Payday loan is a more commonly used term for a cash loan. This is a short term cash advance loan availed by borrowers as a stop-gap income until, their next payday. One’s eligibility for a cash loan is dependent on their previous payroll and employment records. The APR for a cash loan is much higher than a traditional loan, with 35-40% generally being the norm.
A cash loan is the easiest way for a borrower to obtain money for various purposes, such as paying medical bills and buying a vehicle. The loan agreement specifies funds disbursed to the borrower at an interest rate, any additional fees, and the repayment schedule. While some banks and financial institutions might have multiple criteria for securing a loan, some lenders might offer quick cash loans as high as $6,000 (about 109,900 MXN).
What should you watch for if you decide to take cash loans
Cash loans are commonly called as payday loans. This is a small loan to help tide over the borrower until their next payday. The term is short in nature and usually not used to make large purchases. The main reasons people avail a cash loan is to stretch their buying power and help cover unplanned expenses.
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