Why You Should Repay an Instant Approval Cash Loan ASAP

Instant approval cash loans are short-term loans (typically less than a month) that require no credit check for approval. Because these loans are riskier for lenders than longer-term loans based on credit checks, instant approval cash loans also carry exceptionally high interest rates. In fact, these interest rates are so high that instant approval cash loans are effectively outlawed by usury laws in over a dozen states.

If you have taken out an instant approval cash loan, the sky-high interest rate should be reason enough to repay it on time. Since you typically give the lender a post-dated check that can be cashed on payday, the lender can cash that check whether or not you have the money to repay the debt. Not having the money can result in a bounced check or overdraft, both of which are expensive. Lenders often offer extensions, but these come at a cost. If you wait to repay your loan, then the cost of the loan will far exceed its original value, and you may quickly find yourself in a deepening pit of debt. Stay out of that pit by using your emergency funds carefully and paying back the loan ASAP.

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