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Every day, people struggle with finances and often a little help is all that's 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.
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Cash Advances In The News
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 16:20:00 GMT
Louisiana State Police detectives made an arrest Friday in a string of burglaries. Shawn Ramon Freeman, 49, of Greenwell Springs, was arrested around midnight during a traffic stop in Golden Meadow. H...
Published: Thu, 24 May 2018 01:28:00 GMT
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
It's possible to think of reasons for getting a cash advance with a credit card. Maybe your car is broken down in the dead of night, and you meet a tow truck driver who inexplicably won't accept credi...
Published: Fri, 11 Aug 2017 13:07:00 GMT
Nine months after raising $22 million for its unique take on the cash-advance business, Activehours has gone back to the venture capital well and pulled out another $39 million in financing. Led by An...
Published: Thu, 21 Sep 2017 09:01:00 GMT
STOCKTON - Mayor Michael Tubbs first went public with his interest in a violence-prevention program called "Advance Peace" in early July. Tubbs' critics quickly dubbed the program "Cash for Criminals" ...
Published: Sat, 06 Jan 2018 14:19:00 GMT
You have some ideas for taking your company to the next level, but an infusion of cash is needed. You could look into options for small business loans or you could make use of a strategy that does not ...
Published: Thu, 19 Oct 2017 17:00:00 GMT
Short-term financing known as merchant cash advances are getting some small businesses into hot water financially. Marketed as a fast way to access cash, merchant cash advances can help some entrepren...
Published: Thu, 01 Dec 2016 12:35:00 GMT
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