When one hears about easy money, it often reminds them of getting financial help during a financial difficulty. The average person lives on a fixed income which is like walking a tight rope these days because of the economic slowdown. An unexpected expense will upset the delicate financial balance and will cause havoc to a person's lifestyle. Realigning the budget will not have a positive result because the absence of cash reserves will merely shift the deficit from one item to another. What to do then, seek outside help? Friends or family may be able to help out, but it is mutually embarrassing if they cannot so there is an inherent reluctance to do this. It would also be easier and to some extent preferable to tap into easy money schemes that are available. All an individual has to do is to browse the Internet and make a choice.
One of the most popular financial assistance nowadays is the payday loans. This loan type share common characteristics with other small, short term loan offers such as cash advances, bad credit loans, and personal loans. Payday loans are strictly regulated now by government agencies and it is a totally dependable financial assistance, particularly those people who desperately need some cold cash to make ends meet before payday.
Usually, payday loans are just for short term lending, from four days to a month. The good thing about easy money is it has no intensive credit checks done, no collateral required, and most of all, it is paper less since everything is done online. They also serve a common purpose, that is, to provide cash for unexpected and unfunded expenses and to bridge a financial gap in between paydays. With payday loans, cash can be available within the same day, and approval is as short as a few minutes only. No faxing of documents is required and the eligibility requirements are easy to meet so the approval rate is high. Depending on the information provided in the application, the borrower can receive up to $1500 per transaction.
If one needs money fast before the next payday, there are also other options than payday loans. Cash is available in cash converter stores, pawn shops, and cash advance or check-cashing stores. These companies are all in the business of making short term, small money loans. For cash converters, an individual may bring in a personal property which a broker will appraise. Then, cash can be loaned against it, but more often than not, the amount will always be much less than the actual value of the item. The term of this loan is usually 30 days, and if the loan is not repaid on the due date, the broker is free to sell the pawned property.
Another easy money option would be for people to write a personal check for the amount of the loan, plus the fees, and receive the principal loan amount. This kind of loan is usually limited to a few hundred dollars. The lender will hold on to the check until the borrower's next payday, which would not exceed two weeks. Furthermore, the fees that are charged are high at around $15 to $30 per $100 borrowed.
Sean Teahan co-founder of Cash Doctors, Australia's preferred short term lender, shares his insights on money matters. Founded in 2005 Cash Doctors has helped thousands of Australians with their fast cash loans but that's just the short term solution. Cash Doctors also help people in the long run by providing budgeting tools, e-books and individually researched articles on money matters and financial tips. The aim is to assist people in achieving instant and long term financial freedom.