Do You Need A Short Term Loan?
When it comes to options for short term loans, one of the most popular options comes down to something known as payday loans. If you are interested in a loan that will be structured around your ability to repay the loan in straightforward fashion, you will definitely want to learn more about the pros and cons of a payday loan. There are several pros that are worth keeping in mind, and we will certainly cover those in greater detail here. At the same time, there are also some potential challenges to borrowing from our loan professionals at Cash Kitty that are also worth taking to heart.
Finally, there are also some lies about pay day loans that should be considered, as well. In other words, there is a ton of information out there about these loans. The challenge on your end is to separate the fact from fiction, and to understand everything you stand to gain from one of these loans. You can also gain a lot by understanding the requirements that are going to be expected of you.
To summarize, if you find yourself in need of some fast cash, short term loans in the form of payday loans can prove to be your best bet. Let’s dig a little deeper into the subject.
The Basics Of A Payday Loan
With a payday loan from Cash Kitty, you are basically talking about an opportunity to take out a certain amount of money. The amount can be pretty flexible, and the terms are going to be extremely straightforward. At the same time, it is important to make sure that you are absolutely 100 percent prepared to repay this loan on time. This includes any associated fees. This is a great loan solution for a wide range of people, but it is still important to make sure you have the resources needed to cover everything that will be expected of you.
A payday loan is designed to be paid back in very short order. This is why they are considered to be one example of short term loans. In fact, a payday loan is one of the most popular short-term loan options to be found anywhere. There are a number of reasons as to why this is the case.
There are also a lot of different reasons to consider, in terms of why someone would want to seek out one of these loans in the first place. The most common reasons would perhaps involve a financial emergency of some kind. You may find yourself with car repair costs, or the need to deal with sudden medical bills. Due to auto accidents, many of our clients find themselves dealing with both of those things at the same time. Some people use the money to cover credit card debt, or to pay a bill in which the associated penalties for late payment are far more severe than all of the money involved in payday loans.
On the other hand, some people explore a payday loan because they need to come up with some money in a hurry. This can be for a major purchase, or it can be to cover the costs of an upcoming vacation. At the end of the day, remember that you are in control of the kind of loan experience you have.
Popular Payday Loan Misconceptions
Even as you keep all of the above in mind, it is perfectly reasonable to still have some qualms about what you are getting involved with. Companies that offer payday loans have a bad reputation in some circles. There are several things about this option with short term loans that people will tell you, as a means of discouraging you. Here are a few examples of what we are talking about, and how they just aren’t true.
One major myth concerns payday loan ads targeting low-income households. There might be some companies out there that do this, but at Cash Kitty, we can promise you that’s the exception to the rule. The truth of the matter is that people from all backgrounds and walks of life turn to us for a payday loan.
Another myth concerns interest rates. The truth of the matter is that a payday loan often features a lower APR than what you’d get from a credit card company.