Why is everyone so eager to loan me money? I see advertisements on line, in magazines, and on television from companies that are basically begging to loan me money. They offer fast cash loans with no credit check and no questions asked for the most part. They talk about the fast cash they will give you to pay your rent or make your car payment when you havent gotten that all important paycheck yet. These are payday loans or fast cash loans and trust me, they are not free.
It is very tempting when you are short on cash to hit up a fast cash business. You may be especially tempted in todays world where instant funds are a necessity at times. However, bear in mind that with very little effort it is easy to find thousands of fast cash horror stories. There are no shortage of television consumer reports on the evils of one fast cash lender or another.
However, like with anything or any type of business, not every fast cash business is out there to scam you. While it is true that many of the fast cash places are trying to take advantage of consumers who are vulnerable, the majority are legal. They work within the states lending laws, but that doesnt mean they arent a dangerous thing to try and use.
It is difficult to understand how exactly a fast cash can loan out money so easily. The way they actually work is pretty elementary. First of all, they give out only small loans. To get a fast cash you would likely be required to write out a check. The check is to cover the amount borrowed along with the service fees the fast cash business will be charging. If, when the time comes, you are unable to pay your loan back, you are usually charged the fees again.
What makes the fast cash loan dangerous is when you so involved in getting your instant cash that you dont pay attention to the conditions placed on it. Though they are required by the Truth in Lending Act to outline all fees before giving you the loan, it is on you to pay attention to those fees. If you dont pay attention, you can certainly run into more money problems than you had in the first place. Just remember, fast cash is not free.
A better option than fast cash is to look almost anywhere else. If you have a day or so to get your money you may want to explore the option of a credit union. You can also seek out small loan companies. You can then actually improve your credit while getting the money you need. As a last ditch attempt to avoid fast cash you can always ask your employer for an advance as long as it is not a chronic problem.
Trying to get money fast is a common thing in todays world. We need things and we need them as soon as we can get our hands on them. Many fast cash businesses are built to take advantage of this desperation. So it is best for you to look other directions for your last minute loans. If you must get cash fast and have at least a day or so, think about a credit union or loan company. If you can, though, always try to avoid the hassle and high fees that can come with fast cash loans.