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Emergency Cash Loan

A cash loan is a variety of credit that the average person should only utilize in an emergency situation.

The reason cash loans should only be used in emergencies is obvious. Cash loans are the most expensive form of consumer credit available today.

The average cash loan comes with an interest rate of 25% or more. This means that the lender could charge a borrower $100 for a $400 cash loan.

To add to the expensive many cash loans come due in just a few weeks. If the borrower can’t pay them off the lender will charge the borrower a fee to renew the cash loan. This fee can be as much as $25 or $100.

When the fees and interest on a cash loan are added up the cash loan could end up costing a borrower several hundred dollars. This could be money that a person in an emergency situation might not have.

Emergency Cash Loans

Despite the high costs many people will find themselves in situations where they have no choice but to take out an emergency cash loan. Fortunately there are a number of strategies that a person can employee to reduce the costs and risks associated with cash loans.

A good beginning strategy is to go online and shop around for an emergency cash loan if it is possible. Online lenders usually charge lower interest rates and often have longer repayment periods than storefront lenders. One drawback to online lenders is that you will have to give the lender access to your bank account to get a cash advance from them. The cash advance will be deposited directly into your checking account and the repayment withdrawn electronically.

Another strategy is to try and get a cash loan that doesn’t have to be repaid quickly. If you are an emergency situation try calling lenders and talking to them. Some lenders may waive some of the loan provisions for a person who can verify income or guarantee repayment.

Most cash lenders require borrowers to have a steady source of income such as a job or government benefit or money in the bank. Lenders will usually require proof of income before making a loan. Proof of income will usually take the form of a bank statement, pay stubs or other documents that prove a person’s ability to pay the loan off.

Emergency Cash Loan Strategies

An emergency cash loan can be a lifesaver in a crisis but persons in dire straits may have a hard time getting one. There are some strategies a person can take to get an emergency cash loan.

One strategy would be to have a relative or friend agree to repay the cash loan if you can’t pay it off. Another would be to put up collateral such as jewelry or real estate equity to guarantee the cash loan.

A person could also get an emergency cash loan to get cash for an immediate emergency then use another form of credit to pay off the cash loan. For example a person who owned a home could get a home equity loan to pay off the cash loan.

Borrowers should always be careful with emergency cash loans because not paying an emergency cash loan off can make a bad situation far worse.