Cash Loans Budget-Friendly Resources and Tools

Let me tell you a secret. Cash loans are never easy to obtain. That is, if one has to do it wisely.

What do I mean by “wisely?”

Well, a lot of people have this perception that getting cash without really putting any sort of work into it is awesome and magical. They almost always think about the catch — that they’d have to pay for it, it’s an obligation.

I have witnessed this time and time again. Waddle a few thousand bills in front of anybody for credit and most will take it even if they don’t need it.

The fact of the matter is, if one has to deal with cash loans wisely, one has to do some comparisons and detailed thinking. One has to approach it with a planning and strategy. That sounds like work, and it’s okay.

There. A lot of people don’t know that, and that’s what keeps credit companies in business.

Below are free resources, tools and tips to help you plan and maintain a payment strategy before, during, and after the big leap.

Comparing Loan Terms

Making comparisons are crucial before you apply for a cash loan. Compare loan in terms of:

- Years Payable

- APR

- Balloon Payments (Yes or No)

- Total Amount Owed (applying interest)

- Monthly Payment

Do not compare cash loans in terms of who, how much, and when. Chances are, you’ll be keeping your nose above water just to pay off the loan.

What you need to do is make a list of options (banks or credit companies), plug them into an excel sheet and make columns for each item in the list above.

Tip: Consider your income and budget. Borrow only what you need. Decide on the specific amount through sensible computations. After all, nobody’s going to pay the loan but you.

Paying Off Your Cash Loan

The best way to manage your loan payments is through budgeting. Yes, good old budgeting that many of us find too tedious to do. But if you’re paying off a debt, you don’t have any choice.

Make a monthly budget planner for income allocations and track them. I recommend you install a budget tracker app on your phone or tablet so you can monitor your financial life on the go.

An app called My Money Tracker has a debt manager feature. If you prefer to work in Excel, Money Manager in Excel is very handy. Other awesome apps include MoneyWise, Better than Budgeting, EasyMoney, and many others in the App Store for iOS or Play Store for Android.

Their free versions have enough features to keep your finances in check.

Staying Debt Free

There is such a thing as good and bad debts. Credits and loans are obligations so one has to only acquire it for a necessary purpose.

Keep your life free from unnecessary debt to ensure restful nights. Good personal finance habits help you stay in track. Monitoring your daily, weekly, and monthly budget will remind you of your current financial situation and spot problems before they turn into full blown, uncontrollable disasters.