Short Term Cash Loans Options

We’ve all been there. Christmas and New Year is over and you’re feeling the pinch of celebrating the holidays. The reason could be anything; medical procedures or appointments, emergency home repair or a credit card payment overdue. Or maybe you haven’t been paid for your holiday break, depending on your work industry. Have you ever been to a place where you need cash immediately, and it is more than you can borrow from friends or family? The situation is extremely difficult and you need a plan to meet this need for short term cash loans options.

The situation seems difficult to handle but remember there is always a silver lining behind the clouds. If you are in such a situation, you need to read on.

Basic Finance offers short term cash loans options that can be approved within 24 hours. Before you commit to a loan like this, there are other options you may not have considered possible. That is why we are here to provide this information.

Mortgage a real-estate property:

If you own a home or any real estate property, it can help you acquire larger loan amounts within 24 hours. Mortgaging a property has become a straightforward option for accessing funds. Although the risk is minimal with this type of loan, you must be aware not to over-extend. We strongly advise borrowing only the amount that is required. If you over-borrow and are not able to pay off the amount within the terms set, you may end up in loan arrears and may lose your property too. Nobody wants this to happen, you need to plan carefully.

Give consideration to the loan term and always keep it short. The longer you take to pay it back, the more interest will accrue and cause issues. Make sure you settle for fixed loan interest rates. Variable loans sound good, but if interest rates increase, you will be paying off more than you planned to.

Personal Loans:

A personal loan is easy to apply for nowadays, but depending on the institution can be difficult to get approved. With a fiercely competitive market, lots of personal loan options are available that offer loans at a low rate of interest. If you have a good credit history, you are eligible for higher amounts of personal loans. For those with bad credit, approval is highly unlikely. When applying for a Personal loan, you must take note of the interest rate being charged, the loan term that you pick as that will decide your repayment amount, loan processing fee, terms, and conditions.

Payday Loan:

If a situation is critical and you are not able to borrow money from friends, do not have any property to mortgage and/or have a bad credit history, you can go for the Payday Loan. It is advisable not to access this type of loan as the interest rates are very high. You can access a Payday Loan but be sure that you can pay off the loan in a short period of time. Otherwise, the interest amount will keep on accumulating. It must be your last resort to go for a Payday loan.

Credit Card Cash Advance:

It is the newer option available. Understanding the needs of customers, the Credit card companies have made it possible to take short-term loans against a Credit card. It should not be your first preference because the loan processing fee and rate of interest are exorbitantly higher than other available options. The advantage with a credit card is you may not always need to take a loan. You can use your credit card to make payments.

Final Thoughts:

Payday loans and Credit Cash Advances are the last options you should resort to, the interest rate alone can put you in even bigger trouble. A home mortgage is usually the lowest interest rate loan that can be easily available as even the lending organization also get a security element. Times have changed and it has become simple to access emergency loans. Why not get in touch with Basic Finance today to see how we can help!