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Although cash advances are somewhat like traditional loans in certain respects, there are many differences than similarities between the two. Like conventional loans, cash advances must be repaid according to the agreed upon terms but, seemingly, this is where the likeness ends.
When you think about a conventional loan, you probably think about a lengthy and detailed application, along with a complete review of your financial status and credit history. Following that, a lender will review the application and decide whether or not to approve the loan within several days. Cash advances, on the other hand, offer applications that typically take less than 5 minutes of your time, offer fast results and equally fast cash. In addition, the majority of payday lenders do not review your credit file, which means that an absent, limited or poor credit history will not likely hinder your ability to qualify for cash advances. In most cases, the funds from cash advances are transferred into your bank account within 24 hours.
When it comes to fees, the costs associated with cash advances are often more expensive than conventional loans. Cash advances often include the actual loan amount plus a fee based on the same. Most lenders charge anywhere from $10.00 to $30.00 per $100.00 loaned. In most cases, cash advances are available in amounts up to and including $1,500.00. Conventional loans, on the other hand, are issued with a preset interest rate and no additional fees. Without a maximum loan amount, conventional loans often provide for larger funding.
If you are trying to choose between a conventional loan and cash advances, your first consideration should be the amount of money that you need to borrow. If you need $1,500.00 or less and need this amount on a temporary basis and you have the ability to repay it quickly, cash advances may be the answer you need. If you need fast cash, payday lenders specialize in these types of loan requests.
When applying for cash advances, you will need a checking account, a regular job with steady income and you must be at least 18 years of age. When you apply for a conventional loan, you will still need a job with regular income and be at least 18 years of age, but you may also need collateral for the loan. Depending on the amount requested, you may be asked to provide tax returns, proof of assets and a host of information relating to your current net worth. When it comes to cash advances, your paycheck is your credit and no other collateral is needed to secure the loan.
The type of loan that you ultimately request will depend on a number of factors, including the desired loan amount, current income, ability to repay and the desire to repay it quickly or in payments. Most borrowers request cash advances for emergency purposes, including car and home repairs, doctor visits or simply when they need additional cash to carry them over until the next paycheck.
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