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Cash Loan

Cash Loan
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A student who joins college will find that paying for tuition is only part of the challenge. There will be other expenses which will need to be paid for, such as room and board, food, travelling, supplies, entertainment, clothing and other expenses. The Cash Loan can be used to pay other basics necessities such as buying a computer for college work, books etc. There are times a student will be faced with unexpected expenses and emergencies which require cash money immediately. To make ends meet the student will need to borrow a Cash Loan.

A Cash Loan is fast and flexible and can be used for any purpose. This makes this type of loan popular among students who get the amount in cash unlike the loans paid directly to school. The loan provides a quick solution to the student's financial needs. Some students work full-time and go to school after work and qualify for Payday Loans against their payday checks. They may apply online using on-line loan applications. A Cash Advance can be repaid by the next payday or with installments.

Most Lenders require the borrower to be-:

- 18 years and over
- Be earning at least USD 1,000-1200 per month
- Be in employment for 1-6 months depending on the Lender

The Lenders of a Cash Loan have different terms with some approving and advancing the loan within hours while others have more strict lending terms. Some providers do not check the credit history of borrowers advancing money to even those with bad credit. Other providers do not require documents to be faxed. The advantages are that the loan is-:

- Approved within a very short time
- Quick access to cash with some providers crediting the account within the same day or overnight
- Confidentiality of information
- Paperless online loan application
- Flexible payment plans

Credit cards are a type of debt advanced when items are bought or payments made since the credit card debt is paid later. This has made life easier for the students who can get what they need and pay the debt later. However credit card debts which are not paid on time are charged penalties for late payment and the interest rate is increased. This also affects the credit rating of the student.

Unsecured Cash Loan lenders may not require collateral. However the interest rates may be higher on these loans because of the higher risk. If the borrower defaults the lender will have nothing to fall back to unlike the secured loans. College students who have no income and no credit history will need a co-signer. Although this is not a requirement, the lender will use the co-signer's credit history to advance the loan to the student. The co-signer agrees to pay the loan if the student does not pay. This commitment will help the loan to be approved and the student might be given the loan with a lower APR than if there was no co-signer.

Last modified onTuesday, 02 April 2013 16:09

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