Instant Cash Advance: A Convenient Credit Scheme For Americans

Suppose your car engine broke down

Suppose your car engine broke down. The automotive shop charged you $500 for car repair and check-up, and you issued a check to the automotive shop as payment. The next day, the owner called and told you that your check bounced. Apparently, you did not notice you have run out of savings. You check your wallet, and all you have left is a $100 bill. Unfortunately, its still a week before your next payday. What would you do?

Some peoples first instinct is to call a family member or a friend. Unfortunately, there are times when they cant help you out. In cases like this, an instant cash advance is useful. Rush to the nearest lending outlet or surf the Internet. There are various lending outlets in the city, and you can easily find lending websites online, too.

An instant cash advance is an interim credit method. You can borrow a specific amount of money from a lending company. Youre required to pay for the loan on your next payday. Typically, payday lending companies allot two weeks for loan payment. They charge an interest rate on top of the net loan amount. Payday loan interest rates range from 15% to 30%. During payment, lenders obtain the principal borrowed amount plus interest rate.

An instant cash advance is also a convenient credit scheme. Lending companies follow a simplified process for processing and approving loan applications. Borrowers can apply for loans at branches or websites of lending companies. During application, lending officers ask for four basic requirements: age, bank account, regular employment, and contact details. The minimum age for loan application is 18 years old.

Likewise, regular employment and an existing bank account are necessary. Regular employment ensures that the loan is paid on time. A valid and working bank account serves as financial medium between lenders and borrowers. Payday lenders automatically deduct the total amount of borrowed money from a borrowers bank account. In the same way, lenders deposit the instant cash advance in the bank account.

An instant cash advance is one of the most preferred credit schemes in the United States. It provides for your financial needs in times of emergency. Aside from urgent automotive repair, you can use cash advances for health emergencies and unexpected family trips as well.

by: Sofia Britts

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