When most people think about fast cash loans, the picture that comes to mind is that of long term cash advance loan like mortgages and vehicle financing that are designed a way that lets an individual borrow a large amount of money and repay with interest over several years. Contrary to this thinking, there are fact several other types of unsecure loans that exist like cash advance loan. Even though both long and short term loan are practically the same except for the duration of payment, unsecure loans are handled in a slightly different manner than their long term counterparts for instance considerations for collateral and interest may vary greatly.
A common question regarding these fast cash is how short is short term? Generally fast cash loans that is to be repaid within a period of one year or less is considered to be short term. Most of the short term loans are usually for six months although three or nine months are also common. A big percentage of the unsecure loans are usually unsecured and when they do require collateral a low value asset like a car can be used as security which means they’re accessible to people who may not have the high value assets required for long term cash advance loans. One advantage of the short term loan is that the interest wont cost you as much as it would with a long term one. The monthly interest is high yes but it is paid for a very short period of time compared to a long term loan whose interest is low but paid over a long time . When you do the calculation, the long term unsecure cash advance loans is obviously more expensive.
When looking for a fast cash loans lender, it would be wise to consider the same short term loan lenders you would use for long term unsecure loans for example banks and finance companies as they offer different types of unsecure loans with some of them designed specifically for the short term borrower . This is also important as they will handle you professionally in case you miss a payment unlike other unsecure cash advance loans lenders who would be quick to take over your collateral asset or fine you unfairly. Once you get the money, it is important to make sure you pay your unsecure loans installments in time because skipping will lead to hefty charges and fines which will only take you back financially .