Getting an instant cash loan is something that many people do not want to do but they often times have to. If you have bills to pay that are due before you actually receive your paycheck, there aren't many other options. It is either have your electricity cut off or get a cash advance loan. The problem with these instant cash loans is the fact that they charge such high fees. Some of the fees on these loans are 30 to 40 percent of the actual loan.
If you are getting a payday loan for $200 and the fee is $60, you could end up paying more than the loan is actually worth if you are four weeks late on the entire payment. Each week the $60 adds up and you would end up paying $240 in fees and still have to pay the $200 for the actually loan. This is the scary part about the whole instant cash loan process. Many of you may think that you will, for sure, pay the loan whenever your paycheck comes in, but you would be surprised to know how often this is not the case.
No matter how much you think you will pay that loan off, there is a reason you have to get it in the first place. You probably have not made the best financial decisions in life if you are seeking an instant cash loan so do not be surprised if you cannot pay it in full when it is due.