The popularity of quick cash loans, also known as payday loans, is rising. Why? Because when you’re low on cash, payday loans give you access to the amounts you need fast, hassle free, and straight to your bank account. In this post we want to highlight 4 very important rules all borrowers should follow when looking for one of these instant payout solutions. Let’s start with:

Never take more than you need

One of the main problems that people tend to have when they borrow, is being tempted to take more than you actually need. This can lead to a growing circle of debt if you fail to manage your money correctly. At Cigno Loans, we always encourage our customers to borrow the minimum level of funding they require to cover only the most urgent costs. This helps ensure they protect themselves from being unable to make repayments comfortably.

We offer up to $500 to new applicants. If you take the full $500 even though you only need $200 to get you through to your next payday, you’ll have the constant temptation to spend the extra $300 that you’ve borrowed. This is one of the most impactful ways that credit cards tend to pull people into trouble. If you’re walking around with a limit of $2000 in your pocket, it can be pretty hard to shop sensibly knowing the funds are right there and very easy to use.

When you apply for a quick cash loan, you can specify the exact amount you want to receive. This means you can avoid the issue of temptation by taking as little as possible.

Borrow from trusted companies

At Cigno, we’ve been offering payday loans successfully for years and have developed a reputation for great customer service and reliability. Many others in the quick cash loans market are less established and this means they can sometimes resort to making offers that are far too good to be true. If you’ve been using the web for some time, you probably already know the basics of identifying false claims when you see them.

Most people go with market leaders because they come with an element of safety. How can you tell if a loans company if going to be reliable? There are a few sensible indicators to rely on. Do they offer a great customer support service? Try contacting them. If they’re very responsive and helpful, it means they have a dedicated help team. You can also check testimonials and reviews online to see if others have had good experiences with them.

If a vendor is unresponsive and doesn’t have any sort of online presence in the form of reviews or customer references, they’re probably not worth going for, even if their offers are extremely attractive.

Make sure you intend to make repayments exactly as agreed

When you take a quick cash loan, you need to be sure you’re going to be in a great position financially to make the repayments on time. This is where budgeting and effective money management becomes crucial. The better you plan your expenses against your incomes, the better idea you’ll have of the level of funding you should be asking for.

There are a few ways people can make extra money on the side if you are frequently running short on cash month to month. Increasing your income even by a little is a great way to decrease your reliance on credit cards and borrowing.

Use the money for urgent purchases only

Ask any of your friends and they’ll more than likely agree that it’s never a good idea to spend quick cash loans on expensive luxury items. It might be common for people to go on huge shopping sprees with credit cards and their overdrafts, but that doesn’t make it the right thing to do. Dodge leaving yourself in large piles of debt by only spending money that you’ve saved and can afford to expense.

There you go! Those are the 4 most important things you need to keep in mind while you’re looking for a quick cash loan. Avoid the threat of debt and poor service by making sure you have your budgets planned and you borrow from the most reliable sources.

4 Crucial Rules When Taking Quick Cash Loans

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Read more about quick cash loans here, or in our previous blog post: 4 Things You Should Never Do With A Cash Loan

They offer payout in minutes

This only means bad things. Either the loan company is not being completely honest about the time it takes them to process applications, or they are being completely irresponsible with how they make their lending decisions.

At Cigno Loans, we ask for your ID and access to your most recent bank statements in your application. We need this information so that we can assess your current financial situation and determine if you’re actually able to pay back the amount you’re trying to borrow. We want to make sure all borrowers can comfortably afford their loans so that they don’t run into difficulty.

Imagine a company that is giving out loans without taking these precautions and you’ll very quickly realise how destructive this can be. The only way to offer loans with payouts this quick is to bypass any sort of assessment process and throw loans out unethically. It’s not sensible, it’s hardly feasible, and you should avoid companies that make these claims no matter how good their offers seem.

They don’t offer dedicated customer services

Anyone that offers quick cash loans and doesn’t want to be contacted is not quite doing things properly. Payday loans are meant to be solutions that help people through tough times. This means you’ll more than likely need a team that’s highly prepared to provide assistance for a wide range of circumstances.

We make sure our team is prepared to help borrowers understand their terms, complete applications, and provide any other assistance necessary to ensure the process runs as smoothly as possible. None of this is possible if you don’t offer any sort of contact information.

Scams and threats can be pretty easy to spot if you look for the right signs. Someone working alone that just wants to take what they need before ticking you off their list is the kind of setup that would fail to run a responsive customer service channel. Can’t find a way to get in touch easily? Then it’s probably best not to get involved with them at all.

Their rates are tiny compared to everyone else’s

The best thing to do when comparing rates is to pick a company that you believe leads the market, get a good understanding of their rates and charges, then compare other options. At Cigno, we do all we can to be upfront and open about our costs. If a company is offering rates way higher than the leading average, it’s not a good deal. If they’re offering total costs that are way below the leading average, then there’s definitely something up. A lot of payday loan companies try to hide some of their fees behind various stages in their process. If an offer is really low, then it’s more than likely they’re hiding something.

It’s important to be careful with money and how you use it, but nobody wants to be taken for a ride because they think they’ve landed the greatest deal. In the vast majority of cases, the safest thing to do is to go with the providers you think offer decent rates, are most upfront with their charges so you know where you stand, and have a good reputation for doing things the right way. Even if they aren’t necessarily the cheapest way to go, you’ll have peace of mind in knowing they won’t slam you with any surprise issues down the road.

There you have it! These are the best things to look out for when you’re scouring the net for the best quick cash loans out there. The easiest way to fall prey to unethical loan companies is to always go for the most extreme options out there. Thorough research is vital and picking providers who’s rates and policies are roughly in line with the markets largest leading companies is one of the safest approaches you can take.

Never take more than you need

Borrow from trusted companies

Make sure you intend to make repayments exactly as agreed

Use the money for urgent purchases only

They offer payout in minutes

They don’t offer dedicated customer services

Their rates are tiny compared to everyone else’s