Monthly Archives: April 2011

Cash Genie – a lifeline when you have to have it

Posted on by

No one wants to borrow money – it’s a bad idea. Of course it can help sometimes, and occasionally there’s just no choice (who would be able to buy a house without a mortgage, for example?) but generally speaking, it’s a last resort. Borrowing money is costly. That cost can be a few pounds, or a few percent of the original loan, in the best cases; in the worst, it can double, triple or even worse the amount of money you take. Pay off a regular credit card at the lowest rate, for example (2 percent or £5 minimum), and the amount of money you actually end up paying will be around three times higher than the amount you borrow. Under those circumstances, that pair of shoes or flatscreen TV you put on the VISA don’t really seem such a great buy after all. Cash Genie is a commercial lender, so it’s worth knowing exactly what debt you’re taking on, but in this case it’s easier than usual.

For example, loans are for one month only. You’ll pay 30 percent for a sum of money between £75 and £750 (that is, paying back £100 to £1,000). That may seem a lot, but the arrangement basically means that the cost is a one-off fee: these loans aren’t meant to be rolled over like a long-term loan, in the same way that a credit card or mortgage is. You pay the 30 percent and that’s it: there’s no room for compound interest – that unpleasant reality whereby interest is paid on interest as time goes by – which can stretch a credit card bill out for years.

30 percent is a high rate for a month (although there are lenders who will charge you much more) so the way to figure out whether it’s worth it is simple: if you don’t take the money, will you end up paying more than that fee in other ways – for example, fines for missed payments, or the loss of vital services? If so, and there’s no other option, taking the Cash Genie loan simply makes good financial sense. Ideally, it’s going to be a one-off that gets you out of trouble, and gives you enough breathing space to put some budgeting processes in place that mean you won’t have to resort to loans in the future. That’s the nature of short-term loans, after all: they’re not supposed to be an ongoing feature of your life.

Please visit http://www.cashgenie.co.uk/ for further information about this topic.

http://www.cashgenie.co.uk/

4da7dc4f8a59b

Instant loan approval can circumvent the deadlines!

Posted on by

With the end of the tax year approaching, self-employed contractors and those who have to complete their own tax returns are going to find out how much tax they have to pay. Normally, if you’ve budgeted carefully and have done this a few times before, you should have a reasonable idea of what to expect. If not – which is easily done – then a short term loan may help get through that bad period of wondering where the cash is coming from. A cash advance won’t be your first solution, but if there are no other alternatives then instant loan approval might be one way to go.

The end of the tax year can have surprises for those who are self-employed. A classic one is national insurance. You might have budgeted for 20 percent tax throughout the year, carefully putting aside a fifth of your balance for the taxman every month. To be asked for the extra 8 percent is naturally a shock, and one you’re unlikely to make more than once. Usually, the tax office are pretty fair about mistakes – if you phone them up and tell them what’s happened, they will often come to some arrangement whereby you can spread the tax burden over the next year. If they try to force you to pay upfront – especially on a credit card (a recent one to watch) – haggle, or ask to speak to a manager. It really doesn’t make good financial sense to put your debt on a credit card or take out another loan for it if you don’t have to, especially when, with a bit of persuasion, they will often give you the debt themselves at a very low rate of interest.

The only times you might find it necessary to look for a short term loan or other cash advance is when the collection date is imminent, and you need to find the money immediately in order to avoid a fine for late payment. If this is the case, shop around – if you can secure the loan more cheaply, do so. But if you have to go for a last-minute option, then this is one to consider. Remember, the only time it’s going to be worth it is if the price of not taking the loan is more than the fee associated with it. After all, a fine can simply be considered a cost itself – if you miss a deadline, it’s not good, but there’s no point taking out a more expensive loan to avoid this.

Please visit http://www.cashgenieloans.co.uk/ for further information about this topic.

http://www.cashgenieloans.co.uk/

4da7e0cd3300e