In the modern world our need is increasing gradually and we often face financial problems in coping with them. Cash loans help us in managing these problems. Cash loans are generally short terms loans of smaller amount. Cheque loan, deferred deposit cheque loan, cash advance loan or the payday loans are some of the forms of cash loans. The interest rate starts from 6.1%APR for a range of get money today in Eugene, OR .
Cash loans: Documentation
To get loans easily approved the applicant needs to submit his current bank account number with cheque and the proof of employment to the lender.
The lending of cash loans is not affected by the credit of the borrower but a good credit may enable person to get loans at low interest rate. Being a short term loan it is generally unsecured but it can be availed keeping security or collateral. It helps in keeping low interest rate but failure of payment can cause repossession of the property by the lender.
Cash loan are to be paid on the next payday but can be renewed on the subsequent payday if you need further loans. The repayment period may very in regard to the borrowed amount.
Cash loans: Process
In order to get cash loans the borrower deposits his/her post-dated cheques to the lender. The amount in the cheque includes total amount borrowed plus interest and it is automatically deducted from the borrower’s account as the payday arrives.
It is advised that before agreeing for cash loans borrower should agree to the amount of loans and interest rate. Payment can be charged one time for any amount or percentage according to the loan.
After the agreement the amount is directly deposited in the borrower’s account and after payday it is automatically withdrawn from the account.
A checking account along with necessary set of documents proving that you are efficient enough to pay the loan is required while dealing with financial institutions. The post-dated cheques should match to each due date. Cash loans costs at high interest rate. So it is needed to shop after looking for every available lender.
Some other ways of getting cash loans
If you require emergency cash then fast loans are available but they have high rate of interest. Cash advance store and check cashing service gives fast cash but costs high interest and have to be paid within two weeks. Another way of getting fast loan is ‘little loan’ in which you have to keep your car as security. ‘Pawnshop’ is another place where you have to keep your valuables like jewelry were it can be valued at a lower rate and you have to collect it within 30 days and after 3 months it will be put up for sale.