Cash Genie is a payday loans company formed to give people a bit of room in their budget – typically just for a month, so that they have time to sort things out before their next pay cheque hits the bank. Often it’s the case that our wallets get a little stretched (and none more so than at this time of year), and – even though we know there’s enough money in the long run – the cash-flow situation over the next fortnight or so is looking a little dicey. Christmas is a time when a lot of people go into debt, and for some that can mean some fairly concerning letters through the post box in 2011. It’s too easy to lose track, and even if you know you’ll be okay when your next wages are paid, that’s not generally a lot of comfort when there’s nothing in your account now, and your creditors are shouting for money and threatening all kinds of things if you don’t pay up.
These are the situations for which short-term loan companies exist. The companies should lend responsibly (and you should borrow responsibly – don’t be tempted to ask for any more than you need, as you’ll only have to pay that back, with charges, too). In practice, this means that they carry out a speedy but thorough check on your application to make sure that you’re likely to be able to repay the money. Then they give you the money instantly. There’s no messing around, once your application has been approved the money is moved to your account. The service can be expedited, or otherwise it will take the standard BACS time of three days or so to come through.
Cash Genie is pretty usual in charging thirty percent per month, and loans are only given for one month. This is a short-term solution, and therefore can’t be compared with the sort of loan you’d take out from your bank – or even a cash advance on a credit card. These typically come in at something between 10 and 30 percent per year, whereas grossed up for the year, 30 percent per month works out at 2,623 percent per annum: a vast amount. What you’re really paying here, however, is a flat fee for the use of the money for the month. It’s a one-off: don’t be tempted to roll it over and think of it like a yearly loan.
Please visit http://www.cashgenieblog.co.uk/ for further information about this topic.
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