After I entered the job force at 18, I had money problems for quite a number of years. I earned a decent income, but I lived paycheck to paycheck and just felt like I would never get ahead financially. One day, determined to get ahead, I decided to record every purchase I made for a month to find out just where my money was going. I learned a hard lesson that day that small purchases here and there throughout the month really add up. I committed to a much smaller budget and began stashing savings away. Then, I researched the world of investing and made a few strategic ones with some of my savings. I am now doing much better financially, and I want to help others who need it, so I am starting a blog. Come back often for money management tips and tricks explained simply!
If you have looked everywhere, shopped around and simply cannot find any fast cash loans that have agreeable repayment terms, maybe you will want to look at loans through business "wallets." Various e-payment companies now have "wallets," applications that allow you to store your credit and debit card information, receive and send payments through qualified and verified accounts and even borrow money. There are a couple of catches, however, and here is what you need to know before you go through the application process.
Loans Are Neither Secured or Unsecured
This new type of loan offered through the business wallet apps is neither secured or unsecured. You do not have to offer up your firstborn or anything else of value to get a loan, but you also cannot get a loan without having used a particular company's e-transaction site for business. In addition to already being a business customer of the e-transaction company, you do have to have frequent and regular deposits before you can even apply for the loan. Ergo, the loan is not secured by anything valuable you already have and is (more or less) secured by what you do not have but have made monetarily in the past year.
The Interest Is Very High
In almost all cases, these business wallet apps charge quite a hefty fee to borrow the money. (You do have to list a business purpose for the money, but once you have it in hand, it really does not matter what you do with it so long as you are paying it back per the agreement.) If you are in a jam and need cash right away and cannot get it any other way, then the amount of interest is really moot by comparison. However, you will probably be paying back all of the interest or the fees charged first before you begin repaying your loan, and that means you should expect repayment to take a lot longer than you expected.
The Money Is Instantly Available
Unlike most other fast cash lenders, these business wallet apps have you fill out a personal info form, click to agree on the terms, and because they are e-transaction companies, the deposit of the funds is instantaneous. There is no credit check, no social security number or tax ID number needed, and you get the money at the click of a button. Most of these business wallet apps refer to the loans as "business capital loan," "working capital loan" or "small venture capital loan." Searching the e-transactions' websites will help you find the links to the application pages or the telephone numbers you need to call to get the link to get started. Click here to learn more about fast cash loans.
Share23 May 2016
