QUICK MONEY LOAN FOR AVERAGE AMERICAN HOUSEHOLDS

2007-03-08 10:33:40

( Financial )



Cash shortage to meet regular household expenses is usually met by average American households. Unexpected expenses primarily contribute to the problem of cash shortage. Quick money loan is usually used by these households to resolve their problems on cash.

Quick money loan is provided by non-traditional lenders with the specific purpose of meeting interim cash shortage usually experienced by average American households. It is processed quickly, usually within twenty four hours. Lenders imposed very short term repayment periods from two weeks to a month. Borrowers who are in need of larger amount of money are not recommended to use quick money loan since repayments will be too costly in shorter term.

Borrowers of Quick Money Loan

Borrowers are expected to generate the cash they need to pay the principal and interest from quick loan within a shorter period. Borrowers of quick money loan are usually salaried employees, pensioners or even students expecting allowances from parents. These borrowers might have experienced incurring expenses prior to receiving their salaries, pensions or allowances which prompted them to generate cash from quick money loan. Receipt of their regular source of cash is expected to pay off the money they borrowed. Thus, quick money loan is designed with shorter repayment periods.

Interest Rate

Interest rate for quick money loan is higher compared to interest rates charged to other regular loans availed from banks and other lending institutions. However, borrowers might not consider it a big dent in their finances since quick money loan is paid in shorter periods which makes the absolute amount of interest payment smaller than paying large amount of loans with longer repayment terms.

The accessibility and quickness of quick money loan in responding to short term cash requirement of average American households helps alleviate their worries on where to generate funds during times of crisis. Quick money loan, however, should only be availed during time of emergencies. Availing it often results to paying higher amount of interest payments.


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