Archive for the ‘Advice’ Category

Quick cash available from unsecured loan companies

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December 8th, 2011

With many people finding themselves in precarious financial situations since the crash of the financial markets in 2008, unsecured loans offering quick cash are becoming more and more common. Many people are turning to the lenders which offer unsecured personal loans, requiring no collateral and providing 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 time when the borrower’s salary comes in, or maybe 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 – has to be covered with emergency cash. This is when borrowers start trawling the internet for cheap loans which they can use to tide them over a few crucial days or weeks, and which aren’t going to cost the earth in interest rates.

It’s the level of the interest charged on loans that makes some people concerned about short term unsecured loans. These types of loans are always quicker and less complicated to arrange than secured loans, as there is no valuation of the property or ‘security’ to be done, and there’s usually a fairly straightforward standard contract. People who take out unsecured loans will often have the money in their bank accounts within a few days of signing the loan agreement, and some specialist ‘emergency’ lending companies will even transfer the money 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 borrowing process, and forget to check the other important factor in loan provision: the amount of interest charged on the loan.

This is what people mean when they talk about ‘cheap loans.’ Very few companies charge a flat fee for borrowing (the exception is some Islamic financial services, as interest is not allowed under Islam), so ‘cheap’ in this area 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 careful consumers who shop around, quick cash can be got hold of on a relatively low interest rate. And the quicker you repay the loan, the less time the interest will have to build up – so if you take out a fast cash loan, paying it back equally as quickly could mean that you end up losing 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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Advice, Loans, Personal Finance

Cash Genie and your new start to 2011

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February 2nd, 2011

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.

http://www.cashgenieblog.co.uk/

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Advice

Cash genie can lend you a small amount as and when necessary

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January 13th, 2011

It is often announced by wise people that there is more to life than money, but there is no ignoring the fact that a lack of money can be extremely worrying and have a significant negative impact on people’s lives. Finding a magic lamp, rubbing it, and having a Cash Genie emerge to resolve your money difficulties is a fantasy, and impractical. There are, however, a number of ways through which the stresses and strains which can be caused by a shortage of funds can be alleviated. The resolution of such monetary difficulties can then allow people to focus on those things which are really important in leading an enjoyable and fulfilling life.

The central thing to remember when thinking about your finances is to draw up a budget and to stick to it. Sometimes, however, there can be unexpected expenses which disrupt even the best laid plans. One option if this happens to you is to take a short-term loan. If you do choose to do this you should always use a reputable company and never a loan shark. Through a reputable company you can arrange a short-term loan for the amount you need while you reorganise your finances to meet the unexpected expense. This can be a useful course of action if, for example, you know that your next pay cheque will arrive shortly, but you need money quickly to meet a sudden, but important, expense or to avoid going overdrawn.

Searching for such companies on the internet will reveal examples of the ways in which short-term loans can be arranged. Often you need only to give your details (including home address and banking information) to get access to a small loan. It is rare for these companies to check your credit rating as part of the process of arranging a loan, so if you have a very poor rating, for whatever reason, this can be a very useful facility. The important thing to be aware of, however, is that if you fail to repay the loan by the agreed deadline it is likely that your credit rating will be adversely affected, even if the amount you owe is only a very small sum.

If you frequently find that you need to borrow money to meet your financial obligations each month then other loan programs or financial advice are likely to be more beneficial. The good thing about a short-term loan is that, like a Cash Genie, it can provide a quick (if temporary) solution to a brief shortage of cash.

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

http://www.cashgenie.co.uk/

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Advice, Personal Finance

No need for a credit card if you can find a short term loan

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October 14th, 2010

After finishing university, I moved out of my parents’ house pretty quickly, as I was keen to maintain the independence I had gained there.  Sometimes, though, it was quite tricky to keep up my rent payments when I was still feeling the strain of student debt.  Last May I became quite anxious because I just did not know how I was going to pay my rent.  It was so difficult because I knew that as soon as my next payday came I would be okay.  I started looking for a short term loan.  All I had to findwas a cash advance that would see me through until I next got paid.  Luckily, I found a company called Cash Genie who were able to give me instant loan approval and transfer the money into my account really quickly.

I was able to borrow between £75 and £750 – I was quite happy that the amount wasn’t higher as I knew I would have been tempted to take out a bigger loan, which I might not have been able to pay off as easily.  The application was fairly easy, as the only conditions I needed to fulfil were being over 18, employed, and earning over £500 per month.  These small loans are for people who do not have access to mainstream credit.  I could have got myself a credit card, but I was concerned that as I was struggling with cash a bit, I could end up with a huge credit card bill that I wouldn’t be able to pay back.

The company highlighted that they are a short term solution.  Indeed, you can only borrow from them for a 30 day period.  The speed was certainly a good thing for me though, as the instant loan approval was just what I needed.  After the cash was transferred to my account, I paid my rent immediately so I knew how much money I had left, and then worked out an exact budget for what I would be able to spend until my next payday, when I would have to pay back my loan.

I definitely think that for me, a short term loan was a better option than getting a credit card, which would almost certainly have left me in bigger amounts of debt.  The straightforwardness of getting a cash advance to last me through until my next payday made things really easy, and I didn’t have to fill in lots of forms.  And getting instant loan approval really gave me peace of mind, and saved my relationship with my landlord.

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

http://www.cashgenieloans.co.uk/

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Advice, Loans, Personal Finance