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What is a cash loan. A cash loan is money borrowed and repaid in instalments over an agreed period of time. Normally a cash loan ranges in between 500 and 15,000. MoneyMes cash loans can be applied for online in only 3min, with the money in your bank in minutes in some cases. Read more here. Where can I get a cash loan. You can get a cash loan quickly and easily through online lenders such as MoneyMe. MoneyMe loans money shop quick loans require paperwork.
You might clearly know that your credit card provider charges a fixed annual interest rate of say nineteen percent, but payday loans are advertised a little differently. Instead of telling you the rate first, they tell you the dollar amount of borrowing. For example, its common to see ads that will say borrow three hundred dollars for two weeks for 69.
What you might not realize is that a cost of borrowing 300 for two weeks for 69 is the equivalent of a 599. 64 percent money shop quick loans rate. Heres how to figure that rate out: Take the cost of borrowing which is 69, and divide that by the amount borrowed which is 300.
This gives you the interest rate for the period of the loan.