Saturday, May 10, 2014

4 Features of the Best Cash Loans


When you are in a hurry for extra cash, you may not believe you have the luxury of shopping around for the best deal in cash loans. However, this is exactly the time when it pays to be careful with the company you choose for your emergency funds. The right company will get you the money you need, when you need it, without putting you in a deeper financial hole.

Consider the four best features to look for in emergency loans to help you get the best deal for your needs.

Competitive Rate

Interest rates tend to run high on cash loans, but you can get a decent deal if you shop around. First, determine whether you want a traditional interest rate or prefer a flat fee for your loan. Many like the idea of a flat fee because that is a much easier way to track how much the loan costs. However, others prefer a standard interest rate, since that is the lending structure with which they are familiar. Even flat rates should be compared to the rates of other loans so you know whether the flat fee is a better deal.

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Low Fees

Many cash loans offer their products with few or no fees attached. While you won't be able to avoid a finance charge for borrowing the money, you should not have to pay additional fees during the application process. This is a profound difference between traditional lending institutions and companies that specialize in emergency loans. These companies understand that you are coming to them because of a tight financial situation, and they will not put further strain on you by charging a lot of extra fees.

Quick Processing

Some companies that specialize in cash loans will provide a fast approval and disbursement process, so you can get the money you need, when you need it.

Look for companies that offer a 24-hour turnaround time on loan applications. This means your loan application will be approved within hours after it is submitted.

Find out how quickly the funds will be disbursed once the loan is approved. It is not unreasonable to expect the funds to be deposited directly into your account within one or two business days.

Flexible Repayment Options

Unlike bank loans, most cash loans offer flexible repayment options so you can pay back the funds as quickly as you are able. This is a significant feature, since the faster you pay the loan back, the less finance charges you are assessed.

However, for those who are unable to pay the loan in full prior to the due date, it is also important to have an option that allows you to stretch out your payments over a longer period of time. While this option may cost a bit more in interest, it is worth the extra money to avoid late fees or defaulting on the loan entirely.

Finding cash loans that work for you isn't difficult today, with many companies offering these types of lending products. However, it takes some time and research to educate yourself about the different loans available, so you can find the best one for your individual financial situation.

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