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Top Facts To Remember When Looking For An Instant 24/7 Cash Loan

July 3, 2018
, , Payday Loans 5

Sometimes, you run a little over budget or run into a situation where you find yourself in need of a small financial top-up. Some of us follow very strict rules when it comes to money, and some of us are far more flexible with our attitudes. When your situation is an emergency, one of your options is to secure an instant 24/7 cash loan.

These short term loans are designed to be paid out to you right away giving you the cash in your account needed to sort your ordeal. You then pay back the amount you’ve borrowed on your next payday.

In this post, we’ll be going over some of the top facts you should keep in mind when looking for the right instant loan. Have a look through these pointers to be sure you’re up to speed with what’s right and what’s not:

Not every provider is a lender

When you type instant loans into google, you’ll see a bunch of vendors come up in the search results. Some of these companies will be direct lenders, and some of them will be agents like us! You might think you’d get the best deals my looking at lenders only, but this is a mistake.

Just like hotels or other services that get most of their custom online, the actual service providers don’t always give you the best rates and offers. 90% of the time, it’s the agents or comparison sites that get you the best deals. It’s the same basic idea when it comes to instant 24/7 cash loans. As an agent, it’s our job to find you the best rates and options to suit your needs, and we do so by using Gold Silver Standard Finance Pty Ltd.

Flat fees are standard

As soon as you get your search underway, you’ll no doubt notice that almost all agents and lenders offering these kinds of loans charge a certain fixed amount per loan. This is typically a small percentage of what you borrow and is added to the amount you pay back.

If you’ve never taken a short term loan before, this might come as a bit of a shock, but it’s important to know that this kind of fee is standard practice. It’s much better to deal with an agent or lender that is very upfront about the costs of their solutions, than those who tend to make promises that sound too good to be true!    

No loan is ever paid out instantly

Although we do everything we possibly can to ensure the funds are available as soon as possible upon approval, it’s not realistic at all to think that any provider will be able to have the money with you within minutes of your application. In some cases, we can achieve amazing payout times, but for the most part, loans usually arrive within hours. That’s about as instant as it can get anywhere you look!

Your credit score is not as important as recent income

Most lenders will pay attention to an applicants credit score religiously. At Cigno Loans, we understand that poor credit scores are not a full reflection of a person’s ability to pay back a short-term loan. This approach allows us to be far more helpful to those with a less than stellar rating. The main thing we’ll need to see is proof of your income in the form of recent bank statements.

You’ll need this information whether you’re completing the application through our app or over the phone. No regulated or responsible vendor will ever promise to supply you with a loan without this information, so it’s a great idea to have it handy as you look around for options.

Communication during repayment is key  

We do everything we can from our end to ensure your experience is as smooth as possible. This includes sending you clear instructions during payout as well as ensuring you receive a range of helpful notifications reminding you of your payment dates. Should you find yourself in a situation where you think you might fail to make a payment on time, it’s always best to inform us a soon as possible. That way, we can do our best to help find a solution and prevent fees and negative credit rating implications from mounting.

Top Facts To Remember When Looking For An Instant 24/7 Cash Loan

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Read more about instant loans in our previous blog post: How Instant Payday Loans Can Get You Out Of A Financial Bind

Learn everything there is to know about the costs associated with a Cigno instant payday loan here and here.

Cigno is a reputable payday lender. We have always been transparent about our products and services. For more information, please don’t hesitate to contact us.

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Are Instant Payday Loans Instant Solutions?

If you’re wondering about whether an instant payday loan is the choice for you, check this out – we’re sharing everything you need to know about this tool.

Let’s face it – we’ve all been in situations where an extra $100, $300 or even $500 could have done us a world of good, and gotten us out of a pretty tough bind. Emergencies that cost us money crop up from time to time.

If those situations happen to you frequently (or you want to be prepared in the event that it does happen), then you’re obviously looking for a solution. That’s probably how you ended up searching for instant payday loans.

