As we read at fastcash , the lender offers small unsecured loans that are paid out on the same day. They can help bridge the gap between your payments. However, remember to take out loans as a last resort and not make them a permanent way to survive. There are two types of fastcash loans – one is repaid once, the other must be repaid in three monthly installments. As long as you pay back the loan under the loan agreement, there are no additional fees. You only pay back the amount borrowed, along with the loan interest, which is calculated daily. We write about what order these amounts are in the further part of the article. The fastcash loan is intended to cover urgent needs and expenses. This could be fixing a broken dishwasher, buying a ticket to travel to a new job, or paying rent. Remember to only take it if you are sure you will get the money. The form is simple and the loan will affect your account within 15 minutes of approving the application. fastcash declares that it wants to help you feel at times when you are short of cash because it understands that not everything is always going as planned. However, he warns that the loan is not a form of sustainable income. So if you’re worried about your finances, there are several unbiased debt consultancy services available from other sources.
What criteria do I have to meet to get a loan?
What are the loan costs?
The only cost of credit is interest, which amounts to 290 percent. per year. You don’t have to pay extra for the loan amount. To show what they are, let’s take an example. By indicating that they apply only to new customers. Returnees can count on better conditions. Let’s start with a Payday loan in which you borrow the amount and pay it back at once, up to a maximum of 35 days. Let’s assume you take a $ 400 loan and give it back after a month or 30 days. On the day of repayment, you will have to donate 495.34 dollars. The total cost will therefore be 95.34 dollars. The interest accrued for this loan will be equal to 23.84 percent. (on a monthly basis). The APR given on the website for this case is 1248 percent. However, please note that it is different for each option. The longer the loan period, the smaller it is. Let us now turn to an example if you wanted to borrow 400 dollars for three months. You will have to pay three decreasing installments. The first will be 222.32 dollars, the second will 199.01 dollars, the third will 165.12 dollars. So in total you will have to donate 586.45 dollars. This means that the total cost of the loan will be $ 186.45 after three months. This gives a total interest rate of 46.61 percent. (on a three-month scale). The APR in this case will amount to 1257 percent.
What if I don’t pay the installments on time?
The delay is $ 10 and is charged the next calendar day after the repayment date. You also have to pay interest of 290%. per year on other capital. Remember to check how much it is. The rule is that you pay not only the debt but first interest on it. It may turn out that you have repaid, for example, 300 dollars, and the capital to be repaid has only decreased by 100 dollars. And it is the capital that will charge interest for late payment. The important rule, however, is that interest will be charged only until the total amount you have to pay back reaches twice the amount borrowed. So you will never give back more than twice as much as you borrowed.
Will submitting a loan application affect my credit history?
When you apply for a loan, information about you is sent to a UK credit information agency. And the application will be recorded in your credit history. And regardless of whether you get a loan or not. However, if you pay it back on time, it can even improve your credit rating. This is because some people may have a bad credit score just because they didn’t take too many loans before. However, if you do not pay back the loan or you are late, it may have a negative impact on your credit rating.