Instant cash loans lenders are often subject of bad reputation.
Sometimes television associates these small lenders with a sweaty fat guy operating his shop behind a steel mesh wire.
Thus, there is a stigma attached that instant cash loans are something dirty and unfair. But is this correct?
Cashconverters had a massive TV campaign to advertise benefits of their instant cash loans. They claim, that if you need a quick loan for your girlfriend's ring then there is no problem to obtain it. However, in either case the need for instant cash loans is driven by some sort of financial desperation. Therefore, restrain is needed to borrow money this way.
There are 3 main types of instant cash loans:
This is often a quick loan of up to $1500. Often there is little security needed for the loan.
However, this is still a short term personal loan and the interest can be very high.
Some lenders demand personal belongings as a security.
This type of loan should be taken only as a short term measure. Failing to pay on time not only increases repayments but also messes the credit history.
Borrowers with a clean credit history who need more than $1500 can obtain unsecured instant cash loans. This means that applicants do not have to provide security for the loan. The unsecured loans carry higher interest rate than the secured ones. Therefore, this type of loan should be a short term solution to financial problems.
These personal loans offer $5000 or more. The borrower must provide a suitable security to support the loan. The benefit of security is that the borrower does not have to have an excellent credit history. However, there is always a danger of loosing the item serving as the loan security.
There are numerous instant cash loan lenders. Generally, the companies are very professional and helpful.
Some lenders have been operating for many years. Others offer franchises with a large cash power.
GE Money is probably the best known for personal loans throughout the Australian retail industry. It is a giant in personal and instant cash loans.
Cashconverters are another strong competitor in instant cash loans. The company has been advertising its services on TV for almost a decade.
Payday Cash Loans is a similar to Cashconverters in the business structure. What is nice about Payday Cash Loans is the use of technology to provide instant approvals.
Finally, Cash Doctors are lenders with less money less hassle policy. The loans are small ($100-$600) but there is a minimal paperwork and a quick approval.