Fast cash loans can really save your bacon when things are tight. But there are times when borrowers really need to step back and ask themselves if taking a payday loan is the best thing to do. In this post, we’re going over some of the most common situations where you’ll need to be sure a short-term loan is the way to go. Let’s get started.
When your income isn’t consistent
At Quickle, we like to help as many people as we can. But in some cases, people simply don’t earn enough to pay back the money they want to borrow. We can only give loans to people who are earning a stable income and will be able to pay back the amount they owe without causing them any trouble. It wouldn’t be very sensible of us to give out fast cash loans to people who can’t afford them.
When you apply, we check your ID and most recent bank statements to understand your financial situation as clearly as possible. If you don’t earn a high income or work part-time, you should be applying for the smallest amounts needed to cover your most urgent costs.
When you’re looking for funding to bankroll a project
We all have reasons to save money and ambitions we want to fulfill at some point, but quick payday loans are not the way to fund business ideas. Whether you mean to invest, start a small business or gamble, none of these intentions are a suitable reason to take a short-term emergency loan.
We aim to help people who have exhausted their budget and don’t have the cash needed to pay for necessary costs like repairs, car breakdowns or essential groceries. The idea with payday loans is for you to pay back the principle along with all charges within weeks. If you take one of these loans and use it to fund a project that loses money, you’ll be in a much harder position than you started in.
Gambling is certainly something we don’t want to help you with, even if you have a history of winning at whatever game you play most. We look for consistent income from borrowers, as this enables us to make responsible lending decisions.
When you’re looking to make purchases with the loan
This comes down to the kind of purchase you’re looking to make and why. Buying a big asset like a car is a complex purchase that requires a lot of research. You need to be sure you’re getting the right price and using the right financial solutions to make it possible. Fast cash loans are not suitable for such purchases.
The cheapest way to buy a car is to save up and buy it with a cash amount that is disposable for you. Even in this case, you should be asking yourself if you really need the vehicle. We’ll be happy to help you cover the costs of repairing your car, bike or vehicle that helps you generate your livelihood, but we won’t be able to help you buy a car that you don’t need.
You might have come across a great opportunity with a great deal that’s only available for a limited time, but if it’s out of your price range, should you really be buying it? You can get youself into serious financial strain by spending credit on credit cards and personal loans without a clear plan of action when it comes to paying it back.
Fast cash loans are no different. Taking more than you can afford to pay back could have serious consequences. You are the best judge of whether or not you certainly need the money, so it’s up to you to make sure you’re asking for the right amounts before you apply.
The same goes for any other assets that most would consider a luxury rather than a necessity. Boats, art, storage units, electrical goods, and home improvements are all examples of items that you might want but certainly don’t need.
Those are the most important times to rethink your fast cash loan options. It’s always important to only ever borrow what you absolutely need and can afford to pay back comfortably. We hope you’ve found this quick list helpful. Feel free to get in touch with our friendly team if you need any further advice.
When To Think Twice About Taking A Fast Cash Loan Click To TweetRead more about fast cash loans here, or in our previous blog post: The Main Differences Between Fast Cash Loans And Credit Cards
