Having access to quick money can be a life-saver. Maybe you lost your job, have to repair your car, or need to help someone you love out in a pinch.
Whatever your obstacle, it’s nice to have the option of instant loans that can get cash in your hands as soon as possible. That said, there are a few things to look out for throughout the process.
We’re going to cover some of the things that you should keep in mind while you search for options to get a fast loan.
Instant Loans: 5 Things to Remember
Loan services available on sites like CaptainCash.ca can get you through an otherwise impossible financial trouble. As with any financial decision, though, you have to keep your wits about you and understand the terms.
Fast cash comes with a little extra cost, and it’s important that you understand what that cost is.
1] Note the Interest Rate
Interest rates on quick loans are typically a lot higher than a loan you would get from a bank.
Take a look at the loan you’re thinking of getting, note how much the interest rate is, and make a spreadsheet for yourself. Look at how the costs would accumulate if you weren’t able to make the payments over time.
2] Understand Late Fees
Another piece that hits a little bit harder than traditional loans is late fees. Late fees on instant loans are usually high and they get added to your principal value.
In other words, the late fee contributes to the amount that’s gaining interest.
3] Make a Repayment Plan
Before you sign anything, make a repayment plan for yourself. Figure out how you are going to pay back the loan in as short a time as possible.
If you’re just waiting on a paycheck that will completely cover the loan when it comes in, you don’t have to worry about this as much. In fact, you don’t need to worry about too much at all if you’re going to pay the loan within the next two weeks.
In that case, you can think of it as an advance from your employer. If not, though, it’s important that you have clear-cut, achievable goals for repayment.
4] Consider Borrowing Money or Crowd-sourcing
If you look closely at the situation and find that you won’t be able to cover the costs of repayment, it might be best to consider other options.
Times are tough, and people around you might be generous enough to help you out. Even if you’re asked to return the payment with interest, those rates likely won’t be near what an instant loan with late fees would be.
5] Get a Credit Card
Credit cards are another great option if you’re in need of cash quickly. Credit cards offer slightly more lenient policies on repayment even though they take a little longer to get cash in hand.
If you have the time to get a credit card, it might be a better idea than instant loans that you can’t pay back.
Need More Financial Tips?
Whether you’re looking for instant loans or advice on how to keep your current finances in order, we’re here to help you out moving forward.
Explore our site for more useful tips and tricks to keep your wallet full.
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