How do I get a fast cash loan?

Ok, so you are in a real bind. You need cash as quickly as possible, and you don't have time to go to the bank to cash a cheque, go through the whole application process or even to wait for the money to be paid into your bank account. What do you do?

Well, help is at hand, but it's not cheap, and it certainly isn't pretty. You can raise cash instantly if you need to, and you can also do it with the minimum of fuss. Your options are basically pawnbroking, pay day loans and cheque cashing.

Pawnbroking has a bit of a bad name against it, but it is a simple process that is just misunderstood. It is when you are lent money against the security of your items. The unwelcome history that followed the pawnbroking industry around stems from the fact that it was unregulated and charged very high rate of interest until the Consumer Credit Act of 1974 that pawnbroking became regarded as a practical proposition for sensible consumers. The high bank rates of the 1970s also forced out many companies, as they could only make a small amount of margin on loans. Thus the companies left in the 1980s could provide what is now an accepted extension to the lengthier clearing bank system for any customers that need cash and fast. For security, you are most likely to need to provide some kind of jewellery, and you can arrange the terms with the broker.

Payday loans are slightly different. These loans are made to you on the basis that you are only borrowing the amounts until your company pays you. In order to receive a payday loan, you can either apply online or there are some places that have branches you can go to. Essentially, all you have to do is to prove that you have a job, and prove what your monthly income is (providing a payslip should do it) and you can get a loan up to the limit of that monthly income. Some online companies don't even ask you to prove you have a job, if you need to borrow a small amount of cash (i.e. Around £500) you just have to apply giving your personal details. Online companies will have transfer into your account, but they have set it up so that the money will appear by the very next day.

Finally, cheque cashing is as simple as it appears. You write a cheque from your account (having produced sufficient id) and they will give you cash for that amount. You will be charged a commission on the amount you are cashing, but it is usually cheaper than getting express clearance at your bank.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

© AskFinancially.com 2008

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