A cash advance can make a difference if the right precautions are taken.
Anyone can find themselves in a tough situation and in need of financial help. If you feel that you’ve tried all of your options, taking out a short term loan may be what you need. TriangleCash offers a way to connect with lenders for an advance of up to $1,000. Because it’s a broker, you’ll want to be sure to read the fine print on any loan you receive from its partners before applying.
Is TriangleCash legit?
The short answer is yes. The long of it is that cash advances can be more trouble than they’re worth if you aren’t careful. However, payday loans are heavily regulated and the legislation around them is constantly changing. There are caps on fees and interest rates that can be charges, and on the maximum amount that can be loaned. Because legislators are continuously working on improving these protective measures, the laws may change from one week to the next.
How can TriangleCash help you?
Key information about TriangleCash includes:
- Loan term. Varies by lender.
- APR. Varies by lender.
- Fees. Vary by lender.
- Borrower maximums. $1,000 depending on state of residence.
- Application turnaround. Immediate in some cases.
Be on the lookout for predatory lending
TriangleCash is not a direct lender, and revokes the label of broker. It is a service that connects lenders and borrowers. With that in mind, not all lenders are created equal.
Here’s what you should be aware of:
- High interest rates. Cash advances are notorious for high APRs, and can run upwards of 1,200%.
- Steep fees. Some payday lenders will charge fees that add hundreds of dollars to the original cost of the loan.
- Risk of debt spiral. A short term loan means that you have to pay back the full amount (and interest) in a shorter amount of time. If you can’t pay it back in full you may have to refinance or rollover the loan, which creates even more debt.
- Your information sold. Brokers and similar services sell ‘leads’ to lenders, and these leads include your information. While the lenders are required to keep that information private, it can result in being contacted by lenders long after you have gotten a loan or decided against it.
Nearly 12 million Americans take out short term loans annually, according to the Pew Charitable Trusts. Among those individuals, repeat borrowers are common to the point that some companies will even reward regular borrowing.
To avoid repeat borrowing, be sure that you can pay off any loan that you take within the term of the loan. Failure to make payments in full or on time can result in late fees and negatively affect your credit.
Is applying for a payday loan online safe?
Lenders have protections in place to keep your information secure, including 128-bit secure socket layer (SSL) encryption. It is still beneficial to investigate different carriers’ privacy policies to understand just what information is released and to whom.
How does TriangleCash compare?
What else do I need to know?
TriangleCash is a broker that boasts connecting you with lenders you may not reach otherwise. Note that by completing its online application, you are authorizing TriangleCash to share your information with lenders and other marketing partners that could text you, call you or leave prerecorded messages at any number you supply — sometimes long after you’ve applied. Before you apply for any loan, be sure to read the fine print to understand exactly what the lender will do with your information.
What other options are available?
With high APRs, the risk of steep fees, and a quick turnaround time on paying it back, a payday loan may not be a reasonable option for you.
If a cash advance doesn’t fit, you can consider:
- Balance transfers. If you’re looking to use the money to consolidate your debt, a balance transfer might be a reasonable alternative to look into. Balance transfers allow you to get all of your debt in one place, potentially with a lower interest rate.
- Credit Cards. A credit card may be a reasonable option if you’re looking to make a big purchase. Some credit cards have significantly better APRs than short term loans, and a few even have introductory offers.
- Personal loans. There are several types of personal loans including secured personal loans, debt consolidation loans, peer-to-peer loans, and home equity personal loans.