This article is to outline to the many thousands of people out there, some of the options that are available to them if they are looking for quick cash loans.
Payday Loans – a payday loan is a short term financial arrangement that is designed to be used as a 30 day (or less) financial cash bridge, that helps customers to get cash into their bank within 15 minutes, so that they can meet any pending bills they might have coming up in the near future, i.e the car needs an MOT, a payday loan might just come in handy, etc etc..
Guarantor loans – Loan arrangements where it is necessary for the individual applying for the loan to have a guarantor in order to “guarantee” the repayments in case they cannot be made by the person who received the loan, important for people who have poor credit ratings who want a loan up to £10,000
Logbook Loans - Quick loans that are available to people who drive a vehicle (car or motorbike usually) who are comfortable with risking their vehicle in order to procure the finance that they need, logbook loans are usually a last resort for people because the loans are expensive, many of them reaching interest rates as high as 500% which is a staggeringly high rate for a small loan.
However these are not the only options for people looking to get their hands on a quick loan, if you have a good credit rating then you can apply for more conventional types of loan, such as a bank loan (small unsecured personal loans) many of which have interest rates lower than 15% APR meaning that they are much less expensive than other types of bad credit loan.
On the whole, how expensive a loan is usually depends on 3 primary factors
1/ How much you wish to borrow (of course larger loans have less manageable repayments)
2/ The interest rate on the loan, generally speaking the higher the interest rate the more expensive the loan in the first place.
3/ The repayment period, (however this is swings and roundabouts because if you opt for a longer repayment period, this can make loans more manageable, BUT typically more expensive in the long run, because the annual interest will be adding significant amounts of money on to the balance of the loan to be repaid).
So there you have it, an article about the quick loan options for people who want to get their hands on quick cash (tailored more to people with a bad credit rating).