With hundreds of stalls being opened here and there, getting a quick cash loan is not a hard task. However, just because something is easy to does not mean that it is a good idea for you. Conversely, quick cash loans have picked up a bad reputation since these loans now seem stricter and with far much greater interest rates and fees as compared to other conventional loans. But just because something has a bad image, it does not necessarily mean that it cannot be of use.
There are many advantages to quick cash loans. One of them is that these loans are usually very convenient. In general, all you will need to qualify for a quick cash loan is state issued Identity Card, a steady income and a checking account. When you go into a quick loan lender, you are much more likely to walk out with some cash for your needs in less than an hour.
Another advantage to these loans is that they are available to those with poor credit. Most times, people opt for quick cash loans instead of their conventional counterparts because they cannot qualify for a conventional loan since their credit score is damaged. Quick cash loan lenders do not check credit scores, thus making them an ideal option is this case.
However, as with all methods of obtaining funds, quick cash loans have some disadvantages. The first and most important disadvantage is that they are expensive. If these loans were paid back in the same way as conventional loans, they would be too expensive. The annual interest rate of a quick cash loan can reach 675%. Since they are short term loans, the interest rate may seem low, but if you borrow lots of money, the costs will add up quickly.
Secondly, quick cash loans cannot offer you financial closure in the long run. They do not offer a long term financial solution to your problems just a short term reprieve. If you are low on money, you may take a quick cash loan to help you get by, but it will not solve any underlying money problems that you may have.
Nobody wants to be put in a situation where they have to take a quick cash loan so as to get by. It is good to avoid the whenever possible. However, there are times when these loans are the only option. If this is the case, there are many options to choose from since there are a large number of companies offering these services