Take Out A Quick Cash Advance To Tide You Over

It’s widely known that university students can find it tricky to manage their money. After spending their teenage years living on pocket money from parents, or perhaps a small paycheck from a minimum wage Saturday job, suddenly having two large lump sums deposited in the bank account every year can seem like a miracle. It’s common for students to take advantage of the new situation by buying new clothes, going on trips or to festivals – or just drinking all night in the uni bar! But with those larger sums of money come bigger bills: for the first time, they’re now responsible for paying for rent, bills and food. It’s no wonder that many fill the gap between student loans deposits with unsecured loans, taking advantage of a cash advance to tide them over until the next lump sum arrives.

Unsecured loans are a type of loan designed for people who know – and can prove – that they’ll be getting enough cash to pay back the loan by a given date (usually next payday, or for students, the date of the Student Loans Company deposit). They differ from secure loans because there’s no need for collateral: for most loans made by a bank, the loaner makes sure they’ll get their money back by having the borrower sign a contract promising to give something worth more than the loan – usually his or her house – if the money isn’t paid back. A loan that isn’t ‘secured’ refers to a loan without a contract of this kind: instead, a slightly larger of interest is charged on the loan, and it is paid back with the next paycheck or lump sum received by the borrower.

This type of loan appeals to students for many reasons. First of all, they know with certainty that they’ll be receiving an SLC sum by a given date, and so don’t have to worry, like many borrowers, about the interest accumulating to unmanageable levels. Secondly, students are usually not eligible for secured loans, because none of them (or very few!) have a house or small business to ‘put up’ as collateral to a secured loan. Unsecured loans aren’t intended – like a mortgage, for instance – to be something that you pay back gradually over years. They are used as a ‘stopgap’ to provide money which the student wouldn’t otherwise get until a certain date. For instance: if a student loans payment is due on the 5th of the month, but rent has to be paid on the 1st – and too much cash has been spent on nights out! – this type of loan can give the student a cash advance, which the student will be able to give back as soon as the 5th of the month comes round. This system has been found to give many students peace of mind, at the most difficult times.

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Cash Genie: payday and short-term loans

Cash Genie is a firm that offers small loans to borrowers who need some 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 give 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 intended 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 regular loan from a bank to do.

Cash Genie generally offers sums 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 pay £130 a month later. Naturally, if you kept borrowing, this would spiral – 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 cash 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 acceptable 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 find 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 average 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?

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Cash Genie can give you some room to manoeuvre next year

Cash Genie is a payday loans company formed to give people a bit of room in their finances – typically just for a month, so that they have time to sort things out before their next pay cheque hits the bank. Often it’s the case that our finances get a little stretched (and none more so than at this time of year), and – even though we know there’s enough money in the long run – the cash-flow situation over the next fortnight or so is looking a little dicey. Christmas is a time when a lot of people go into debt, and for some that can mean some fairly scary letters through the post box in 2011. It’s too easy to lose track, and even if you know you’ll be fine when your next wages are paid, that’s not generally a lot of comfort when there’s nothing in your account now, and your creditors are clamouring for money and threatening all kinds of things if you don’t pay up.

These are the situations for which short-term loan companies exist. The companies should lend responsibly (and you should borrow responsibly – don’t be tempted to ask for any more than you need, since you’ll only have to pay that back, with charges, too). In practice, this means that they carry out a fast but thorough check on your application to make sure that you’re likely to be able to repay the money. Then they give you the money straight away. There’s no messing around, once your application has been approved the money is moved to your account. The service can be expedited, or otherwise it will take the standard BACS time of three days or so to come through.

Cash Genie is pretty standard in charging thirty percent per month, and loans are only given for one month. This is a short-term solution, and therefore can’t be compared with the kind of loan you’d take out from your bank – or even a cash advance on a credit card. These typically come in at something between 10 and 30 percent per year, whereas grossed up for the year, 30 percent per month works out at 2,623 percent per annum: a huge amount. What you’re really paying here, however, is a flat fee for the use of the money for the month. It’s a one-off: don’t be tempted to roll it over and think of it like a normal loan.

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Instant loan approval enables borrowers to settle costs at short notice

A cash advance allows you to settle any expenses that you incur before your scheduled pay date. With instant loan approval, you are able to cover your costs with a short term loan, rather than having to worry about how you will get by.

With the world of personal finance in a state of uncertainty since the effects of the global economic crisis first started to impact on individuals, it can be difficult to know how best to spend and save money. As you will have heard people saying so often that it has become cliché, these are uncertain times. Knowing the wisest spending and saving strategy can be hard in such scenarios. Many people lost out hugely as a result of the crisis, with pensions and saving schemes considerably depreciated in value. Many felt that they had not been correctly rewarded by the economy for a lifetime of responsible saving. As a way of starting the recovery of the economy, interest rates on savings were lowered in an attempt to keep spending levels up, and as a result avoid major job losses, a huge rise in unemployment, and the long term damage to the economy that this would cause.

However, for many people caught up in the recession, saving is not even an option for the time being, at least not at the levels of a few years ago. With mortgage payments and credit card repayments due, as well as the host of other expenses that consume regular life – utility bills, car insurance and maintenance, to name only a few of examples} – cash supplies can dry up fast, even with a steady income. It is sometimes necessary, in moments of a lack of cash flow, to take a cash advance on your salary. For instance, when many costs hit you all at once, a single month’s pay might not cover everything you need, and a short term loan can be the best option. This can happen surprisingly easily. First, you shell out a couple of hundred pounds to fix your car, then your washing machine or boiler breaks and you need a replacement, then you have to fork out to go to a friend’s wedding and stay in a hotel for the weekend. Every so often a series of events takes you to the very limit of your cash levels and beyond! In such situations, liquidity is fundamental, and securing funds with instant loan approval can make all the difference.

