Smart borrowers always take the time to comprehend all the fees, charges, and rates before getting a cash loan online. Cash Link USA emphasizes financial education and transparency whenever you enter a loan contract. Here’s what you should know about service fees and charges when you go through us for personal loans, installment loans, or personal lines of credit.
Fees and Charges with Personal Loans
The best way to find out about the fees and interest rates we assign is to explore the various loan types on our website. We warn our clients, however, that these are not “low-interest loans,” so you should know what you’re doing before signing on the dotted line. Also, be aware that the rules governing loan fees have a lot to do with your state of residence.
Texas, for example, will have different rates and terms for personal loans than Missouri. Loan terms have a maximum of six months in Texas. Of course, the exact interest figures and costs are specific to the borrower, which you’ll see when you review your loan contract.
Understanding APR (Annual Percentage Rate)
Sometimes clients experience confusion over terms like “APR,” “variable rates” or some of the other jargon pertaining to loan interest. The truth is that APR matters a lot, but you don’t have to tremble in fear as long as you avoid certain risky loans like credit cards.
APR is essentially the price you pay to obtain the loan, manifested in the overall interest rate. This is something you’ll find with personal loans, credit cards, mortgages, student loans, and so forth. Loans are never free unless the interest rate is zero, which can happen, but often only when it’s a variable-rate loan.
Variable rates are the way credit card companies and other lenders lure borrowers into the deal by offering them a “teaser rate” to get them to sign the contract. However, the variable aspect refers to how the rate can change later, sometimes substantially. If you don’t prepare for that, it can lead you into a lot of interest accumulation in just a short time frame.
Fixed Rates Only with Cash Link USA
Cash Link USA doesn’t bother with variable rates because we think they harm the borrower and force them into debt dependency. All of our products have the purpose of helping folks address money problems and get out of debt rather than remain there in perpetuity.
Advice on how to Repay Your Cash Loan Online
The interest rates, fees, and charges on personal loans don’t have to overwhelm you, provided you take a diligent approach to repaying your online loan. Here are a few reminders of how to repay it without letting the interest fees get too high:
- If you have credit cards and/or several small loans, consider using a personal loan to consolidate your debts. This is a prudent way to get everything together under one smaller interest rate, making your debt service approach much more straightforward.
- Make payments bi-weekly rather than monthly, which is possible with all of our loan programs. This allows you to tackle the principle quicker before interest has the chance to spiral out of control.
- Take an extra job temporarily, commit yourself to making at least one extra payment each year, and pay a little extra whenever your budget will allow it. Also, if you get a tax refund, that can be a great opportunity to knock out some of your debt service with an extra payment.
Obtain a Cash Loan Online Through Cash Link USA
The best way to obtain a personal is to use our fast cash online method. This fits the mentality of paying off your loan as fast as possible. It’s fast-in/fast-out when you borrow and repay a personal loan through Cash Link USA.
Contact us anytime to learn the smartest and safest ways to borrow a cash loan online.