Best Quick Cash LoansIf you are in a bind or want to hedge your bets you may be looking to get a quick cash loan. It is wise to be aware where you take your money from where quick cash loans are concerned because they can carry some steep penalties and interest rates.

The United States has laws governing interest rates on secured loans and credit cards. Yet, for cash advances lenders can charge 500% interest. If that rate does not seem that bad for a loan of a few hundred dollars, after all you will have the money in two days from your employer, think again.

You will not be able to simply repay the money. But suddenly you will find yourself owing an exorbitant few thousand dollars in order to repay that loan and that is only by next week.

Happily (and sadly) the interest rates that can be charged happen to be curiously governed by the individual states. Now, can you guess in what state it is actually considered racketeering to charge huge excessive interest rates? It is not a state known for being progressive, nor for protecting its citizens. It is an at will employment state where people can be fired without cause, just as people can quit basically without notice or cause.

Hint: it gets hot there. Georgia, a state that has some of the highest identity theft and identity fraud in the nation actually has limits on how much interest can be charged for payday loans. What might be more surprising is it is forbidden under the state’s racketeering laws.

A full 32 states otherwise allow triple-digit interest. The rest pull in the interest and only allow it anywhere from 17 to 30%. Another surprise is that even Arkansas limits interest on all loans to 17%.

There are some schemes that claim they are immune to any U.S. law because they originate the loans on Native American reservations. Though, does it matter where the loan originates, or within what state the resident lives? It would seem the latter is true.

Other than moving to Arkansas, be sure that you only borrow as much as you need to and consider shopping for loans online prior to agreeing to take on a triple-digit loan. There are other opportunities out there for you and you do not have to make yourself a victim just because you need a little help this month.

The idea is that you do not want to have to repay the loan for years. Alternatives include working with several lenders, or trying person-to-person loans for your money as well.

The good part about the best quick cash loans is that you will not have to put any collateral forward in order to secure the loan. That means that there is really no need for any credit check. Even if the individual has bad credit, they will still receive the loan. The companies that issue these loans are looking to make their money back on interest.