loans we are accustomed to listening to. As mentioned earlier, these loans generally require your paycheck to be put up as security. But you can also get unsecured loans if your credit rating is bad, of course these loans will charge a rather higher interest rate. Secured loans let you borrow up to the amount of the security you put up. The time frame for the loan is usually 2-4 weeks. Unsecured loans will have a shorter time span which will vary from case to case.
Since the interest rate will matter a lot to the installments you will make, it’s understandable that you’d want to know all about them. Sure the interest rates are higher when compared to the general prevailing interest rate in the economy, but don’t let this put you off. The actual amount you pay won’t be reaching the stars for the sheer reason that there is a lot of competition in the financial market.