With the South African Rand reaching an all-time low in 2014, and with money being tight; many people are on survival mode. The majority of the population is living from pay check to pay check, with very little savings towards those unforeseen circumstances like a family member getting sick, emergency car repairs, and other emergencies that may occur. When the unthinkable happens, there is usually very little money to alleviate the situation. Many people are increasingly turning to cash loans as a solution for such problems.
Cash loans, as the name suggests, comprise of a cash advance paid into your bank account or given to you as a cash lump-sum. Cash loans are an unsecured debt and each cash loan provider has their own terms, fees and application methods. There are a number of cash loans available ranging from traditional bank loans, quick loans online, fast cash advances and guarantor loans. There are also short term loans available from financial institutions other than banks.
Cash loans offer great advantages, especially when you hit a financial hurdle or find yourself facing an emergency. With cash loans, you can borrow the specific amount of money you need with relative ease. Fast cash loans are even faster than most traditional bank loans in that the waiting period for approval is drastically reduced to a few minutes or a few hours at most. You do not need collateral in order to secure a cash loan. For fast cash loans, the application procedure is also straight-forward, eliminating loads of paperwork to be completed.
The main disadvantage to consider when contemplating taking out a cash loan is the generally higher interest rate. For someone living from one pay check to the next, rolling over the loans may make it even more difficult to pay them off. Cash loans should not be an easy way out of being “broke”. Loans must be repaid and repaying them may be difficult if you are not disciplined in your finances. While emergency cash loans come handy you ought to be planned and prudent when it comes to taking out the loan and managing the repayments. For expert assistance with your cash loan application, contact us at MBC today. With us you can expect expert facilitation and prompt assistance from start to finish.