There are several disadvantages of Radio Cash Loans, and if submitting bank account information to a relatively unknown company over the internet sounds like a bad idea, Radio Cash Loans may not be for you. Radio Cash Loans are loans offered by a lending network. The application filled out online is not direct but rather via an online marketing service that acts as an information intermediary between loan seekers and lenders.
Radio Cash Loans are similar to Payday Loans in the sense they are short term, and are generally intended to serve as a source of financing in between paychecks. Not paying these loans back within a short amount of time can be costly. Another disadvantage of Radio Cash Loans is even if they are paid back quickly they can still be expensive. According to Radiocash.com, the typical borrowing cost is between 25-30 percent of the loan's value. Thus, a $1,500 loan could cost as much as $450.
There are other disadvantages to Radio Cash Loans as well. When completing out the application online the data is not necessarily passed on via a secure website. Since the information can be transferred to multiple third party lenders, the risk of a security breach may be higher. In other words, as personal information is transferred, it becomes duplicated more often causing a greater potential exposure to phishing nets or malicious code intended to obtain such data.
Even though Radio Cash Loan advertisers do not check credit backgrounds, the actual lenders still can. This is evident in the terms of agreement for RadioCashLoans.com. This is specifically done via a social security number meaning if you provide this information, there is a possibility your credit history will be checked. Thus the claim that bad credit is okay and that the Radio Cash Loan advertiser does not check credit is not always revealing of the whole truth.
These are not the only disadvantages of Radio Cash Loans because who your person information is disclosed to is not necessarily disclosed to you making it harder to track any potential fraud. Any number of lenders could be receiving a significant amount of personal information. This information can include, name, address, employer, bank account number, bank routing number, telephone number, housing history, drivers license number, and employment history.
As convenient and helpful Radio Cash Loans may be, there are disadvantages to using this type of lending service. Generally these disadvantages relate to cost, privacy and security which aren't the least important aspects of one's personal banking. In actuality, these are aspects of personal finances that you might do well to take quite seriously and seem to not be a central benefit of Radio Cash Loans.
Radio Cash Loans are similar to Payday Loans in the sense they are short term, and are generally intended to serve as a source of financing in between paychecks. Not paying these loans back within a short amount of time can be costly. Another disadvantage of Radio Cash Loans is even if they are paid back quickly they can still be expensive. According to Radiocash.com, the typical borrowing cost is between 25-30 percent of the loan's value. Thus, a $1,500 loan could cost as much as $450.
There are other disadvantages to Radio Cash Loans as well. When completing out the application online the data is not necessarily passed on via a secure website. Since the information can be transferred to multiple third party lenders, the risk of a security breach may be higher. In other words, as personal information is transferred, it becomes duplicated more often causing a greater potential exposure to phishing nets or malicious code intended to obtain such data.
Even though Radio Cash Loan advertisers do not check credit backgrounds, the actual lenders still can. This is evident in the terms of agreement for RadioCashLoans.com. This is specifically done via a social security number meaning if you provide this information, there is a possibility your credit history will be checked. Thus the claim that bad credit is okay and that the Radio Cash Loan advertiser does not check credit is not always revealing of the whole truth.
These are not the only disadvantages of Radio Cash Loans because who your person information is disclosed to is not necessarily disclosed to you making it harder to track any potential fraud. Any number of lenders could be receiving a significant amount of personal information. This information can include, name, address, employer, bank account number, bank routing number, telephone number, housing history, drivers license number, and employment history.
As convenient and helpful Radio Cash Loans may be, there are disadvantages to using this type of lending service. Generally these disadvantages relate to cost, privacy and security which aren't the least important aspects of one's personal banking. In actuality, these are aspects of personal finances that you might do well to take quite seriously and seem to not be a central benefit of Radio Cash Loans.
Sources:
1. http://bit.ly/cfKUUI (Radio Cash Loans)
2. http://bit.ly/9BtJG7 (Radio Cash)
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