Life is moving at a very fast pace and so are our growing needs. People are so busy in their lives that they have a dearth of time. The advancement of technology helps to bridge this gap and provide quicker services and solutions for our needs. More and more companies are offering services on the go. The lending companies are also following the trend. They are coming up with innovative loan facilities which are easy to avail. These lenders offer online services to make the process much faster and easier. One of the most sought after and innovative loan option is same day cash loans. These loans are unsecured cash loans and are borrower-friendly because of their prompt service.
If you are fighting a money crunch that cannot wait for a few days, you are not left with many options. There are a few people who save money for such sudden requirements and use it as and when the need comes and there are other sets of people who divide their monthly income into their fixed expenditures and are not left with much money to save at the end of the month. If you fall in the second category and you have to pay a medical bill or any such unexpected bill, you will have to opt for a same day cash loan.
Same day cash loans are the loan facility that gives cash advances on the same day of your applying and sometimes within hours. The biggest advantage of this loan is that the lending company does not check the borrower’s history. This gives an opportunity to the defaulters to once again be able to take loans without worrying about being blacklisted. Another good thing about this loan facility is that it does not require any collateral. This means that you are tension free even if you have no property or asset with you. All you need to fulfill is a few basic criteria and you become eligible for the same day cash loan. These criteria are:
• You must be at least 18 years old when applying for the loan.
• You should have an active bank account.
• You should have a steady job in order to ensure the repayment.
• You should be a US citizen.
The same day cash loans are generally associated with your payment cycle. If you take an instant loan, you need to repay it by your next payday failing which you will end up paying a heavy penalty for it. If you feel that you will not be able to repay your loan amount within that time, you should negotiate the repayment time with your lending company beforehand.
So, you should not hesitate in taking same day cash loans if you need instant money but remember to repay it on time to avoid heavy loss of money.
4 tips to get the best loan terms
A mortgage loan is perhaps the largest loan you will take out in your life. That is why it is important to negotiate well. If you consider that banks have years of negotiation experience, it is a good idea to prepare thoroughly. Are you ready to get the best possible conditions? These tips will help you on your way.
1. Do not stare blindly at low-interest rates
There is often too much emphasis on interest rates, while many other factors have an impact on your monthly debt, such as the duration and the variability of the interest rate.
2. Choose a fixed capital payment or fixed monthly payments
Before negotiating with the banks, make the choice between fixed capital repayment and fixed monthly payments. With a fixed capital repayment you pay less interest. On the other hand, you do pay more in the beginning. That amount decreases as you pay off longer.
Can you bear this financially heavier burden – at least in the beginning? Then do not hesitate. At the end of the journey, you have to pay less for your credit and you can now enjoy more tax benefits.
3. Beware of tying
Be wary of hidden tying. Banks tend to try to sell you extra things that you strictly do not really need. For example, you might get the impression that you are ‘obliged’ to take out very expensive debt balance insurance with the mortgage loan. Or does your bank agent immediately try to sell you fire or home insurance, a current account, and a savings account? Do not be tempted to extra costs that you do not really need.
4. Go bank-hopping
The Romans already knew it: betting on one horse is not so clever. So go to different banks and compare the different proposals. But the story does not have to stop there. Go with the best proposal to your own bank to formulate an even better proposal. Can they do that? Then return with that proposal to the bank that first had the best proposal to negotiate there as well. Play this further until you have pulled out of the can.
The Final Part
Are you taking out a loan with a variable interest rate? Then you can limit that variability, for example by setting a ceiling so that the interest rate can only increase to a limited extent. For example, there is a + 2 / -2 loan, which rises or falls a maximum of 2%. In addition, in the case of an interest rate increase, you can have the term adjusted instead of the amount to be repaid. That is called an accordion loan. The only risk is that you may pay longer than you initially expected.