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Cash Loan Rates

The biggest drawback to cash loans is the high rates of interest that cash loan lenders often charge.

Some cash loans come with interest rates of 25% or more. This can quickly add up because the cost of the interest is added to the amount the borrower will have to pay back. For example a person who takes out a $400 cash loan might have to pay $100 in interest and end up owing the lender $500.

The longer the interest accrues the more the borrower will have to pay back. This is why it is important for a borrower to get the best cash loan rates possible. The best cash loan rate will be the lowest rate of interest on a cash loan.

Get the Best Cash Loan Rate

The way to get the best interest rate on a cash loan is to shop around. Compare as many cash loan offers as you can to find the one with the best interest rate.

Obviously the easiest way to find the best cash loan rates is to do your cash loan shopping online. Lots of cash loan lenders operate online and do business with people all over the country.

Unlike storefront lenders online cash lenders are much more likely to make better deals and rates available to borrowers. Many cash loan lenders will give individuals with higher incomes or good credit rates a lower interest rate on a loan. Some cash lenders will also make a lower interest rate available if the borrower agrees to pay back the loan quickly.

Some cash lenders will also give a better interest rate if a borrower agrees to put up collateral. Collateral based lenders such as pawn shops will often have better rates than straight cash lenders.

Other Cash Loan Concerns

When you take out a cash loan you should look at much more than the interest rate. Always pay close attention to the terms of the cash loan.

The main term you have to look at is the length of time the lender gives you to pay back the loan. Many cash loans are short term loans that come due within two weeks or a month. When the loan comes due the borrower will either have to pay it off or take out a new loan to cover their debt.

This process can get very expensive because many lenders charge a hefty fee every time a person takes out a new cash loan. Taking out several loans can add several hundred dollars to the cost of a cash loan.

Other Types of Loans

One thing that everyone who is considering getting a cash loan should keep in mind is that other kinds of loans come with much better interest rates.

Interest rates on home equity loans for example can be as low as 4 or 5%. Home equity loans can be a much better deal for a cash-strapped individual because they don’t have to be paid off quickly.

Credit cards also come with high interest rates but a borrower only has to pay the minimum on a credit card balance. This means that the borrower doesn’t have to pay the full amount of the money borrowed immediately off.

Collateral based lenders such as pawn shops also often give borrowers much better interest rates and terms than cash lenders.