Quick Cash Loans: Hidden Costs You Should Know
Quick cash loans are suitable for people who need cash quickly, either for emergency or for paying their outstanding bills. Many loan providers provide people with quick cash loans, making it easy for people with dire need of cash to get it fast and conveniently.
For starters, the lenders have access to the borrowers’ checking accounts via the Automatic Clearing House network. It is this network that they use to electronically deposit the loan money and withdraw any payment whenever it is due.
Like most loans, there are hidden charges that lenders won’t tell you when getting loans from them. Below are some of the hidden costs you should know while applying for a quick cash loan.
This is arguably the most common type of hidden cost that most lenders barely discuss openly with borrowers. Once you apply for a quick cash loan online, there is a fee you will be required to pay for your loan application to be processed. Some lenders charge up to 1 % of the total loan value as loan processing fee. That means when applying for a loan of $10,000, you will be required to pay a processing fee of $100.