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      October 18, 2018

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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.

Stripe is testing cash advances, following Square and PayPal's moves into business finance

Stripe, the fast-growing payments startup that is now worth over $9 billion, is working on a new product to help it fill out some of the gaps in its product suite as it bids to become the go-to financ...

Published:  Mon, 24 Sep 2018 10:53:00 GMT



Cash advance store robbed in Taylorville

Taylorville police are looking for two men who robbed a cash advance store on Wednesday. Police were called to the Cash Store, 119 W. Park St., around noon. An employee said two men entered the store ...

Published:  Wed, 19 Sep 2018 16:40:00 GMT



'Johnny Cash Show' reruns remind me why I love country music

But nobody ever did it like Johnny Cash. Watching the show was a treat. And next week could be even better, as rumor has it the special guest will be Merle Haggard. Reggie Ponder is a staff writer at ...

Published:  Wed, 18 Jul 2018 21:11:00 GMT



Coinbase May Be Refunding Credit Card Cash Advance Fees On Cryptocurrency Purchases

Credit card companies look to reduce their exposure to the crypto market by classifying cryptocurrency purchases as cash advances. Cash advance classification could lead to further declines in demand ...

Published:  Wed, 14 Feb 2018 12:05:00 GMT



Police: Advance America Cash Advance robbed

LAFAYETTE, Ind. (WLFI) - Lafayette police are looking for a man who robbed a Cash Advance store at gunpoint Tuesday morning. Lt. Scott Galloway said police were called to the Advance America Cash Adva...

Published:  Tue, 29 May 2018 08:23:00 GMT



Critic likens law firms that pay cash advances to the mob

Critics compared the legal-financing industry to mob loan-sharking and modern-day slavery during a hearing Wednesday into the controversial practice of paying plaintiffs cash in advance against potent...

Published:  Wed, 16 May 2018 16:51:00 GMT



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