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The Benefits Of Cash Advances

Friday, October 22nd

The Benefits of Cash Advances

Although there are a number of benefits to being able to get fast cash when you need it, the most obvious reason for cash advances is to help out when unexpected emergencies arise. As their name implies, cash advances grant borrowers a certain amount of money secured by their next paycheck. When one of life's unexpected events occur, you can use cash advances to make sure that the unexpected isn't the unaffordable.

If you are in a temporary slump resulting from unforeseen expenses, such as a car repair, doctor bill or perhaps even a higher heating bill during the winter, you may find that it's difficult to squeak by with your finances until the next payday arrives. Perhaps you took a vacation, which not only costs money but may also involve days missed of work, and you need some extra money for the necessities until payday or maybe you need to take care of some necessary home repairs. Whatever the case, one of the main benefits of cash advances is to be able to get quick cash when and if you need it.

Many people may not realize this but obtaining a loan, even a very small one, can be a task if you have bad credit. Cash advances do not typically require credit checks, which means that your credit history may have little or no bearing on whether or not your loan is approved. When it comes to payday lenders, they are more concerned with your current ability to repay than your past. In order to apply and be approved for payday loans, you must have a steady job and enough income to repay the debt. As such, the ability to obtain fast cash with less than perfect credit is another benefit of cash advances.

With credit cards or traditional bank loans, even when requested in small amounts, the approval process can be lengthy. With a credit card, you have to apply and wait for days before your card arrives in the mail. If you apply for a traditional loan, you may have to wait for several days before getting an approval. Cash advances, on the other hand, are fast and convenient. Because they are designed to provide fast cash, the application process is nothing short of the same.

If you are able to repay cash advances quickly, you will enjoy not being inundated with finance charges and fees. If a cash advance continues to roll over, or remains unpaid, additional fees may occur. As is the case with any type of loan, the faster you pay it off, the less money you will pay in the long run. If you are in a situation where you cannot repay cash advances on the date of your next paycheck, you will need to check with your lender to see if they will extend the loan for a longer term.

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Cash Advance Service FAQ

A cash advance provides you with a loan where you are essentially borrowing from a future paycheck. If you just need a little bit of money to hold you over until your next deposit, a cash advance loan could help.
That depends on the lender you select and the laws in your state. Most cash advance services offer smaller loans to first-time customers and increase the amount available to repeat clients. You can expect to qualify for a loan amount between $100 and $1000, possibly up to $2500.
No, and that's part of the appeal of a cash advance loan. You have to provide proof of income, and that doesn't depend on your credit score.
You'll usually have a service fee that's a percentage of the loan amount, in addition to any interest you're charged. Be aware that interest rates on cash advance loans are extremely high: you may see APRs of over 2,000%! In other words, cash advance services should probably be considered as a last resort.
Most providers of cash advance loans can get your funds deposited as quickly as the next business day, once you've been approved. The quicker you fill out the application and provide any requested documentation, the sooner your funds will be transferred.
Because your loan is borrowing against your next paycheck, you'll typically have until that pay date to repay what you borrow. For example, if you're paid twice a month, you'll probably have a loan term of 15-17 days, or up to 31 days if you get paid once a month.
Frankly, yes. These are some of the highest-interest loans on the market, and you could get stiff penalty fees and other charges if you don't pay them back on time. Laws vary by state; you could have a grace period if you can't pay your loan off by the due date and you request an extension beforehand.
Yes. There are many lenders that have been in business for decades and that have a positive reputation for providing funds to clients in desperate situations without taking advantage of them. However, because of the higher-risk nature of cash advances, you should take the time to read all of the fine print and verify that the lender you're considering is trustworthy before you commit.

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