With cash loans, you get access to money quickly without many questions asked. They can really get you out of trouble. At the same time, they are among the most expensive of credit products with APR typically exceeding 400%. They come with initiation and service fees and other charges as well. The good news is that you can cut the cost of borrowing. Find out how to do it.
Comparison Shopping
There are thousands of lenders offering cash loans and they are literally fighting for your attention. In order to gain customers they have to lower their interest rate. You should not expect to find products which are as cheap as consumer loans, but with comparison shopping you will find the cheapest one. Remember to watch out not only for the APR, but for the initiation and service fees as well.
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Cutting Fees
Lenders often charge higher fees if you borrow larger amounts. For instance, if you exceed the typical threshold of $1000, you may be charged a higher fee. At the same time, many fees such as the initiation fee are charged as a percentage of the loan. Hence, it makes sense for you to borrow only as much as you need and stay under the set thresholds. This can save you tens and possibly hundreds of dollars.
Faster Repayment
The faster you can repay the loan, the cheaper it will be. You should try to keep the loan for no longer than 7 or 10 days. This will help you save money because the interest rate is charged on a daily basis. If you manage to get the money for repayment earlier, you should inform the lender of this. In this case, they may be able to give you some kind of discount.
Consistency
Many people use cash loans for managing their monthly budget when they have additional unexpected expenses to take care of. If you are among them, you should consider using the services of one and the same lender. This is because many lenders have special programmes for their loyal clients. Via these programmes, they can give you lower interest rates and fees. These programmes are widely advertised, but even if you cannot find information on the lender's website, you should still ask.
Overall, it is best if you use all of these methods for saving on cash loans. That way, you will enjoy the largest possible reduction in the cost of each loan that you take out.
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