Fast Cash Borrowing

Jul 27, 2013 by

fast cash loansFast Cash Loans And Options

We’ve all been there – you’re in control of you money, the budget may be a little tight but you’re OK for the month and then, out of the blue, something unexpected happens that blows your budget out the water and leaves you searching for some form of financial solution to get you out of trouble. These days there are lenders falling over themselves to lend to you – at a price! Loans are advertised everywhere you look – TV, internet, papers, posters … even football shirts and each lender offering faster, larger, more flexible, better loans than their competitors … allegedly! Just what are the main options though?

 

Payday Loans

Used correctly and a payday loan can give you access to some of the fastest borrowing solutions around. Apply online and get an instant in principle decision on the application and, if all is OK, the loan can be transferred the very same day – sometimes taking only a few hours – it really can be THAT fast and that’s what makes the payday loan so popular these days.

You just never know when cash flow becomes a problem … the car needs new tyres, you forget about that family birthday, the freezer breaks down, you have to make an unexpected trip, or perhaps you’ve simply not added up the sums properly and got the budget all wrong. Lots of reasons but all with the same result – you’re short of cash and need a solution.

IF the problem is short term, genuinely short term, then a payday loan is an option but if you’re looking for the solution to a problem now with a view to worrying about next month later then think carefully, take advice and examine all other solutions because this form of lending is specifically designed to provide a financial bridge until you’re next paid – it’s like an advance on next months pay packet.

Doorstep Loans

Doorstep loans offer a very flexible and personal solution, they represent lending the way it used to be … loans with a human touch. They may not be right for everyone but could certainly be worthy of consideration for many.

A three stage loan – apply online initially and, following an in principle acceptance a local agent will make contact and arrange a personal visit, usually to the home, to discuss the application face to face and explain the ins and outs of the loans before providing a full quotation and agreeing the loan. The final stage is the delivery of the loan and the collection of the repayments – both directly from your door at a regular convenient time.

Normally this kind of loan will be available up to a maximum of no more that a thousand pounds or so but repayments can be divided up into regular weekly sums which can be spread over a period of up to a year.

Because of the nature of these loans the lending criteria is incredibly flexible with loans being available to those with good credit or bad, homeowners or tenants, working full time, part time or on benefits. Always keep an eye on the cost though – interest can be pretty high.

Installment Loans

Installment loans (or Instalment Loans if you’re in the UK!) are similar to payday loans in so far as we are still talking about relatively small sums of cash (but often the maximum you are able to borrow can be twice as much as that of a payday loan), we’re still looking at an instant decision in most cases and they provide the fast cash loans solution for those urgent issues. The big difference is in the repayments … rather than repaying in a single sum on your next payday the cost of the loan can be spread over a short period of time, maximum repayment terms vary from a few months and up to a maximum of a year or so. This makes the prepayments far more manageable but keep a close eye on the interest rate and the overall cost of the loan as the more flexibility the greater the risk to the lender and hence the higher the interest rate.

Personal Loans

Personal loans are also known as unsecured loans or tenant loans and, because no security is required, they are available to both homeowners and tenants alike. As the name suggests the loan is granted to the individual and is based on a promise to repay. These loans can be much larger and repayments can be spread over a longer period of time, often up to 5 years or so. They do not however usually provide a quick fix, whilst you may still get an instant in principle decision, there will be more formal paperwork to complete and the loan may take several days or weeks to come through. It’s vital that you shop around for such a loan as interest rates can vary dramatically with the best ones reserved for those with a perfect credit history.

No Credit Checks

It’s important to remember that the vast majority of lenders will perform some sort of credit check on all loan applications, there are very few lenders who will lend without a check and those that do will almost certainly require some form of security or guarantor so that they get the assurance of their money being recovered in the event of a default and may also charge grossly inflated interest rates. If you are specifically looking for loans with no credit checks then it can be assumed that you are already certain that your application will be turned down once the lender sees your credit file – maybe a history of defaults or high current levels of existing credit or debt. If this is the case perhaps you should carefully consider if you actually do really need the loan of if alternative solutions exist but, if you decide that a loan is the right solution for you, if you meet a basic lending criteria and consider a loan to be affordable then it should still be possible to get a loan with bad credit.

 

For more information on Doorstep Loans No Credit Checks visit MoneyUnmuddled.co.uk

 

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