There are always going to be moments in life when we’re presented with money problems. For a lot of people, money problems are a regular part of everyday life. They simply don’t make enough money to cover their bills and live a decent lifestyle. As for people who do make a lot of money, they often have a bad habit of spending too much money. If you’re having money problems and you need cash fast, a short-term cash loan is what you should apply for right away. Short-Term Cash Loans: Defined Short-term cash loans are are basically emergency loans for people who need cash fast to pay for some kind of emergency expense. Short-term cash lenders will only offer small loans that are anywhere from $100 to $500. The lender will likely first want you to write them a check for the total amount including interest. This is a requirement before they issue you the loan. If you find yourself in a bad financial situation, a short-term cash loan can bail you out fast. Since the loans are for small amounts of cash, most lenders will approve you for it regardless of your credit history. In fact, you won’t even need to give them collateral like your home or car. So, if you truly need money quickly that you know you can pay back, then apply for a short-term cash loan immediately. Now, what’s in this for the lenders? Well, their short-term cash loans come with very high APRs. These interest rates could be between 300% and 800%, depending on the terms of the loan. Usually, the borrower has a short timeframe to pay back the loan too. If you cannot pay it back, your credit will suffer even worse for it. But if you can be responsible with these loans, they can help you immensely. Best Time to Apply for a Short-Term Cash Loan Short-term cash loans are good for emergency situations, such as unexpected medical expenses or anything that is unexpected. However, you don’t want to use these loans to pay your normal monthly expenses. That will just dig you deeper into debt. Below are 5 examples of when you could use a short-term cash loan:
1) Car Problems We all need cars to get to work and conduct daily errands. For most people, it is a necessity in their life. They may not have adequate public transportation in their area, especially if it’s a small town. That means if your car breaks down out of the blue, you won’t have a way to get to work until you repair your vehicle. If you don’t have the money in the bank to pay for this expense, you will need a short-term loan. Common car issues only take a few hundred dollars to repair. This makes a short-term cash loan perfect to pay for them. Otherwise, if you don’t fix your vehicle, you may risk getting fired for not showing up to work. 2) Sickness or Injury Most people take their good health for granted. But they don’t realize that a disease or injury could happen to them at any moment. Illnesses, in particular, are still a big mystery and even someone leading a completely healthy life can get sick unexpectedly. You never know when you’ll suffer a heart attack or obtain some rare infection. It will happen when you don’t even see it coming. Injuries are like this too. You could be careful in all your activities and still end up with an injury. Everything from slipping on the ground to getting into a car accident could happen to you. If you have insufficient or no health insurance, then you will need a short-term cash loan to pay some of your medical expenses or co-pays.
3) Unpaid Bills There are so many bills to sustain our modern living needs. You have to worry about paying rent, car insurance, electricity, internet, water, sewage, heat, and gas. These are only some of the major expenses. If you’re like many people, you are very busy and can sometimes lose track of which bills were paid and which ones were not paid. To keep a good credit score and prevent yourself from having to pay late fees on an unpaid bill, apply for a short-term cash loan to eliminate that bill before the fees pile on more. 4) Abnormal Travel Expenses There are situations where you might have to take an unexpected trip somewhere. Maybe a relative has died or a friend of yours is getting married. Whatever the case may be, you may need to take a quick trip. If it’s just a few hours of driving to get there, then that is not so bad. But if the destination is thousands of miles away, you will need to purchase plane tickets and other travel expenses like food and lodging. All these expenses will add up quickly. If you can’t cover it yourself, a short-term cash loan will help. 5) Big Purchase Needed Unexpectedly Sometimes there are unforeseen events that happen in our lives which end up costing us a lot of money. If you don’t have money in your savings account to cover these expenses, you will need a short-term cash loan. For instance, if your computer stops working and you depend on it for your work, then you’ll need to replace it. Perhaps someone throws a brick through your window or your refrigerator breaks. These are all problems that you’ll need to fix in a hurry. If you don’t pay to have them fixed, it could cause huge long-term problems in your life. Short-term cash loans will easily help you overcome these problems.