Category: Advice

Could A Cash Advance Be The Solution To Holiday Worries?

Jo

The holiday season is upon us, and all across the country, people are eagerly preparing to spend a few special days out of the year relaxing with their nearest and dearest. Shopfronts, TV programmes, and daily conversations are all full of festive turkeys, chestnuts, nights by the fireside and stockings hung out for Santa. But Christmas isn’t only a time for celebration. All over the UK, mums and dads are secretly worrying that they won’t be able to pull a truly festive Christmas holiday out of the bag for their kids, due to money difficulties which get in the way of presents, pricey dinners, and trips to see extended families. This is a popular time of year for the issuance of unsecured loans, because a cash advance in December can make all the difference in the world to a holiday atmosphere. Rather than build up debt on credit cards, many Christmas shoppers go for quick cash loans, readily available on the high street.

Unsecured loans are very suitable for tackling festive expenses because they are designed to be used as a short-term measure. Taking out a loan of a few hundred pounds can be done with very little fuss, and is usually repaid within a few weeks. This system is great for Christmas spending in a few ways. When there are very sale days coming up – as in the famed retailers’ ‘Black Friday’ at the end of November – shopping on a particular day can save a lot of money, sometimes more than the interest rates on a quick loan. If, for example, the sale is on Friday and you don’t get paid until next Thursday, the presents which will be gone by that Thursday may represent a saving larger than the interest you’d pay for a week’s cash advance.

This kind of lending also offers the option of deciding on a frugal January, rather than a cheap December. Some people are ‘detoxing’ in January anyway, which decreses their expenses and leaves money available to cover the interest which has to be paid back on a loan taken out to pay for Christmas. Considering the ‘long game’ is always a clever thing to do when taking out a loan of any kind.

So if you’re looking for a small cash advance to help cushion your family’s Christmas, why not consider one of the unsecured loans offered on the high street? Cash loans can make all the difference at this time of year. Just make sure that you’ve thought of a solid repayment plan for January.

Please visit http://www.cashgenieloans.co.uk/ for further information about this topic.

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Student loans helped along by a handy extra

Jo

Everyone who’s gone through a course of study with only student loans to support them knows that it can be difficult to make ends meet when there’s only a few hundred pounds provided to you to live on. Any student can obtain a loan from the National Student Loans Company, run by the Government, to help them with their daily living expenses. But banks are usually very reluctant to lend to students, because (unlike their parents or other borrowers), students do not usually have collateral to put up ‘against’ a loan. Luckily, there is an alternative loan format which often caters for students. Unsecured loans, available from many locations on the high street and online, can provide the type of large cash advance that many students need to allow for unexpected expenses such as a new outfit for an interview, holiday expenses, or replacement of a broken appliance or gadget.

Unsecured loans are at their most useful for people who, like students, have a reliable source of income (in the case of university students, the loans made to them by the Government), but do not own any property, such as a house, business, investments or a car, which they can use as ‘security.’ ‘Security’ on a loan refers to an item of property held by the borrower, which becomes the property of the lender if the loan is not paid back in accordance with the schedule drawn out in the contract.

Obtaining a loan without security, then, seems very attractive to many people, as there’s no risk of losing a piece of property if the loan is not repaid. However, the lenders of these types of loan have to earn money from their businesses, and so there is an alternative pitfall which borrowers must be wary of. Unsecured loans are usually charged at a far higher rate of interest than secured loans. This is not a problem with a short-term cash advance (one which is paid back within a few days or weeks), and most students take out this form of loan because they have a date, set by the student loans Company, when they will receive a lump sum with which to pay the loan back. However, those who don’t have a definite source of income may find their interest payments becoming unmanageable. This kind of loan should always be treated with care.

Please visit http://www.cashgenieblog.co.uk/ for further information about this topic.

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Cash Genie can offer you some breathing time

Emma

Cash Genie have been offering payday loans for a number of years now. As such, they can provide you some breathing room if you have debts that need paying. However, they are not designed to be a permanent solution. As a responsible lending company, they know that it is better for their clients if they are only used as a last resort, and even then only once. The best outcome is to lend the cash to tide people through their problems, but also to give them the strategies they need to avoid coming back again.

To a degree, this is simply smart business sense. There’s a proverb: you can skin a sheep once, but you can shear it many times. It is some lenders’ aim to keep their clients in debt permanently (think your friendly neighbourhood doorstop lender…), thereby collecting the interest indefinitely and ensuring that you are never free. However, this approach (and the broken legs that can come as part of the deal) has to be balanced again the chances of defaulting.

