Fast Cash loans, also commonly referred to as Fast loans, are loans of small amounts ranging from $100 to $1500. These loans fulfill the monetary needs of individuals till their next paycheck.
Before you apply for a fast loan, you should know the following things.
Like with every other loan, you have to pay an interest on the cash advances for the period you avail this loan. Since fast cash loans are easily available without paperwork in most cases, they are more expensive than other personal loans. The Annual Percentage Rate (APR) on these loans varies from 250 to 500 percent. But, since the loan is offered for less than one month, the interest is not a big amount if paid on time.
Besides the interest, you have to pay a fee on the fast loan. This fee is dependent on the lending company. You may have to pay $20 as fee for the loan amount up to $300. Extending the loan is not recommended, as the borrower has to repay the fee that is around 10 percent of the borrowed amount.
This is the time period given to the borrower to repay the fast loan and is usually less than one month as the person has to repay the dues on his or her next payday. If you know beforehand that you would not be able to repay on the coming payday, then you should negotiate regarding the repayment period with the company before taking this loan. If you do not payback the loan on time, you may have to pay late fee, fee and interest charges on the accrued amount. Therefore, extending the loan is costly and it is wise to take the loan for the required time in the first instance itself. However, companies do not give cash advance loans for more than one month.