Financial experts and many other people typically advise against borrowing money through online fast cash loans, citing relatively high interest rates. If they do acknowledge any valid reason for these loans, they are likely to mention unexpected emergencies in which the resulting circumstances would be much worse than acquiring a cash loan from an online lender. Sometimes a savvy person can use this type of loan to significant advantage, however. The main factor to remember is that paying the loan back within the next payroll period or two is important so the money does not cost very much.
Consider someone who is offered the chance to buy a used vehicle in good working order for under $1,000. The person just wants to get rid of the car or truck or needs some extra money. The potential buyer may not have cash on hand at the moment for one reason or another, but will have it with the next paycheck. However, the seller doesn’t want to wait. That person wants cash now. What can the potential buyer do?
One possibility is applying for a 750 loan with a brokerage company such as Captain Cash, which matches applicants with lenders. This can be a quicker and more suitable option than asking friends or relatives for a loan, since many individuals are uncomfortable about doing that. Getting a bank loan usually can’t be accomplished in 24 hours or less, and these loans can be difficult to acquire.
The individual may have a credit card with a cash advance option, but the interest rate and any direct fee for the service may be worrisome. In addition, sometimes taking out a large cash advance on a credit card triggers a red flag with the company and can lead to a higher interest rate on future purchases if the entire balance isn’t paid off by the due date.
This individual may acquire the quick loan to buy the cheap vehicle and then pay the entire loan back within just a few days or a week. The interest rate may have been a bit high, but the actual fee is relatively low because the full payment was made so quickly.