A popular cash loan an unsecured short term cash loan. From time to time, these can be referred to as payday loans. You may have seen that some providers offer a cash or payday loan that is secured. This basically means that the cash loan will be guaranteed against your property. Something like a car or house. Sometimes a cash loan can be secured against another person who has agreed to pay if you miss a payment (also known as a guarantor cash loan).
Now I understand cash loans, how do I know which one to apply for?
It’s really important when looking at cash loans or short term loans in general is to do your research before committing to any financial agreement! If you’re searching for a secured loan, this becomes even more important. You don’t want to put down your house, car, kitchen sink as collateral to a provider or broker unless you’re sure you can afford the repayments! We help make the process less time consuming by filtering our lenders based on the information you’ve provided us.
The Financial Conduct Authority (FCA) brought in new rules in 2014 to make sure all cash loan lenders and brokers are providing a safe and responsible service. When you visit a cash loan website, you should check that it is on the FCA Register. To do this, look for a registration number (usually found at the foot of the page) and look at their details of the FCA Register at https://register.fca.org.uk/
What else should I consider?
Before you take out any kind of short term loan, you need to ask yourself whether borrowing money is the right decision for you and your circumstances. If you can cut down on your spending or put off buying something until you’ve saved for it, you should always try to do that first. You should also always avoid borrowing money to make repayments on other loans and debts, you may be in a vicious circle and it might not be the best thing to do. If you need any more help or advice with debts, visit Step Change.