How To Avail A Cash Advance
They are also short term loans and are very different from the loans you get at the bank
. They have high interest rates but since they are short term, you don't end up paying exorbitant amounts of money.
However, if you do not pay your loan back in the term agreed upon, the fees add up rather quickly. These loans were created to give people the convenience of getting money quickly with little to no fuss.
One of the first things you should do before availing a cash advance loan is to shop around. There are local stores in almost every city and hundreds of lenders online.
The benefits of going to a brick and mortar store include face to face customer service, a chance to see how well the business is run, and the ease of going somewhere local when you have questions.
If you opt to find a lender online, you must make sure that the lender is located within your country of origin. It is best to find a lender who is not a pawn dealer, but one who deals with cash advance loans as a business.
If you can find a lender who has been in business for at least five years, that will be helpful for you in finding a reputable company to work with as well.
The best deal offered can sometimes not be the best option. Read all the fine print to decide if there are any extra fees attached that will drive the cost of your loan up.
There are several different types of cash advance loans out there, and they can vary wildly in terms of fees, interest rates, and loan repayment times.
Make sure you are clear on the terms of the loan you choose to get, including how long you have to pay back the loan, and how much money you will need to pay back.
Ask a lot of questions to make sure you are clear on everything. Is there an early repayment fee? Can you extend the term of your loan if you cannot pay it back on time? What fees are included.
Next, you can then apply for the loan. You will need to meet a few simple requirements to ensure that you get approved.
The first is that you have a job that nets you around $1000 a month or more.
You must be 18 years of age or older. And you must have a valid bank account. The reason for this is because the collateral on the loan you are getting is the post dated check you will write, or the post dated draft that will go through your account to pay back the loan on the date you agreed upon.
You might be wondering why you can't just use your credit card to get a cash advance. You can, if you so choose. However, you must consider that your credit card company will generally come with a higher interest rate than the balance you established with normal purchases.
And your credit card does not require that you pay the amount you borrowed back within a certain time frame. The amount you borrowed is added to your balance and you will have a higher minimum payment.
It can be hard to pay it back in full quickly when you know you can stretch your payments over a long period of time.
And if you are paying a large interest rate, you will end up paying so much more for the "loan" you got through your credit card company.
So with that said, it might just be a better option for you to go with a cash advance company. As mentioned earlier, because cash advances are generally extremely high-interest loans, you'll want to pay the loan back as quickly as possible.
Some loans are required to be repaid within 14 days. However, recent law changes are causing many cash advance companies to favor longer-term loans.
Recent state legislation has attempted to regulate cash advance loans to make them fairer to consumers. Federal legislation is also in the works.
Until then, comparison shopping for the best rate and paying the advance back as fast as possible can help you make the most of your loan.
by: Jack Landry
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