Fast cash loans enable a consumer to borrow money quickly due to the absence of credit scoring. Provided that the consumer is a citizen of the country, is in full-time employment and is able to supply photo identification. No credit check loans are only suitable for short term borrowing in order to prevent interest spiraling out of control. The standard term for a same day payday loan is one calendar month.
Advantages of Fast Cash Loans
- Emergencies. A fast unsecured loan can help a consumer to deal with an emergency situation, such as paying the rent, mortgage or a utility bill. It is a better alternative than eviction.
- No credit check loan. The absence of credit scoring means that it is possible to borrow money with bad credit, regardless of how serious a previous credit transgression was.
- Speed. It is normally possible to get approval for a fast no credit check loan in just 15 minutes. Pawn shops will provide a cash advance in a matter of minutes.
- Any purpose. A fast unsecured loan can be taken out for any purpose. The lender isn’t concerned with whether they are using the money to buy groceries or pay for a holiday abroad.
Disadvantages of Fast Cash Loans
- High interest. It typically costs $20 to $25 each month for every $100 borrowed. This is very expensive when compared to other sources of borrowing, including credit cards where the cost is approximately $1 to $2 a month – this includes a credit card cash advance.
- Dependency cycle. A same day payday loan will leave the borrower with less money to pay the bills the month after. This could create the need for a further loan unless the individual has a way to bridge the gap, such as working overtime or a quarterly bonus.
- Late payments. Interest and charges will quickly spiral out of control in the event of non-payment.
- Personal debt. Increasing the amount of money owed not only attracts interest, it will leave less money available in the future.
Are Fast No Credit Check Loans a Sensible Idea?
A fast cash loan can help a consumer who is experiencing a short-term difficulty paying his/her bills. It is guaranteed to be approved, provided that the eligibility criteria are complied with. Even those who aren’t in full-time employment may be able to get a pawn shop loan, although they will require suitable collateral. The main issue is the cost of borrowing as a short-term loan will leave less money for the month after.
Most college students don’t ever consider how much money they’re actually borrowing to pay for school. They don’t have the money to pay cash semester by semester, and instead casually borrow money through Stafford loans. They never take the time to consider what sort of payment they’re going to be faced with and how much money they’re borrowing. Instead they see it as just a way to get by until they graduate. Some students even use student loan money to pay for things such as computers, their apartment, and food while they’re in college. Six months after graduation they get broadsided by a letter informing them that they have to start making some rather hefty student loan payments, for the next decade. Don’t let this happen to you!
Student loans are a seeming inevitability for some students because of the sheer cost of a college education. Many students believe that there’s no way to make it through college without getting student loans, so why bother trying? They borrow what they have to pay for their tuition bills, and often some more after that. They have wants and no way to fulfill them, until they figure out that they can borrow extra money on their student loans to pay for a new computer, a new car, their apartment, food, and entertainment. It’s not uncommon for students to take out $1000 or $2000 extra a semester just to pay for life while they’re in college.
Recently my ex-roommate Jeff recently decided to take out $1600 extra this semester to buy a new computer because the one that he has is 3 years old…even though it works just fine! He’s going to be paying that thing off over a period of twenty years and easily end up paying twice in interest what the computer cost him. Sadly, this is not an uncommon experience for many college students.
If you’re in college, you’ll probably end up with some student loans. This doesn’t mean you have to take out all of the money they’ll give you and then some. You should be working at least 10 or 15 hours a week during school to offset some of the costs of college and living. There’s no excuse not to. People who complain that they have to focus on their studying and don’t have time for a job are either lying or horrendous at time management. By working a bit here and there and applying for scholarships while you’re in school, you can easily minimize your student loans to a manageable level.
You might end up with $15,000 in student loans, but at least you won’t have $25,000 or $30,000 in student loans when you graduate. It might hurt a bit more now, but when graduation day comes around, it’ll be totally worth it.