When it comes to online cash options, you need to rule out a few options that may have been suitable for you. These options include:
- Asking friends and/or family members for financial support
- Applying for a loan through a traditional lender
These are not options that are traditionally associated with online cash options but it may be that some people will consider these options. After all, if you speak to family members online via Skype or Messenger and they wire you money electronically, it could be argued that this is as online a transaction as you can expect from any other method or solution. This may be something to bear in mind but people looking for truly online cash options will find their options comes down to loans like guarantor loans and payday loans.
It is likely that payday loans are the more common loan option from these two listed options but this doesn’t mean that it is the best option. In fact, when you are considering online cash options, payday loans should be considered the poorest option. This is because this option comes with a very high rate of APR and it needs to be paid back in a short period of time.
Consider your online cash options
The amount of people who have taken out a payday loan only to find they couldn’t afford to pay it back should be a warning that this is a very risk solution to your financial problems. Ideally, you should avoid payday loans at all costs and thankfully, there is another option that is tailored to your needs.
A guarantor loan, provided you are able to find someone that is willing to act as a guarantor for you, is a great choice when it comes to online cash options. This is because the lender looks at the credit score of the guarantor, not the applicant. Rather than being forced to accept a high rate of APR you can obtain a more affordable interest rate. There is also the fact that guarantor loans can be paid back over a longer period of time, which means you will be able to meet the payment schedule a lot easier.
There are choices to consider when it comes to online cash options but make sure you choose the option that is right for you. The first option you think of may not be right for you.