subject: Cash Advances: What You Should Know To Borrow [print this page] Even for people with good credit, a bank loan may be hard to secure. Banks have to practice solid investing. The standards change some when it comes to personal cash loans. A payday advance is a helpful tool when used the right way.
One of the biggest benefits of a cash advance type of loan is that your credit history means little. You could still be approved for a payday loan if you have written bad checks in the past or have overdue bills. The majority of lending companies have the same general guidelines to qualify. The period from applying to being approved is very quick and painless. No credit checks means that a payday advance is considered a high-risk loan. With such a high-risk loan, the borrower assumes much risk and quick reward.
A personal payday loan has little drawback if used properly. Remember one thing: always repay your loan on time. This is true for personal cash loans even more so than many other loans or bills. Late payment penalties can be brutal. It can quickly and easily turn into a messy situation for you. Be sure that you're ready to repay your loan in full and on schedule. You may even be able to repay early. Another tip is to be conservative with the amount of money you borrow. $1,500 is generally the maximum a company lends at one time. Knowing when your paycheck is coming and how much it will be can help you determine how big of a loan you can handle.
For many people a cash advance is an opportunity to get a short-term loan for an emergency situation without facing fees on a bank account overdraft or for a bounced check. However, if you don't repay the company as you should the incentive was wasted. Undoubtedly your hurting your credit and your peace of mind.
This system is almost completely without worry. Even so remember that it's important not to abuse the opportunity. Be mindful that the system is full of reward as well as risk. With paycheck loans, don't let a good idea turn into a bad one.
