When you’re in need of cash fast it can sometimes be difficult to decide on the best course of action in order to get it. A quick search on Google will return hundreds of thousands of websites offering you anything from personal long-term loans to credit cards and from short five day loans to payday loans. This article will specifically focus on the two most popular forms of fast cash – credit cards and payday loans.
There was once a time when credit cards were given out like candy to anyone willing to sign on the dotted line. Since the global recession kicked in and banks started to all but shut down their frivolous lending it has become much more difficult to be approved for that small piece of plastic we all prize so highly. If you are in the unfortunate situation of having a poor or less than average credit rating then have no fear, you may still be able to be accepted a fair amount of lenders but it will come at a price – namely the interest rates. Credit card companies such as Vanquis and Granite offer cards specifically tailored towards people with a bad credit rating with a starting interest rates of 34.9% APR which is substantially more than other, more “standard” credit cards.
Recently it seems you can’t turn on the news or open a newspaper without hearing about payday loans and this is for good reason – they offer a quick and simple way to get the money you need, fast. Payday loans can be a great option if you’ve got a bad credit history as generally there aren’t any credit checks to pass and even if you were declined, for whatever reason, chances are it won’t affect your credit rating.
There is an abundance of payday loan lenders online today, offering between £50 and £1,000 to anyone who meets their criteria. A word of warning though, in comparison to credit card interest rates, the rates quoted on payday loans can look enormous – most around 1700% APR. Payday loans are designed to be paid back within 1 month, so the amount you actually pay back isn’t anywhere near this.
If you need to borrow up to £1,000 and want the cash in your account within one hour we’d suggest you try applying for a payday loan – it can be a much less stressful way to find financial help.
Image credit: Chris Potter