Sure, you’ve heard some talk about them. However, if you want to find out for yourself, you’re in the right place.

Let’s take a look at instant payday loans, and if they’re really the solution that they’re made out to be.

Payday loans are what they sound like, and a little bit more

Loans are money that you can get on the condition that you  pay it back by a set amount of time. Therefore, payday loans are a type of loan. They’re typically for a small amount of money. They get the name from the fact that you’re supposed to pay it back by your next payday.

They are small, short-term loans or “cash advances” that you get to fix an unexpected situation. For example, you may get a parking ticket that you didn’t expect or you might have an urgent bill arise that you can’t pay at the moment.

To put it into perspective, look at this scenario:

You work at a retail store, making $18.65/per hour. You’re cycling on your way to work one morning, and as you ride across the road a car comes out of nowhere and hits you off your bike. The driver speeds away before you can catch their license plate number. That leaves you with a totaled bike, and possibly medical bills even though you’re not seriously hurt.

All you have is $45 in your savings account. Your job doesn’t provide you with health insurance, and you need your bike to make the 45-minute commute to work in the morning because you can’t afford public transit. A new bike is going to cause you at least $250, and there’s no telling how much your medical bills could come to.

In a situation like that, a payday loan would be perfect for you. That’s what they’re about – access to money now, to remedy a situation that has arisen that will put you in a real bind if it isn’t resolved.

That beg’s the question of where do instant payday loans come into play.

So, what about instant payday loans?

Instant payday loans are an expedited process of the situation above. With some loan companies, a payday loan can take a few days to be processed and reviewed. That can be a real inconvenience if you’re in dire need of money.

However, instant payday loans mean that you walk into the lender, fill out a quick application form, and leave with the cash in hand that you need. Or, it’s transferred to your bank account shortly after. Whatever the case may be, they’re instant as the name suggests.

With all that in mind, are instant payday loans instant solutions?

Needless to say, instant payday loans are a great help if you’re in need. However, there a few things to consider before taking on.

The first thing to note is that payday loans typically have a higher interest than loans from the bank, and can be expensive. That being said, if you can’t afford to repay the loan in full including the interest once you’re cheque comes don’t take the loan, or borrow an amount you can afford to repay.

Additionally, taking an instant payday loan has some distinct advantages:

  • Payday loan lenders have longer office hours than regular banks and are more flexible. This allows you to feel more at ease. You can negotiate, and you can rush in, in the event of an emergency.
  • There is no bank loan application. Most lenders only need your name, employment information, and contact information of you and a few of your friends and family.
  • Applications are reviewed promptly, and often processed in a few minutes or hours. You’ll get the money you need very quickly to solve your problem.
  • These loans are short term, and the average length of these loans are about two weeks. This means that once you repay them, you aren’t in debt for an extended period of time, which can be stressful.

For the right person, an instant payday loan can be a saving grace. Done right, instant payday loans are great!

What precautions do I need to take?

There are some guidelines that can  ensure that you get the best out of payday loans. Here are a few:

  • Do not take multiple loans from multiple lenders. If you need more than the amount of money that a lender can give you, do not try to accumulate money by taking out payday loans from different lenders. You’ll be setting yourself up for disaster. Take only one payday loan at a time.
  • Be responsible. If you borrowed $300 to pay for an emergency that turned out to just cost you $150, don’t spend that money frivolously. Put it to good use, so that you can easily repay the loan when the time comes.
  • Ensure that you read the fine print. Some lenders have fees that skyrocket to astronomical amounts once you’re even a day late on your repayment. Make sure that you’re aware of all of these kinds of setups.

Truth be told, some payday loan lenders can be sleazy. So, where does that leave you? What do you do?

You need a lender that’s committed to the greater good of their clients and helping them out of tough situations. In other words, you need Cigno Loans. We’re a loan company offering a wide range of loans for the working Australian.

Visit our contact page, for information on how you can take advantage of some of our amazing offers. You’ll never have to be in a financial bind again – we’re here for you!