Category: Personal Finance

Cash genie can help you stay on top of your finances

John

It is often said by wise people that there is more to life than money, but there is no denying the fact that a lack of money can be very worrying and have a large negative impact on people’s lives. Finding a magic lamp, rubbing it, and having a Cash Genie emerge to solve your money problems is a fantasy, and impractical. There are, however, a number of ways in which the stresses and strains which can be caused by a shortage of funds can be alleviated. The resolution of such financial problems can then allow people to concentrate on those things which are really important in leading an enjoyable and fulfilling life.

The main thing to remember when thinking about your finances is to draw up a budget and to stick to it. Sometimes, however, there can be unexpected expenses which disrupt even the best laid plans. One option if this happens to you is to take a short-term loan. If you do decide to do this you should always use a reputable company and never a loan shark. Through a reputable company you can arrange a short-term loan for the amount you need while you reorganise your finances to meet the unexpected expense. This can be a useful course of action if, for example, you know that your next pay cheque will arrive shortly, but you need money quickly to meet a sudden, but important, expense or to avoid going overdrawn.

Searching for such companies on the internet will reveal examples of the ways in which short-term loans can be arranged. Often you need only to give your details (including home address and banking information) to get access to a small loan. It is rare for these companies to check your credit rating as part of the process of arranging a loan, so if you have a very poor rating, for whatever reason, this can be a very useful facility. The important thing to be aware of, however, is that if you fail to repay the loan by the agreed deadline it is likely that your credit rating will be adversely affected, even if the amount you owe is only a very small sum.

If you frequently find that you need to borrow money to meet your financial obligations each month then other loan programs or financial advice are likely to be more beneficial. The good thing about a short-term loan is that, like a Cash Genie, it can provide a quick (if temporary) solution to a brief shortage of cash.

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It worked for Aladdin – where can I find a cash genie for my monetary needs?

Charlie

Perhaps the most problematic effect of the global financial crisis was for most people the decline in the availability of credit.  The increasing difficulty in gaining loans from high street banks caused financial difficulties for many would be borrowers.  It can be difficult to avoid a situation where a household has to make a major purchase, but simply does not have sufficient funds to do so.  If a high street bank is unable to provide the service, borrowers can be left wishing they could rub a magic lamp and summon a mythical Cash Genie.

A cash genie doesn’t have to be something from a Walt Disney film – in reality, there are companies out there who will provide short term loans almost immediately.  That said, it is vital to always think carefully and strategically when applying for a cash advance. Primarily, one needs to be sure that a loan is repayable.  The lender will probably give you an indication of the extent of your monthly repayments, and it is advisable to think of a scheme of how these payments will fit into your current expenditures.  If there doesn’t seem to be a feasible way of factoring in these outgoings, it is probably worth foregoing the loan, at least in the short term.

The other vital thing to be aware of is the interest rates you are going to be charged.  Anybody who borrows money will be charged for the service, and the fee depends on the company who is lending the money.  It is important to be aware of arrangement fees and early repayment penalties – ensure you have the maximum information about the loan you are taking out before you decide which loan to go for.

Some lenders may try to sell you loan protection insurance.  As another financial product offered by lending bodies, this can be a useful investment, but equally you must think carefully about whether you can justify the extra cost that this will add to your loan.  A respectable lender should be able to give you personal advice on whether this is the best choice for you.

For most cash-strapped households, a magical Cash Genie is not going to appear and provide the funds to secure the purchase of a new bathroom.  But if you can do enough research and information to be able to find a loan that suits you perfectly, you should find yourself perfectly able to meet your needs without resorting to Aladdin’s lamp.

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