subject: The Good and Bad of Cash Advances [print this page] The Good and Bad of Cash Advances The Good and Bad of Cash Advances
Even for people with good credit, a bank loan may be hard to secure. The bank wants to ensure that their investment is a smart one. The world of personal cash loans is a bit different. Many people take advantage of payday loans because of the benefits they offer. A part of the appeal of payday loans is that bad credit isn't an automatic deal breaker. Past credit problems usually don't count against you. There are generally only a few requirements: be over 18 and a US citizen and have a bank account and regular income. You don't have to worry about a drawn out process. Because there are no credit checks, however, the lending company considers this a high-risk loan. The lender accepts the risk while you reap the benefits. If taken seriously, the loan process is a very good thing. The most essential rule is to pay back your loan at the proper time. This is true for personal cash loans even more so than many other loans or bills. Late fees are extremely stiff and can quickly add up. If you have bad credit or are already in financial hot water, you certainly don't want to compound your problems by adding more debt. Always set a goal to pay back your loan totally by the established guidelines. If you're allowed repay the loan ahead of schedule, that's a very smart idea. Carefully considering the amount of money you borrow is a good practice. $1,500 is generally the maximum a company lends at one time. If you're smart in your borrowing, you won't be worried when it's time to pay it back. Many people are pleased by the idea that they can get money they don't have without paying an overdraft penalty. If you don't repay your loan, however, the loan serves no useful purpose. Neglect on your loans is a sure way to run your credit into the ground. This system is almost completely without worry. It's wise, however, not to try to abuse the process. The financial reward for you can be high and so can the consequences if you don't act wisely. A cash advance is only as beneficial as you make it.
