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      April 26, 2019

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Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Cash Advances and Your Credit

Every day, people struggle with finances and often a little help is all thatís needed to get them back on track until their next paycheck. For some, cash advances may be the answer. Because they often require no credit check, cash advances are ideal for those with little or no credit history. At the same time, they are perfect for someone who may have had credit problems in the past.

Instead of credit, payday lenders are more concerned with your current ability to repay a debt. This means that they will verify your employment and income, but will not typically pull your credit report. In addition, cash advances are not commonly reported to credit bureaus, which means they will not show up on your credit report. If you have concerns about future lenders knowing that you once applied for cash advances, you will be glad to know that it is unlikely.

Although cash advances are not issued based on credit, nor will they commonly appear on credit reports, they must be repaid as any other loan. Because they offer fast cash with very little qualifying, with the exception of steady employment, cash advances do not come cheap. Most lenders will apply fees based on the loan amount and may range from $10.00 to $30.00 per $100.00 loaned. For instance, if you borrow $1,500.00 in payday loans, you may be paying between $150.00 and $450.00 in fees plus the original loan amount. If you request that the loan be extended, and the lender agrees, these fees will continue to roll over as well.

If you would like to access your credit report, you are entitled to request a free copy from each of the three credit reporting agencies on an annual basis. You can either submit your request online, by phone or in writing. In addition, if you are turned down for credit, you will be given a letter of explanation from the lender containing a reason for their decision. The letter will also contain the contact information from the credit reporting agency, which was used during the decision making process. You will have approximately 60 days from the date of the letter to request a free copy of your credit report from the agency listed.

Cash advances are designed to be a short-term fix to a temporary problem. In most cases, they are used when unexpected events arise or the borrower simply falls a little short on cash. Although their fees can be high, they provide many with the instant relief that they so desperately need. When it becomes impossible to wait for the next paycheck to buy groceries, see a doctor or even have your car repaired, cash advances can give you access to quick cash as a quick fix to a temporary financial slump.

Mitigating Risk in the Merchant Cash Advance Industry (PowerPoint Slides)

As the merchant cash advance (MCA) industry is trying to achieve wider acceptance as a source of small business financing, there are a number of risks that need to be considered and mitigated. Among ...

Published:  Wed, 24 Apr 2019 13:33:00 GMT



What Is a Cash Advance?

Do not get a cash advance. In almost any situation you have better options. Negotiate a late fee with your landlord. Call your cell phone or cable provider to discuss delayed payment options. Keep a ...

Published:  Thu, 04 Apr 2019 08:50:00 GMT



Hedge Fund's Route to 30% Fees: Cash Advances to Hip-Hop Artists

Stephen Marley comes from music royalty. Sean Garrett has written and produced smash hits for Beyonce, Usher and Ciara. Even so, when they and hundreds of lesser-known names in the world of hip-hop ...

Published:  Tue, 02 Apr 2019 06:00:00 GMT



Cash-advance app Earnin gets subpoenaed by NY regulator: source

New York regulators have launched an investigation into Earnin, a Silicon Valley-backed cash-advance app, over concerns that it may be skirting state lending laws, The Post has learned. The probe ...

Published:  Thu, 28 Mar 2019 13:15:00 GMT



Sask. to ask feds for boost to cash advances for canola farmers

Saskatchewan's agriculture minister is asking Ottawa to help bankroll farmers hit by China's canola blockade, through a boost to a cash advance program that could help pay for inputs as spring seeding ...

Published:  Fri, 29 Mar 2019 13:05:00 GMT



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