Fast Cash Loans
Finding Fast Cash Loans
Fast cash loans are designed for the person who has a mini financial crisis and needs cash before the next paycheck comes in. The loans are short term in nature and intended to solve a short term problem. Fast cash loans can be used for any financial purpose, whether it is to pay a bill before it comes due to avoid a late fee or to cover an emergency repair of some sort.
Fast cash loans are typically short in duration and sometimes referred to as payday loans, cash advance loans and pay check loans. The payback period is short, usually between 7 and 30 days. Fast cash loans can be found online through many fast cash loan lenders and some have store front operations, making it easy and convenient to apply for such loans for those without online access.
Finance charges for fast cash loans tend to the high side, compared to the finance charges for a standard bank or credit union loan. The interest rate is anywhere from 15 to 35%, making it an expensive loan. The annual percentage rate calculates out to triple digits, which makes it look gluttonous for the lender, but keep in mind when the annual percentage rate is calculated for a bank loan or a credit card, the payment is calculated out over 365 days. The shorter the payback period, the higher the APR seems to be.
Fast cash loans are also available at pawn shops. The customer offers an item of an estimated value in exchange for a loan. The pawn broker estimates the value of the item and will offer the customer 30 to 50% of the real value of the item. Fast cash loans from a pawn shop are typically paid back within 30 days in order to retrieve the item offered for collateral. If the customer does not return to pay the loan, the pawn broker is free to sell the item to recoup the cost of the loan. The pawn broker has to notify the pawn ticket holder 14 days in advance before offering the item for sale.
Fast cash loans from pawn shop loans are charged interest, typically about 20 to 25%. Pawn shop loans are no questioned asked fast cash loans. There is no credit check performed and no cosigner is necessary. It is a secured loan that anyone over the age of 18 can consider.
The only risks for a pawn broker is they take an item that is not very much in demand and it is difficult to sell or they take an item that has been stolen. In the case of stolen items, the pawn broker can lose the item to police and suffer the wrath the regulations bring about in penalties if found to knowingly buy stolen goods.
Fast cash loans can be dangerous for the person who uses them as permanent, long term solutions. They can sometimes lead to a vicious cycle of loans and payments, never allowing the borrower to save money for a rainy day but always using that money to pay off a loan.