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Wednesday, October 20th
Honest Loans works by connecting customers with lenders in their network. There's no need to wait in line or go to a store: you can get the money you need deposited right to your bank account. Their application takes five minutes or less and, if you're approved, you can get your funds within a business day.
Needs to provide more information upfront
Honest Loans has the widest range of loans available - anywhere from $200 to $50,000. Of course, most applicants won't qualify for loans in the tens of thousands, especially those who are looking for cash advance lending options. When you fill out the Honest Loans online application, you'll find out how much you're approved to borrow. That's also the only way to find out how much you'll pay in interest: while this company may be honest like its name, it's a little lacking in the "openly provides specifics" department.
May pass you on to other lending services
Bear in mind that Honest Loans is essentially a cash advance referral service. When you complete your application - bank account number, employment information, driver's license number, and so on - you'll be passed off to any lender that Honest Loans thinks will fund your borrowing request.
Can you trust the lenders in the Honest Loans network? That's hard to say: our application took us to a third-party site that was also a referral service, and there we were going to be charged a $1 transaction fee to verify our identity. No thanks!
Still not enough company feedback
We had hoped that, in the time that has passed since our last evaluation of this lender, there would be more customer feedback to go on. That didn't happen: the company still has no listing with the Better Business Bureau, and it's hard to find many comments from clients who have used this service to get money. That doesn't mean this is a bad place to get a cash advance, but it's definitely not the most established one we've found. You may want to try a higher-ranked cash advance service before giving your information to Honest Loans.
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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