Instant loan approval is just what it sounds like. You send an online application and, literally within minutes (often less), the site’s software provides the required credit checks and approves your request. The cash is paid into your account then and there (it can take three days for BACS to clear, but for an additional charge you can opt for immediate transfer). The cash advance is generally repayable on a short-term basis such as a month – the point behind such a short term loan being that you use it to address your immediate money issues rather than as a permanent strategy. It’s therefore quite different to the consolidation loans you’ll have seen advertised.

One of the biggest differences – other than the time frame – is the cost. You can usually borrow from £75 to £750 (so it’s not right for major debt consolidation anyway), and the fee runs to 30 percent for the month. If your maths is any good, you’ll soon realise that this is not a good long-term option, since that works out as an APR (annual rate) of about 2,330 percent a year (that is, borrow £100 and you’ll have to pay back £130 after a month but £2,330 after a year). But the company is not designed to be used this way. It’s still expensive – far more than other options that may or may not be available to you – and so you need to be careful. The benefits are firstly, that it’s instant – if you have to have the money, you can have it within minutes. Secondly, it may be suitable for people who would not qualify for other forms of loan, such as from a high street bank, or even a credit card.

One way of looking at this is to figure out whether you’ll be better off if you opt for a short term loan, and if the downsides of not taking it are more expensive. Another way is to think of a cash advance like a hotel. You pay by the night, not the year; £50 a night might be good value for a week or so, but when you think of it as £18,000 a year, you’d never stay in it! Instant loan approval is similar in that it’s never meant to be for the long term. Most important of all, however, is to ensure that you use the time it gives you to set your finances in order so that you don’t need another one.

Please visit http://www.cashgenieloans.co.uk/ for further information about this topic.

http://www.cashgenieloans.co.uk/

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