Short term loans
Fast Cash with Reasonable Installment Payments
When people hear the term fast cash, they immediately think of pay day loans. These loans come with very high interest rates and have to be paid in full the next time customers receive a paycheck. Many borrowers find themselves unable to satisfy payment requirements and are subject to increased interest rates, late penalties, and a repeating cycle of enormous debt.
This is not the only type of fast cash loans from direct lenders. Make no mistake, direct lender loans of any kind will incur high costs over and above the original amount borrowed. That is the case with both US and UK loans. There is no way around that fact. It is much easier to create a household budget and reduce spending than it is to have to resort to fast cash loans.
The types of loan available are simply easier to pay back than those that are due the very next payday. A title loan, for example, requires something of value to be used as collateral. This is usually a vehicle, a house, or expensive jewelry. In some cases, lenders will also accept valuable collectible items or sports memorabilia. If the loan is not repaid, the item is forfeited to cover the cost of the loan.
This option is not as risky as a title loan. Customers still make payments on paydays, but the cost of the loan is spread out over four to six months. Interest rates are slightly lower than the first option, and there is no penalty for repaying a loan before the term has ended. This allows some flexibility to give customers time to repay the total amount due.
Many lenders, such as MoneyBoat UK, are encouraging customers to apply for installment loans instead of the payday variety. It is not only easier for customers, it is easier for lenders as well. There are fewer costs associated with the overdue collections process. Notifications, legal fees, and the loss of the loan amount adds up and can adversely affect the business.
Customers can become repeat customers when the loan is successfully completed. Failure to pay back a loan as agreed usually makes customers ineligible to apply for any other loans with that lender. There are a surprising number of people who take out short-term loans more than once when the unexpected happens. Visit moneyboat uk to learn about the benefits of short-term loans.