Cash Genie works on a 30-day basis. Their loans are for one month only, and the fee is 30 percent. This is a lot compared to high street banks – if you can gain a loan from them. However, it might be better than the alternative (missing a payment or bill and getting fined, for example). In any case, the loans are not supposed to be long-term. The idea is that you have access to the cash you need to get you out of temporary financial trouble – and don’t come back the next month. In particular, carrying the debt over for another month is a very bad proposition, especially if that continues for several months. A debt of £100 would become £130 by the end of the first month, £169 by the end of the second, and £2,330 by the end of the year. (In practice, you are limited to £750.)

Put simply, someone who uses a short-term loans provider again and again is probably someone who isn’t really good with money. In other words, they are someone who is more likely to default on their debt, and that’s not good for the client or for Cash Genie. It therefore makes sense to aim for the sector of the market who need a loan due to temporary adverse circumstances – not through any inherent financial illiteracy.

Please visit http://www.cashgenieblog.co.uk/ for further information about this topic.

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Cash Genie can provide a useful service when you need it most.

Jo

No one wants to borrow money – it’s a bad idea. Of course it can help sometimes, and occasionally there’s just no alternative (who would be able to buy a house without a mortgage, for example?) but generally speaking, it’s a last resort. Borrowing money is expensive. That cost can be a few pounds, or a few percent of the original loan, in the best cases; in the worst, it can double, triple or even worse the amount of money you borrow. Pay off a regular credit card at the minimum rate, for example (2 percent or £5 minimum), and the amount of money you actually end up paying will be around three times higher than the amount you borrow. Under those circumstances, that pair of shoes or flatscreen TV you put on the VISA don’t really seem such a great buy after all. Cash Genie is a commercial lender, so it’s worth knowing exactly what debt you’re taking on, but in this case it’s simpler than usual.

For example, loans are for one month only. You’ll pay 30 percent for a sum of money between £75 and £750 (that is, paying back £100 to £1,000). That may seem expensive, but the arrangement basically means that the cost is a flat fee: these loans aren’t meant to be rolled over like a long-term loan, in the same way that a credit card or mortgage is. You pay the 30 percent and that’s it: there’s no room for compound interest – that nasty reality whereby interest is paid on interest as the months go by – which can stretch a credit card bill out for years.

30 percent is a high rate for a month (although there are lenders who will charge you much more) so the way to figure out whether it’s worth it is simple: if you don’t take the loan, will you end up paying more than that fee in other ways – for example, fines for missed payments, or the loss of vital services? If so, and there’s no other option, taking the Cash Genie loan simply makes good mathematical sense. Ideally, it’s going to be a one-off that gets you out of trouble, and gives you enough breathing space to put some budgeting processes in place that mean you won’t have to rely on loans in the future. That’s the nature of short-term loans, after all: they’re not supposed to be an ongoing feature of your life.

Please visit http://www.cashgenie.co.uk/ for further information about this topic.

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A cash advance maybe makes financial sense

Stuart

Christmas isn’t supposed to be all about presents, stress and expenses, but for lots of people it can work out that way. A large number of families go into debt over the festive period – in fact, it can often take almost the whole of the next year to pay it back. Much of that debt will be on credit cards and overdrafts, but sometimes there’s a problem bigger than the interest rates – fines for late payments, and even worse at times. Those are the occasions when a cash advance can make sense. Instant loan approval can ensure that a sum of money is in your bank account on the same day (for an extra fee), or within the standard three days. Such a short term loan might be the answer to the problems caused by overspending in the run-up to Christmas.

Whenever you consider taking advantage of such a loan, it’s important to do the maths first. The only question you really need to ask is whether it makes sense financially. If the consequences of not securing such a loan – which are generally given for a period of one month, at rates of around 30 percent – are greater than the cost of the loan, then that may be all you need to know. If not, and there are alternatives, that’s another answer. There’s also the short-term/long-term issue: if securing a short-term loan is just a way of staving off problems until the next month, when the same thing will occur again, then it’s not really a fix at all. It simply delays the inevitable of rewriting your budget and getting to grips with the figures of income and outgoing – and reducing expenditure to sustainable levels.

Thus it’s best to look at a cash advance as a last-ditch solution to money problems, if the consequences of not taking a short-term loan will be more expensive. Instant loan approval surely has its place, but it’s not for everyone. Many people will be able to find a loan more cheaply – assuming you have access to credit cards and overdrafts, you shouldn’t need one. Others will not, and if there are no alternatives then it may be worth looking into. Fortunately, as the term suggests, the loans are almost instant; fees should also be stated up front, and the credit check carried out online and normally within a couple of minutes of your application. Companies screen their clients carefully to make sure you’re likely to be able to repay, too, as non-payment isn’t good for either of you.

Please visit http://www.cashgenieloans.co.uk/ for further information about this topic.

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