Tuesday, September 28, 2010 | By: get cash now

Cash Now Loans - Understanding Them

Cash Now Loans - Understanding Them
A growing number of consumers are struggling to pay their basic bills these days. This is no surprise; the nation's unemployment rate is still hovering near 10 percent. Businesses are laying off even their top employees. Finding a new job sometimes seems impossible. Consumers are desperate for quick cash. But these consumers should be cautious of any cash now loan offers. These almost always bring future financial trouble.

The most common type of cash now loan is the payday loan. Payday loans provide customers with quick infusions of a small amount of cash. They are supposed to tide people over until their next paycheck, when consumers will pay them back.

Unfortunately, these payday loans are set up to ensnare borrowers in a never-ending cycle of debt. For one thing, these loans come with sky-high interest rates, with some research saying they come with annualized interest rates in the 390-percent range. Secondly, these loans also often feature high origination fees, making them an even more expensive way to borrow money.

Studies also report that it is the rare payday-loan borrower who only takes out payday loans for emergencies. Most borrowers take out a loan, find that they can't pay back the loan by its deadline and take out an extension, borrowing even more money. While doing this, they rack up more interest rates and origination fees. It is a great system for payday lenders, but a lousy one for consumers.

That is why so many states have either passed or are considering legislation to regulate the way payday lenders operate. For instance, some states have passed laws that forbid these lenders from passing out more than $500 at a time. Others have enacted laws that limit how many payday loans consumers can take out.

The lure of receiving quick cash now, though, is a tempting one to many consumers. It's hard to blame them for falling for the payday loan trap; after all, they need quick money to fill their cars' gas tanks, pay the rent and keep the lights on.

Malcom enjoys learning and writing about accounting subjects. He has some straight-forward information on how to get cash now. He is also a regular contributor at clockworkaccounting.com.


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