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Wednesday, October 20th
Honest Loans is a referral website that takes your cash advance loan application and tries to match you with a network lending partner to get you the money you need. Because this company doesn't fund your loan directly, there are very little specifics about how much you can borrow or how much you'll pay in interest. There's also not much feedback about Honest Loans out there: no rating from the BBB and no customer comments. It may not be a bad place to connect with a cash advance company, but you have much more direct options available.
Zoca Loans is owned by Redbud Lending and offers quick cash that is repaid in installments instead of all at once. They don't come out and tell you how much you'll pay in interest on your cash advance loan of up to $1,500, but their sample rate quote shows an APR of 795%! Combine that with a disappointing "B" rating from the BBB and numerous customer complaints, and it's easy to see why Zoca Loans gets a low ranking here.
Good question. "Cash advance" and "trustworthy" don't tend to be said in the same breath. Unfortunately, there's a lot of truth to that: cash advances often come with extremely high interest rates and short payback periods. They should be the last resort you consider if you're strapped for cash.
You may spend much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out a cash advance, it's important to know how to find a lender that's reputable.
How do cash advances work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the cash advance and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected, or come into extra money, most cash advances can be repaid ahead of time, which will save you some money in interest fees.
Why are cash advances so popular? First off, you rarely have to have good credit; many cash advance companies only ask for identification, a bank account number, and proof of a steady paycheck. Cash advances are also easy to get: some states have more in-person loan "stores" than McDonald's locations!
What are the downsides of a cash advance? Besides extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of cash advances go into default, and as much as 80% of these loans are "reborrowed" again within 30 days. As you might imagine, that racks up huge fees - translating into big profits for the cash advance lender and less money in your pocket.
Now that you know the drawbacks of cash advances, how can you increase your chances of getting the money you need from a lender you can count on? Look for these things when you're choosing a service for a cash advance:
TopConsumerReviews.com has evaluated and ranked the most popular sources of cash advances available today. We hope this information will help you choose a lender that will get you the money you need with terms you can afford.
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