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Instant Loan Approval Can Help to Avoid Money Issues

When you are looking for a short term loan, this obviously means that you don’t have much time to spare. However, it is worth whatever time you do have to compare the rates offered by various companies that offer a cash advance. And if you are pressed for time, you will probably be choosing between only those who offer an instant loan approval. Make sure you pay attention to the time scale of the loan – in other words, how soon you will have to pay it back – before making your selection. Of course, it’s nice, and often cheaper, when you are able to repay a loan ahead of the deadline, and you should always prepare for the unexpected, giving yourself a margin for error.

Most short term loan deals work on a monthly basis whereby you borrow the money and then have about thirty-one days to repay the amount. These arrangements are often arranged for people who need a cash advance on the monthly income that they are expecting, hence the amount of time for repayment that tends to be the industry standard.

There are lots of reasons why you might need an instant loan approval. If you have other debts with higher interest rates than another loan available, then taking out this new loan is something of a no-brainer, when you don’t have alternatives. For instance, some banks charge huge fees for exceeding an overdraft limit. Although sometimes these fees can seem crazy, and you might be able to ask the bank to waive them, this is not always possible. Similarly, other forms of debt can have worse results than a particular interest rate: they can damage your credit rating, which could have unwanted financial consequences in the future. Or worse, the alternative to the loan could be defaulting on mortgage payments, and put the home at risk.

Sometimes a short term loan is the only solution to a problem. This might be because you are a tenant, as opposed to a homeowner: in this situation there are several loans that will not be available to you given that you do not hold a property. The same applies if you do not have an immaculate credit rating. Many lenders demand a proven track record of quick repayments, and will not be flexible on this point. This is not the case with a cash advance. If you need instant loan approval, there are places you can have it, but it is worth shopping around as much as possible.

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Managing your finances with or without the help of cash genie

Just as 18 year olds around England are receiving their A level results, many young peoples’ minds are turning to university and the three years of careful spending that it necessitates.  For those who find themselves in financial difficulty, a company such as Cash Genie will be able to give you a short term loan as an immediate cash injection, but if you are living away from home for three years without earning any significant salary, it really is essential  to start thinking carefully about how you are going to manage your money.

Many university students are able to work for a few hours a week without finding that their studies suffer, but it is wise to settle into your course and new life before you commit yourself to part time work.  Obviously university courses vary widely in their demands in terms of time commitment, and it is not easy to know how demanding yours will be until you are some way into it.  Making your own money at university not only prevents you from getting into financial difficulty, but will also be an impressive addition to your CV, showing that you can juggle academic commitments with outside activities, and that you have taken control of your own spending.

One of the main things students can find difficult is keeping on top of what they are spending, particularly if many of their outgoings are made when they have already drunk a few pints in the students’ union!  If you can maintain a record of what you spend on a day to day basis, this should help you to plan your future outgoings and help you see where you may be able to cut back your spending.  If you make purchases with a card rather than in cash, you can always look at your bank statement so that you know exactly where your money went.

Students who seek to manage their money without needing to call in the services of cash genie would also do well to look into the various student discounts that are offered  to those in full time education.  It is certainly worth opting for a young persons’ railcard, which will give you 30 per cent off rail travel, and also finding out which high street shops offer a ten or fifteen percent discount to students.

For the thousands of young people who are about to commence their university career, it is surely a relief to know that there are companies such as Cash Genie who will be able to help out if their bank balance is dangerously low. However, if you follow the advice provided above, you should find that you are able to take care of your finances with relative ease.

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How to source a cash genie that will give you a short term loan

Perhaps the most problematic impact of the global financial crisis was for most people the drop in the availability of credit.  The increasing difficulty in obtaining loans from high street banks caused financial difficulties for many would be borrowers.  It can be hard to avoid a situation where a household needs to make a major purchase, but simply does not have sufficient funds to do so.  If a high street bank is unwilling to provide the service, borrowers can be left wishing they could rub a magic lamp and summon a magical Cash Genie.

A cash genie doesn’t have to be something from a Walt Disney film – in fact, there are companies out there who will provide short term loans almost immediately.  That said, it is important to always think carefully and strategically when applying for a cash advance. Primarily, one needs to be sure that a loan is repayable.  The lender is likely to give you an indication of the cost of your monthly repayments, and it is advisable to draw up a scheme of how these payments will fit into your current expenditures.  If there doesn’t seem to be a comfortable way of factoring in these outgoings, it is probably worth foregoing the loan, at least in the short term.

The other very important thing to be aware of is the interest rates you are going to be charged.  Anybody who borrows money will be charged for the service, and the charge depends on the body who is lending the money.  It is important to be aware of arrangement fees and early repayment penalties – ensure you have the maximum information about the loan you are taking out before you decide which loan to take.

Some lenders are likely to try to sell you loan protection insurance.  As another financial product offered by lending organizations, this can be a useful investment, but equally you must think carefully about whether you can afford the extra cost that this will add to your loan.  A good lender should be able to give you personal advice on whether this is the best option for you.

For most cash-strapped households, a magical Cash Genie is not going to appear and provide the funds to secure the purchase of a new bathroom.  But if you can gather enough research and information to be able to get a loan that suits you perfectly, you should find yourself perfectly able to meet your needs without resorting to Aladdin’s lamp.

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