Emergency cash loan is primarily designed for the purpose of providing timely help to the salaried class of people today. They can meet urgency like sudden repairing of car, paying off a bill to avoid any late payment penalty; paying off a medical bill etc. these loans are designed to put the loan money in your bank checking account usually within 24 hours. However, there are pitfalls also.
A cash of $100 to $1500 is what you can borrow under these loans for short period of 14 days. The repayment day coincides with your next paycheck. This means that you can return the loan at the time of your next payday. If you fail to repay, then the loan can also be rolled over for few more weeks on interest payments.
There is no security involved in emergency cash loans. Instead, generically the loan is given against a post-dated check that that borrower writes including the borrowed amount and interest payments.
But, interest rate on the loan goes higher, often making it highly costly for the salaried people. The remedy to the high rate is to compare the offers on internet, where you can find some of such offers at competitive rates. Your cost of availing the loan will go down to some extent even if the rate is a little lower.
Do not worry about your bad or poor credit history, as no credit-checks are done on the borrowers. This means that you can find these loans also for improving your credit rating.
Only US citizen of 18 years of age or above in the existing job for six months at least, are eligible for emergency cash loan today. Such borrowers must be drawing a monthly fixed salary of no less than $1000 and must also be having an active bank checking account to their name. Ensure that you repay the loan without extending it, or you may fall in a debt-trap.
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