USA Web Cash Review

USA Web CashUSA Web Cash says that you can get installment loans with no credit check and without any hassles, so let’s see if they really live up to this claim, or if there are better lenders to go with.

They focus on installment loans, so you’re able to pay off the loan with monthly payments rather than all at once like you have to do with a payday loan.

If you’re tired of the payday loan process – and trust us, you should be if you’re not – you should look into installment loans. Recent changes have made installment loans a possibility even if your credit is not so good. Lenders realize that borrowers want loan options that are better than a payday loan, even if they can’t get approved from a bank.

The process is still similar to getting a payday loan, you just apply, get approved, and then have the money deposited into your bank account. When the payments are due they simply take the money out of the same account they put it into, so you don’t have to visit a branch or office.

USA Web Cash Review – How They’re Different

USA Web Cash is a bit different than a payday lender because they are dealing with installment loans, and they offer loans in much higher amounts than a payday lender can, which allows you to handle bigger financial emergencies.

Rates Shown
They show you the rates with a handy slider that allows you to adjust the amount of the loan plus the length of time that the money is borrowed. They also let you enter in your state so you get relevant information.

Better Than a Payday Loan? A Case Study
USA Web Cash example of a loan in Michigan for $600 for 12 months. They say the monthly payment would be just over $200 so over the course of that year you’ll have paid $1800 in interest in fees, that’s $2400 less the $600 you received for the loan. It may sound absurd to spend $1800 to borrow $600, but it’s no less absurd than getting caught in the payday loan cycle and loaning that same $600 again and again for an entire year. Let’s see what that comes to for this same example.

In Michigan, a payday lender will loan you $600 and you’ll have to pay back $676.45 two weeks later assuming you get paid every two weeks. If you still can’t float things till your next payday after paying $676.45 out of your paycheck, they’ll allow you to re-loan, and in fact they’ll let you re-loan as many times as you want to, as this is how they make most of their money, through re-loans, not from first-time loans. So a year later you’ll have gone through this process a whopping 26 times paying $76.45 in fees each time you do so, which comes to $1987.70.

So for this example it would make sense to go with the USA installment loan because you’d save $187 and you would never have to have that big time payment come out of your paycheck and you get two paychecks to build up your reserves before having to make a payment.

Here’s the gimmick though, this is assuming that you will take out the loan for a year using a payday loan. Many times you can get a tax refund or other winfall and pay back the payday loan without having to have it extend out that far. By going with an installment loan that has payday loan interest rates, you are making sure that they’re going to get paid a ton just to lend you some money. But they do allow you to pay the loan off early, so it’s not as if you’re locked into paying those amounts, they’re just showing you what it would be like if you did.

Our Recommendation
USA Web Cash may be good in some instances when you need a lot of money, or you really don’t want to pay back the entire balance just two weeks later. But their rates are still just as bad as a payday lender, but since there’s no prepayment penalty it is probably a better idea to go this route over a payday loan, and if you happen to come into some money you can pay it off early and not have to worry about it anymore.

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