Emergency Cash for a trip to Timbuktu

Timbuktu, it’s a beautiful city in Tombouctou region in Mali (West Africa). It was an intellectual and spiritual capital and centre for the propagation of Islam throughout Africa in the 15th and 16th centuries. Imagine you really want to see the place whose name really sounds kind of like it was made up. You need cash, fast. That’s where you might start to consider taking some personal loans.

Think CASH! Or actually ThinkCash.com, company that offers you short term loans in amounts from $250 to $2500. That might just be my personal estimation, but I think in case of Timbuktu you need the maximum, but then again, that might be just me.

ThinkCash is different than a usual Payday Loan or Cash Advance Company. Before I say how, let’s talk about what the Payday loan actually is.

Payday Loan
Payday Loan is a small short-term loan you can take to cover your expenses until you get paid again. Compared to ThinkCash these loans are typically in the range of $100-$500. And in case of a two-week loan you pay back on average of $15 per every $100, so for 2 weeks you pay 15% extra. Borrow $500 and pay back $575 in two weeks (that means 390% APR – Annual Percentage Rate).

If you take a loan from ThinkCash then the cost of your loan is based on the size of it. In case of minimum short-term loans you pay around $1 per day per $100. So if you took a loan for two weeks as brought out in the payday loan example, your cost of the loan would be $14 (365% annual percentage rate). However, for just a bit bigger and a bit longer term loans the cost goes down remarkably. In case of such longer-term loans you can pay as little as $0.24 per day per $100 borrowed (87% APR).

Not only does the cost go down with bigger loans and longer terms, but if you’re borrowing from ThinkCash not for the first time anymore, but already have a history with them, your credit history starts to matter. If you’ve been good, paid back all you owed, your credit score grows and this can lower your cost of the loan as well.

ThinkCash loans are often around 25-75% lower than Payday loans and they offer the borrower the chance to pay back the loan in several installments if needed. Such installment loans can make it a lot easier for the person taking the loan not to get into money-problems and not to use your entire wage to pay off your loan. Rather, you can pay 30% every month. Just an example.

Of course, while ThinkCash does offer better rates than many others, the percentages still are quite high because of the short terms involved. And because they want to keep their clients, even they understand and suggest that you should always try to pay off your debts as quickly as possible.

How does Timbuktu sound now?