Quick cash has become a very popular way to obtain some short-term cash to cover those unexpected situations that most of us just can’t budget for. As we’re in tough times economically, budgets are tight and savings are small, so when a large expense does suddenly crop up it can leave a big hole in your finances until the next payday. This is where quick cash could come in so useful, as it can be in your account within hours after you apply for it, which can be a big relief in those situations where you need cash fast.Drawbacks
The drawbacks of quick cash are really linked to misusing this type of loan. For example, we all know that this is a temporary type of cash solution that can cover a finance gap until the next payday comes around. When you next get paid you simply repay the money, plus the interest (which is usually around £29 for every £100 borrowed, although it does vary between lenders) and it is as simple as that. It is only in situations where this type of loan is misused that problems tend to arise. If you want to apply then we would recommend that you work out what you can afford to borrow and what you can afford to repay at the end of the month. Like any loan, if you don’t repay when you say you will then it can get more expensive, and you may find a lender takes action against you if you can’t repay at all.
When you’re considering quick cash, just remember that they are designed to be short-term loans - a solution to budget mistakes or sudden expenses, but if you have long-term debt problems then they might not be the right type of finance for you. You can usually roll over a loan like this from one month to the next if you need to, for the same interest as you signed up for in the first month, but you will end up paying more this way.
Advantages
So, you’ve done your budgeting and you think that quick cash loans might be for you, so what are the advantages? Obviously the first benefit is the speed of the application. Once you have made you initial application you will get an almost instant decision. You might need to provide a few more documents after that – proof of employment, that kind of thing – and then you will be told whether or not your application is going to be progressed. Applications are open to anyone who is 18 years old or over, employed, and a UK resident with a UK bank account.
The fast nature of quick cash means that you can borrow and repay within the month, so you don’t have a long term loan with interest and charges hanging over your head. You won’t have to queue at the bank or wait for a decision and the money is often transferred straight to your account once you have been approved – usually within 24 or 48 hours, but depending on the lender, it could be within the same hour you applied. Quick finance such as this, is designed to be convenient too – you can apply over the phone or online in the time that it takes to drink your morning cup of tea.