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      June 25, 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.

Cash Advance Apps Can Be a Short-Term Bridge for People Short on Money

Around 78 percent of Americans found themselves living paycheck to paycheck, according to a 2017 study by Career Builder. Perhaps it's no coincidence then that cash advance apps, which give people ...

Published:  Sun, 23 Jun 2019 08:00:00 GMT



Experts recommend against getting cash from a credit card thanks to high fees and interest - but here's how to do it, if you have to

Cash advances - borrowing cash against your credit card - are notoriously expensive, and experts generally recommend against them. Unlike debit cards, credit cards aren't generally used to take out ...

Published:  Wed, 29 May 2019 10:33:00 GMT



Cash-Advance Startup Brigit Valued at About $150 Million in Lightspeed-Led Deal

Brigit, a startup that provides consumers with cash advances as alternatives to payday loans, is finalizing a new round of financing that would value the early-stage fintech company at about $150 ...

Published:  Fri, 31 May 2019 16:03:00 GMT



FTC Launches Merchant Cash Advance Probe

The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business ...

Published:  Tue, 28 May 2019 05:01:00 GMT



OYO launches Cash-in-Bank initiative for asset owner-partners

With the 'Cash in Bank' (CiB) facility, asset owners across the country can benefit from quick, collateral-free business advances to upgrade or renovate their buildings, OYO said in a statement. To ...

Published:  Wed, 29 May 2019 22:08:00 GMT



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