Cash loans – only if you are desperate
If you need short-term cash there are people who will offer it.
Obviously though – it will come at a price (a big price).
Need a short term loan(shark?)
So I went to www.nowpayday.com.au (one I saw advertised on the net).
From what I could read on the site – looks like the charge about $25 for each $100 you borrow (each month!).
Obviously this is not a good ‘investment’ (these guys are more like the loan sharks of the internet).
Use your credit card cash advance rather than a payday loan
You would probably be better off getting a cash advance from your credit card (if you have one). As a cash advance from the credit card might only cost you 21% a year (or $21 for every $100) a YEAR (rather than $25 a month).
But it is good to know that if you really need it – you can probably get cash in a few days.
How this helps savvy savers
Knowing that if you REALLY REALLY need cash in a day or 2 – you can get it from www.nowpayday.com.au –means that you don’t have to worry about running out of cash.
Now while I use my credit card where I can – there are lots of things that you you can’t use credit card for.
While you should never intend to use nowpayday.com.au – it means that you can leave less of a cash buffer – knowing that you could always use a loan if you REALLY needed to.