Cash Advance Loans
Have you ever felt uncomfortable with buying goods or paying for the services you’ve used because of not carrying enough cash with you? In a corner shop or while using a parking slot, visiting your hair stylist or moving to a new flat, paying via credit card may not be OK, while payments in cash are more than preferable.
In situations when you don’t have much time, any difficulties with credit cards can turn out to be real troubles and require a swift solution. Just try to buy some good stuff during a total sale with no cash in your pockets and no ATM around, if you don’t trust me.
For such reasons a really good fast option to get some cash is to use an “advance cash” service offered to you by your credit company. In few words, cash advance is an opportunity given to a cardholder for the case when he/she needs a short-term loan for 500$ or less without loosing time on collecting a list of various documents on his credit history and applying for the bank allowance to borrow the money.
The possibility to make it online makes the procedure even easier. All you really do is just submit the appropriate data and get the loan sum deposited straight to your account in 1 bank working day, if approved. An online loan brings in the convenience of saving your time and might be suitable for those who are in love with their laptops.
The cash advance is surely not just goodwill of your lender – it is concerned to be a payday loan and implies fees, so get ready to pay extra charges on return.
The fees policy differs from a company to company: sometimes it can be a fixed tax, but, all in all, in most cases you pay extra 2-5% from the total sum you borrow. That means that if you take 200$ as a cash advance loan you’ll have to pay back these 200$ + 10$ extra. And if the company has got a minimum cash advance fee, the sum will surely turn out to be higher, so it’s better to check it beforehand. What is more, most companies don’t let their clients get the whole credit limit amount in cash all at the same time, so don’t rely on it too much in case of emergency.
Be aware that the global network is full of the complaints on dishonest actions of different people claiming to represent Advance America, Advance America Payday Loans and some other companies. Lots of the customers have faced harassing spam calls and e-mails offering to get an advance cash loan with an upfront fee or threatening with legal actions against them for the loans taken several years ago.
To sum it up, a cash advance loan can become a convenient way to solve your momentary financial difficulties, but is a dangerous time bomb, when used constantly, so think it over once more.
If the cash advance is just the thing that suits you, don’t hurry too much and check the conditions. Trust only the licensed companies, save your receipts, don’t agree on the upfront fees and keep to the Lewis Carrol’ advice of not talking to strangers!
To take a payday loan is today’s mainstream.
Lenders represent an advance loan as a small loan which is lent for a short period of time. Also it is advertised as the quickest and easiest one. It may be so, but is it so profitable? And what are the reasons that make people deal with that business?
According to the statistics most borrowers are white women from 25 to 44 years old. On the other hand, after looking through other features, I can mark five groups that have higher probabilities of lending a payday loan. These are people who:
• Do not obtain a four-year college degree;
• Rent a place to live;
• African Americans;
• earn below $40,000 a year;
• who are single or divorced.
Usually, payday loans are used to pay for common living expenses during the month and very rare for something that is really important and unexpected.
What are main reasons to take payday loans?
First of all, sometimes it’s not convenient to ask relatives or friends for money. Besides, there may be few people who can lend you money right this very moment. On the top of that, if you consider getting a loan in a bank, you’ll have to go through the application process, bring some document, which really takes time.
Secondly, there are situations when people weren’t able to pay back their loans to the bank. In this case bank could confiscate something valuable (for example car or house) instead of fees. In comparison with payday store, they may count only extra charges. So it is more reliable to give more pay than lose a car or house.
Thirdly, no one will ask for a credit history or make any research, if you pay everything on time. All a payday lender wants to know is: you are able or not to pay the loan back. Actually, this is the matter why the application process is shorter than in banks.
To clarify, a person should measure up his chances to repay the loan fairly, because the payday loan period is really short. Usually, a time period is about 30 days or even less. So you need to understand that if don’t pay back on time you will be hit with big interest pays.
Anyway, not to have worries of payments try to find another solution how to get money. At least, you can earn some money by putting up for a sale your old stuff or doing odd jobs. Finally, if there is no choice, but to take a payday loan, consider all pros and cons of this business, find the most appropriate advance store and follow all instruction.