Same day loans also known as Quick Cash Loans are all unsecured and as the name suggest short term in getting it as well as paying it back
THE CONS
- 1 – NO SECURITY: as per normal long term bank loans where security is needed here none is needed so how do you think they get their money back from those who don’t repay on time or at all.
Well as most are loan sharks we here a lot of people signing over their state-funded grants and or pensions, broken kneecaps, and many other injuries and in cases where your vehicle or home is not used to make money as mentioned in pros then it can be confiscated and legally or illegally, it doesn’t matter to these ” loan sharks”
- 2 – VERY LOW AMOUNTS: because it is short term and no security you tend to start off with very low amounts given and as you build up trust with these people you can get more and more, and this always works as the more you lend the more you pay back and so you must come back for more and more and most are expected to be repaid either on your salary or payday or longest three months
- 3 – VERY HIGH INTEREST: once again as mentioned no security they tend to give you high-interest rates especially depending on the time you choose to pay it back.
As most of these lenders are ” loan sharks” and are not affiliated with any real banks or laws in the state there is no control whatsoever about what the interest and when it must be paid.
It’s a risk you take and unfortunately because of today’s financial situations many have no other way out
- 4 – THE BAD ELEMENT: were have mentioned this before but I think we should mention it one last time, most of these lenders are” illegal loan sharks” and this is a bad element that preys on the poor and even the elderly and usually is run by some sort of mafia or crime families or gangs.
So even with all these cons if you do need a short term or quick Same day loans you will find one in your town will to help but just remember what was said in these two articles.
