Even those with regular jobs sometimes need emergency cash. If the paycheck is still a few weeks to go, yet you have to immediately pay a bill or you can’t pass up an opportunity of buying a valuable that which is rarely on sale, then you can get a payday loan.
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Payday Loan is a short term loan which can be as short as two weeks. Banks will never give loans as short as a month, let alone two weeks, no matter how emergency it could be. Moneylenders offer payday loans to bridge your financial gap until the next paycheck arrives, however, you must still considers some things before you get one for the first time.
Disadvantages of a Payday Loan
- Higher interest from most moneylenders
Since this is loan within short notice, many moneylenders will offer quick cash at the ceiling interest rates. If you are desperate, then you might go blind from the risks involved. Make sure that the terms are transparent and there are no hidden charges. Unlicensed moneylenders will take advantage of your need.
Ah Longs are always on the lookout for their prey. Be wary and only get loans from licensed moneylenders. Here is a complete list of licensed moneylenders you can choose from.
While it is like striking a pot of gold when you most need it, borrow what you just need. Remember than you have to pay the loan on your next paycheck. While it seems to be free, you are still going to be liable for it. Do not bite more than you can chew.
- Might affect your credit score
However small is the amount you want to borrow, you need to make sure that you pay the loan on time as it will greatly be reflected on your credit history. Moneylenders update your credit profile, in the future if you decide to get loans from banks, your credit score will be their first considerations.
Advantages of Payday Loans
Most moneylenders will base the most you can borrow on your salary. You can’t borrow much more than you can earn. Beware if the lender offers more, it might turn out to be a loan shark.
- Fast Cash
Licensed moneylenders understand your emergency needs means a quick cash disbursement, choose a moneylender who can provide cash in less than an hour such as Cash Mart which can disburse cash in 30 minutes.
- Licensed Moneylenders provide them
Do not be tempted to borrow from Ah Longs, they may give you more cash yet they will ask for higher interest rates that can bury in debt for a long time. Loan sharks are known to use illegal ways to get their money, and the government has strict regulations when it comes to people associating with Ah Longs.
- Credit Score won’t be a worry
Licensed moneylenders are not strict when it comes to credit scores. Do not worry if you have bad credit score, but do not be lax with your payments or it will pull your credit score further.
- Less Paperwork
Licensed moneylenders do not require many documents, as it is a quick cash disbursement. Yet, you have any concerns do not hesitate to tell your loan provider. Telling a lie just to get a loan will put you to a worse predicament.
- Secured information
Licensed moneylenders follow a strict regulation, they are not allowed to give your personal information to any third party, or any other company.
Moneylenders have flexible terms, you have to take time and shop around for the one that best fit your needs.
- Have capped interest rates
Due to tight regulations, payday loans have capped interest rates at 4%. This is the advantage when having transaction with licensed moneylenders.
Unlike pawnshops which also give quick cash disbursements, you don’t have to pawn any valuable. There is no need to risk losing something which has priceless value.
If you are in need of quick cash, yet unsure which licensed moneylender can provide transparent and flexible loan terms, visit Cash Mart. Cash Mart even gives a 7 day warranty, proving that their service exceeds client expectations. No matter how small or much you borrow, expect high class service from its professional staff and get your cash 30 minutes after walking in through its office doors.
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