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Cash Loans

Sometimes it is necessary to get an short-notice, short-term loan for things such as unexpected bills or house repairs. These "cash loans" usually offer money fast and applications can take just a few minutes. Some loan companies claim to be able to put the money into your bank account almost immediately.

A cash loan is a small bridging loan to help the borrower tide things over until their own funds arrive, and are often offered as ‘payday loans’ – lending money to the borrower until their next pay day, at which point the money and a small fee is deducted from the borrowers account. You can usually get a cash loan by utilising an existing credit card. Most credit card companies offer a facility to withdraw cash using your card at cashpoints, and the bigger companies often have thousands of cashpoints around the world.

When you use your credit card in a retail environment, you often get around 2 months interest free (depending on the bank/lender), however a cash advance usually incurs interest immediately on the amount withdrawn, and usually credit cards do not offer the best interest rates in comparison to other forms of borrowing.

Alternatives to cash loans

Here are some of the options to consider before choosing a paycheck loan:

1. Consider a small loan from a small loan company, try to get an advance from your employer, or take out a loan from family or friends. Even taking out a cash advance on a high interest rate credit card will be cheaper than a paycheck loan.

2. Ask credit card companies that you owe money to to give you more time to pay your bills. They may be willing to do this for a late charge, an additional finance charge, or a higher interest rate - which will still be lower than that for taking out paycheck loans.

3. Set a budget. Figure out your expenses for the month and avoid buying unnecessary things.

4. Explore overdraft protection on your current account - this may help prevent further problems.

5. Get help with developing a debt repayment plan by contacting your local consumer credit counseling service. You should be able to find services that will do this at little or no cost.

6. If you absolutely must resort to cash loans, make sure you borrow only as much as you need to pay with your next paycheck and still have money to make it to the following paycheck.