Category: Personal Finance

Cash Genie: payday and quick loans

Cash Genie is a company that offers small loans to borrowers who need a bit of extra money to get through unexpected expenses. The idea behind them is that, when life throws you a curve ball, you have somewhere to try to find the money to get through it. What they don’t do is offer long-term loan facilities; that’s the place of other organisations and, in any case, they are not the best option for this – their rates are designed for the short-term market, which means that they would be too expensive if you tried rolling the loan over for several months or years, as you’d expect a normal loan from a bank to do.

Cash Genie generally offers amounts of between £75 and £750 for a period of just one month. The cost for this is 30 percent – meaning that if you borrow £100, you would repay £130 a month later. Naturally, if you kept borrowing, this would snowball – the APR or annualised rate of interest on this basis would be 2339 percent. But the point is precisely not to keep borrowing: it’s to borrow once, when there are no other opportunities to find the money elsewhere, to get you out of trouble – and hopefully stay out of it. One comparison for looking at the interest rate is staying at a hotel. You might pay £50 or £100 for a night away somewhere, and not think too much of it (assuming the hotel was of reasonable quality). And it’s intended to be just that: a night, or a short time away. But if you think of it in annualised terms, the same stay would set you back up to £36,500 – obviously more than most people are willing to spend! In the same way, cash loans are supposed to be for a short period of time.

If you need to borrow money at short notice and can’t find it anywhere else, Cash Genie may be able to help. You’ll need to be over 18, own a debit card and earn at least £500 per month. The typical customer is in work but experiencing cash-flow problems; it makes sense for both parties that the borrower will be able to repay the money at the end of the month, since if not the company loses the money and the customer runs into further problems. Of course, you shouldn’t take on any kind of loan without careful thought first. One way of looking at it is, will the cost of not taking out the loan (in penalties, fines or lost services/earnings) be greater than the cost of the interest?

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

http://www.cashgenie.co.uk/

4e2202324906e

Short term loan availability for those in financial difficulty

Getting close to pay day can be a difficult business.  It often seems that more and more bills are having to be paid while the amount of money in the bank is decreasing rapidly.  For some people in this situation, the best way to make sure they can pay the bills is to find a short term loan until their next pay day.  There are a few companies which will provide you with a cash advance, and there are a few things to consider when choosing which one to opt for.  Some sited will offer instant loan approval, while others will focus on the speed of their service or their high approval rate.

These companies can be something of a minefield to the first-time borrower, so it is worth doing some careful research.  Pay day loans, or advances as they are sometimes called, are essentially a form of bridging loan to tide you over, as the name suggests, until your pay day.  Usually that is when the full loan plus interest has to be returned.  Some lenders will differ this or roll the loan over a second month, but it is advisable to be aware that the interest rate is generally quite high.  There are lenders who charge around £25 per £100 borrowed, which is worth knowing when deciding on the lender.  Pay day loan amounts usually range from £80 to £1,000; companies offering the service can generally give you an answer in minutes, and the money will be in your account in a day or two.

Pay day lenders who specialise in this do have some customer criteria, but the forms tend to be easy and not too detailed.  If you happen to have poor credit history then pay day loans may not lend to you, as they use credit reference agencies.  Generally, in order to receive a pay day loan you will need to be over 18 years old, in permanent employment and earning more than £750 per month.

This sort of short term loan can be used for anything, as long as you are happy with the repayment date.  As with any kind of cash advance though, it is vital to ask yourself ‘do I really need this?’ before you pay for your car repairs or get a new kitchen.  Sometimes the problem with instant loan approval is that it makes the lending process so quick that people are tempted to give insufficient consideration to the financial transaction they are entering into.

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

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

4de97c6f72fb1

Cash Genie on the economic recovery: common sense has to be used

Recent developments in the worldwide and homeland economy have been turbulent to say the least. The recent years saw the crumbling of massive financial institutions in the United States of America, and this has had a huge knock-on effect in all Western economies. The upshot has been that governments, including the UK government, decided that the best course of action was to bail out the banks and building societies that were swept under the tide of reckless lending and stock market speculation. But what are the implications for individuals and their savings, and what is the best course of action to prepare for the uncertain future? Although obviously the irresponsible lending and borrowing has to be a thing of the past, Cash Genie recommends that we all take a leaf out of Douglas Adams’ fictional book, The Hitchiker’s Guide to the Galaxy, which gives us a very important instruction: Don’t Panic!

The economy is at the early stages of its revival, and experts are unsure as to its stability and timescale. Especially now, in the UK, the argument rages on over the new government’s spending cuts, which are proposed to reduce the country’s massive deficit. While many argue that these cuts are a necessary evil to put the country back on its feet, others answer that the speed and depth of the cuts carry the risk of endangering the recovery and sending the country back into recession. On a more deeply political level, government supporters – including many Liberal Democrats, of course, whose party is a part of the current coalition government with the Conservatives – say that cuts are being made out of necessity, while others are suggesting that they are ideologically driven by the Tories.

But these political debates are not a part of everybody’s everyday lives. Rather, people are keen to know what the safest course of action is regarding their own money and their expenditure. Whatever the political truth of the matter, there have been early signals that the economy is recovering. Banks are tentatively willing to lend again, and offer a more attractive level of savings interest rates. But sometimes not spending can represent a false economy, if further down the line a reluctance to spend causes greater overall cost.

The best course of action, as in most cases, is to act sensibly. In other words, use common sense. Continue to spend as and when you need to, since, as the famous saying goes, you need to spend money to make money. But also, try to keep something aside for a rainy day, regardless of unattractive interest rates. The best advice, as the Hitchhiker’s Guide, and Cash Genie tells us, is Don’t Panic!

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

http://www.cashgenieblog.co.uk/

4cd72ddc70184