cash advance

Mistakes to Avoid When Taking a Cash Advance

A cash advance can help save you from a financial crisis and meet some urgent needs for money.This include such things as fixing a car that has broken down or sorting an overdue bill. However, it would help if you were well-informed before applying this form of credit. Among the critical things to consider is how fast the loan will be processed.

But even with the advantages of easy and fast approval, there are some mistakes that you could make when taking cash advance that can cost you so much. The following are some of those mistakes that you need to avoid:

Not Understanding the Total Cost

total cost

When it becomes necessary to take a cash advance, you should seek to know what the total cost of the loan is. Surprisingly, some lenders may have excessive interest charges, which they arrive at using hard to grasp calculations and unclear laws. On top of that, some lenders may have other hidden costs like processing fees and others, which amounts to substantial figures. It would be best to demand to know upfront all costs involved and even get to know the total amount you will be expected to repay.

Not Comparing Several Lenders

comparing various options

Just as the case with other products that you could be buying, shopping, or comparing several providers that offer cash advance is necessary. It is a big mistake to settle for the very first lender that you come across. Take your time to compare and evaluate several lenders to find the one with the lowest rates and any other significant advantage. The process may take some of your time or a little money, but you will save a substantial amount down the road. The good news is that you could find some websites that review several lenders hence save you much hassle.

Failing to Consider Alternatives

alternative to cash

While getting cash is critical in some scenarios, sometimes, you could use other options like a credit card. The other cheaper options could work well in some situations and would save you some cash.For example, if you need to purchase goods and have a credit card, using it could help you avoid the cash advance fee. At times you may also have a card with a 0% introductory annual percentage rate (APR). Swiping such cards for purchases when you are short of cash could be far cost-effective.…

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Types of Installment Loans in Las Vegas

An installment loan is a type of loan wherein the borrower is expected to pay in small portions within a given period. Note that installment loan payment varies depending on the type of asset or reason you have borrowed the money for.

For example, if you take up a credit to buy a home which is referred to as mortgage loan, you may be required to take years to repay the loan, unlike someone who received a loan to take their children to school. This kind of loan payment service is practiced in different places, which include Las Vegas.

Here are some types of installment loans:

Cash loan

coins in a jarWe all, sometimes, in our lives need some financial boost to either solve an emergency or even to upgrade our businesses. Well, the best loan for these reasons is the cash loan since it is fast to get. You can get the cash loan and have an agreement with the creditors to be paying in small amounts maybe every month if you are employed or after some time for those who are self-employed.

The terms of the payment will depend on the amount of money that you borrowed. If it is a significant amount, then you may be required to pay a hefty installment so you will be able to complete the payment with ease.

Student loan

As a student, you may be excellent academic wise, but you lack enough funds to finance your college education. In such a case, you can borrow some loan to pay for your tuition and any other education cost that you may incur in college.

This money is usually paid by the borrower after they leave college and secure a job whereby it is deducted directly from their salaries to the creditor’s bank account. This payment is made in small bites until the person completes all the loan payments.

Mortgage loan

If you wish to own your own home with your family, you can quickly achieve your dream by taking up a mortgage loan. Note that when it comes to taking this type of financial service, one is required to, first of all, put up a down payment of the total amount of the house. Then once you receive the money to purchase the home, you will agree with the lender regarding the amount of money that you will be paying on a monthly basis and the number of years it will take you to complete the payment. The repayment of the mortgage installment will depend on the amount of money you borrowed as well.

Car loan

car loanNot many are able to acquire a car with cash and, therefore, the other alternative is to get a loan and pay by installment method. In this case, you have to make sure that you keep up with the payment as per your agreement with the lender. Failure to do so may cost your car getting repossessed by the lender.

The above are the four common installment loans that one can get for various reasons. Make sure that you acquire the loan from a reputable lender and also ensure that everything is put in writing for security purposes. In the case where you are acquiring a cash loan, make sure that you have the means for paying the loan as you will need to maintain a good relationship with your lender.…

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