Consider A Cash Advance Loan
Cash advances can be a great stress reliever when you are experiencing some kind of urgent financial pain
. This could be anything from a medical expense, to car repairs, to an urgent bill that is due before your next paycheck arrives.
Most people don't plan for that kind of unexpected situation, nor do they have the savings in which to draw from, which is sad really. Having money in the bank is more important than anything else when you find yourself in a financial crisis.
So, even if you don't have money to fall back on, don't worry. Your urgent financial situation can really help teach you the importance of saving your own money, and will also give you a good opinion of how cash advance loans can help you in times of trouble.
Cash advance loans are known by different names, payday loans, payday advances, quick cash loans. In essence they are the same.
A cash advance loan might give you a couple weeks long to pay back, however. And we are not talking about taking a cash advance from a credit card.
These loans typically need to be paid in full when you receive your next paycheck. There are major advantages to cash advance loans, of which one is instant approval for most people.
Even people with poor credit can take advantage of the service that payday loans offer. Here are listed some tips to follow when borrowing money from a cash advance lender that you might find useful.
Cash advance loans are short term loans, which must be paid on your payday, or the date that was agreed on by you and your lender. The lender requires a postdated check, as the assurance for the repayment.
With technology at our fingertips, you can opt to get the money direct deposited into your account with repayment scheduled to debit your account on the due date. Then you need not worry about anything!
It is attractive since it does not require any other collateral security or a good credit report. The primary eligibility requirement is that you must be 18 years of old and must possess a checking account.
You must be employed for the past five months or at least up to 90 days. Each lender is different so you will want to verify these requirements with them.
Your monthly income must be $1000. But some payday loan companies are lenient to allow loans to persons having a monthly income of $800. Online cash advance loan companies have made the payday loan processing very easy.
You need to just fill in the online application and they offer the money deposit to your account, within 24 hours, if all the provided information is satisfactory. The online application must include your personal information such as address, phone numbers, payment details, bank name, bank account number, and check number.
Some of the companies require the credentials to be faxed to their number for verification. Therefore, you should be prepared with your driver's license, check stubs, social security card and blank checks.
You can manage your own cash advance loan, to an extent. If you cannot pay the loan on the repay date, there is a procedure called a roll over, or extension; every lender is different and may not offer this, or those that do may have different fees attached, so make sure you inquire.
The important thing in getting a cash advance loan is to build a good track record of transactions with the same payday loan company, since the company from which you availed the previous loan will increase the maximum limit of loan amount, according to your track record. Also, some lenders will give you better rates on future loans if they know you are a responsible borrower and a good customer.
You should always be knowledgeable about the interest rates that cash advance companies charge. They are quite high compared to a long term loan, but since they are short term loans, the cost isn't a bad thing.
These loans were created for people in a financial crunch and when we are in need of something quickly, sometimes we pay a little more for it. Just the idea that these loans exist for people with poor credit and people who are financially stressed, makes it a good product to use when you qualify for them.
by: Jack Landry
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