Category: Loans

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Fast cash companies can offer fantastic interest rates

With many people finding themselves in difficult financial situations since the crash of the credit markets in 2008, unsecured loans offering quick cash are becoming more and more common. Many people are turning to the organisations which offer unsecured personal loans, requiring no collateral and offering fast cash within a few days of taking out the loan, in order to cover holes in their personal financial schedules. Perhaps the day of the month that rent is due comes a few days before the day when the borrower’s salary comes in, or perhaps a sudden and unexpected expense – repairs to a car, home or appliance, a business opportunity too good to turn down, or the deposit for a holiday or tenancy agreement – needs to be covered with emergency cash. This is the point at which borrowers start trawling the internet for cheap loans which they can use to tide them over a few crucial days or weeks, and which won’t cost the earth in interest rates.

It’s the level of the interest charged on loans that makes some people worry about short term unsecured loans. These types of loans are always quicker and easier to arrange than secured loans, as there is no valuation of the property or ‘security’ to be done, and there’s usually a fairly simple standard contract. People who take out unsecured loans will often find the money in their bank accounts within a few days of signing the loan agreement, and some specialist ‘emergency’ lending firms will even make the transfer within a few hours of the contracts being signed. This is great for people who are in a financial emergency. But unfortunately, borrowers can often get carried away with the speed of the lending process, and forget to check the other important factor in loan provision: the level of interest charged on the loan.

This is what people mean when they talk about ‘cheap loans.’ Very few organisations charge a flat fee for borrowing (the exception is some Islamic financial services, as interest is prohibited under Islam), so ‘cheap’ in this context refers to the percentage of the loan charged as interest. Some unsecured loans can be very expensive, with several hundred per cent interest being charged. However, for those wise consumers who shop around, quick cash can be obtained on a relatively low interest rate. And the quicker you repay the loan, the less time the interest will have to mount up – so if you take out a fast cash loan, paying it back equally as quickly could mean that you end up paying very little in interest.

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

http://www.cashgenie.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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