Category: Advice

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How to look for a quick cash advance if you find yourself in financial difficulty

Getting near to pay day can be a frightening business.  It often seems that more and more bills are having to be paid while the amount of money in the bank is going down.  For some people in this situation, the best way to make sure they can pay the bills is to get a short term loan until their next pay day.  There are a few companies which will offer you a cash advance, and there are a few things to be aware of when choosing which one to go for.  Some companies will offer instant loan approval, while others will focus on the immediacy of their service or their high approval rate.

These companies can appear something of a minefield to the first-time borrower, so it is worth doing some careful research.  Pay day loans, or advances as they are sometimes called, are basically a form of bridging loan to tide you over, as the name suggests, until your pay day.  Usually that is when the full loan plus interest has to be repaid.  Some lenders will differ this or roll the loan over a second month, but it is important to be aware that the interest rate is generally very high.  There are lenders who charge around £25 per £100 borrowed, which is worth knowing when deciding on the lender.  Pay day loan amounts usually range from £80 to £1,000; companies offering the service can often give you an answer in minutes, and the money will be in your account very quickly.

Pay day lenders who specialise in this do have certain customer criteria, but the forms tend to be straightforward and not too detailed.  If you happen to have poor credit history then pay day loans may not lend to you, as they use credit reference agencies.  Typically, in order to receive a pay day loan you will need to be over 18 years old, in permanent employment and earning more than £750 per month.

This kind of short term loan can be used for anything, as long as you are comfortable with the repayment date.  As with any kind of cash advance though, it is important to ask yourself ‘do I really need this?’ before you pay for your car repairs or get a new television.  Sometimes the problem with instant loan approval is that it makes the lending process so easy that people are tempted to give insufficient consideration to the financial transaction they are entering into.

Please visit http://www.cashgenieloans.co.uk/ for further information about this topic.

http://www.cashgenieloans.co.uk/

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Cash Genie, a responsible loan company

Cash Genie have been offering payday loans for a number of years now. As such, they can provide you some breathing time if you have debts that need paying. However, they are not designed to be a permanent solution. As a responsible lending company, they know that it is preferable for their clients if they are only used as a last resort, and even then only once. The best way is to lend the cash to tide people through their problems, but also to give them the strategies they need to avoid coming back again.

To a degree, this is really just smart business sense. There’s a maxim: you can skin a sheep once, but you can shear it many times. It is some lenders’ aim to keep their clients in debt long-term (think your friendly neighbourhood doorstop lender…), thereby collecting the interest indefinitely and ensuring that you are never free. However, this approach (and the broken legs that can come as part of the deal) has to be balanced again the chances of defaulting.

Cash Genie works on a 30-day basis. Their loans are for one month only, and the cost is 30 percent. This is a lot compared to high street banks – if you can gain a loan from them. However, it might be less expensive than the alternative (missing a payment or bill and getting fined, for example). In any case, the loans are not supposed to be long-term. The idea is that you have access to the funds you need to get you out of temporary financial trouble – and don’t come back the next month. In particular, continuing the debt over for another month is a very bad proposition, especially if that continues for several months. A debt of £100 would become £130 by the end of the first month, £169 by the end of the second, and £2,330 by the end of the year. (In practice, you are limited to £750.)

Put simply, someone who uses a short-term loans business again and again is probably someone who isn’t really good with money. In other words, they are someone who is more likely to default on their debt, and that’s not good for the client or for Cash Genie. It therefore makes sense to shoot for the sector of the market who need a loan due to temporary adverse circumstances – not through any inherent financial illiteracy.

Please visit http://www.cashgenieblog.co.uk/ for further information about this topic.

http://www.cashgenieblog.co.uk/

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What to expect from Cash Genie

Cash Genie is a web-based lending company that adheres to particular rules when it comes to deciding whether to give applicants money or not. Their decisions are based on a few straightforward principles, which means that it’s fairly easy to guess whether your application will go through or not. Aside from that, there are a few questions to remember, since what you make of the opportunity in the long term is more up to you than any number of rules and guidelines can dictate.

Informal lending can have an awful reputation – loan sharks and other dishonest lenders charging colossal rates of interest, keeping no paperwork (or withholding the paperwork from you) and ensuring that you never actually know when you’re out of debt. In fact, the purpose of these people is not to keep you out of debt: it’s to keep you in it, always repaying interest but never completely paying off the loan. The saying is apt – you can fleece a sheep many times, but only skin it once. The best companies, on and offline, should function on the principle that they should be trying to make themselves obsolete to each client: their service is temporary, intended to get the client through a short-term problem – not to keep them in long-term poverty through permanent and unnecessary repayments.

That’s why Cash Genie lend only for one month. There are no hidden costs: the rates are 30 percent for the length of the loan. It might seem expensive, but that’s it. It’s a kind of one-off flat-fee, and the arrangement is supposed to stop after that. The idea is to get you out of trouble and ideally keep you there, rather than saddling you with repayments that go on and on for years. The purpose of the loan is to give you the breathing space to look at your budget properly, understanding where you went wrong and putting some measures in place to make sure that you don’t need to keep coming back to instant loan approval companies again in the future (and, incidentally, it is almost instant – the decision is made within minutes or even seconds, everything is automatically checked, and the company uses specially designed software to make sure that you are getting the correct amount of money – not more than you need, which is bad practice on both your parts, but not less either).

Please visit http://www.cashgenie.co.uk/ for further information about this topic.

http://www.cashgenie.co.uk/

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