Cash Advances To Ease Your Financial Strain
When we say "short on cash", this does not mean that you don't have enough money
to buy that $100 pair of shoes you were eying at the mall, or go on that weekend vacation your friends are all ditching you for.
It simply means that if you need money for something urgent like car repairs or home repairs, that you can use a cash advance loan to help cover that expense. Cash advances can usually be deposited into your checking account the very same day you apply or overnight.
A cash advance is meant to be a short-term loan, not a revolving credit account. The interest you pay on a cash advance is higher than with a traditional loan because it is meant to be short term. If you end up paying on a cash advance for more than a month, you will find that soon your loan is smaller than the interest you owe.
In applying for a loan like this, you will generally supply the loan company with your name, address, phone number, employment and checking account information. There is no credit check involved with most lenders so this is a great option for people with poor credit that need money.
You can qualify for a cash advance up to $1000 dollars, or more, that is to be repaid when you receive your next paycheck or over your next two to three pay periods. You should check with each lender though because this amount varies from state to state and lender to lender.
Cash advance companies may require you to receive your paycheck through direct deposit, but some allow you to qualify for an advance even if you receive a paper check from your employer that you deposit into your checking account.
The interest rates charged for a payday advance loan are significantly higher than with other types of lenders, but the majority of payday advance companies will allow you to split your payments over your next several pay periods to make repayment of your loan simple and painless.
Some lenders offer different interest amounts depending on the amount of time you need to pay your loan back. But most cash advance lenders are expecting your loan term to be only a couple of weeks.
This is an excellent way to get the cash you need until payday. Many companies have programs that require no faxing of your bank statement and latest check stub. Even if you are self-employed or receive income in the form of monthly benefits you can qualify for a cash advance.
You may be required to fax proof of income in certain situations, but you can still receive your money fast. Many payday advance companies can approve your loan within an hour of receiving the necessary documentation. This is part of the ease that keeps drawing customer back to lenders of this sort.
No matter what type of income you receive each month, if you are in need of extra cash until payday a cash advance may be the answer for your short-term financial needs. A number of cash advance companies offer reduced rates for first time customers or simply offer a discount loan program to all customers.
Also, if you get a few cash advance loans throughout the year, and you go with the same lender, some offer a good customer discount as well. As mentioned earlier, each lender may be slightly different so compare lenders to find the best loan for you at the best rate.
Most people prefer to borrow online as it is easy, they can do it from home and they can compare companies side by side. Make sure the lender posts their interest rates and fees clearly on their website.
Read all fine print and call their customer service hotline to make sure your questions are answered before you avail this loan. You want to make sure you are as informed as possible before singing a legally binding contract.
Once this is done, you should end up having a great loan experience!
by: Jack Landry
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