Have you ever been in a situation where you are burdened with large unexpected expenses and did not know where to raise the money to satisfy these needs? Are you overdrawn and it is your credit card maxed out?
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While you may have the option of borrowing from buddies, not everybody is comfortable being delinquent to family or friends.
In case you are in a situation like this, perhaps the best solution for you would be to get a cash advance loan or a pay day loan. It seems that everywhere you look nowadays you will see a commercial for an organization who is offering a cash advance loan and much more and more people are using these loans to get immediate cash to take care of their immediate financial obligations.
Before you commit to a payday cash advance loan, you should know exactly what they are, the way they work and how borrowing money from of these lenders can affect you over time.
What is a Cash Advance Loan?
An online cash advance loan is very simply a small loan made by a third party company that uses your current income earnings and checking account as evidence that you will be able to repay the mortgage. Most online cash advance companies will require recent check stubs that show you earn a certain pre-determined least amount each month. They will also need proof that your checking account has been open and in good standing for at least a month. An online cash advance can often be the fastest route to getting the cash you need for an emergency.
Take a look at this example
Mike hasn’t had the best month. Two weeks ago she was surprised having a power bill that made her wonder if she was supplying warmth to the entire neighborhood. As an one mom of two she is already overextended as it is, and she’s still trying to pay off what she spent at Christmas. Before she can take a breath and ask “what’s next? “, she took the car for an oil change only to find out that will she had much bigger troubles than dirty oil. When the estimate comes back, she looks at the figures with tears in her eyes wondering how she can possibly afford to fix her car when the lady doesn’t get paid for another week . 5. She doesn’t have any friends or family to help her out and when she can’t drive to work she’s going to lose her job.
Examples like this happen every day to hundreds, potentially thousands of people all over the country. Hard employees are caught by surprise by bills right when they least anticipate them. They don’t need a hand out, somewhat boost to get them through a 7 days or two until their following payday. Thankfully with the online cash advance, it can now be easier than ever to get over that little hump. If you can meet the minimum requirements to apply, you can frequently be approved for a cash advance loan in a matter of just a few minutes and the proceeds from your own loan will be available to you within twenty four hours in most cases.
Most often all that is required is that you be at least eighteen years of age with a checking account and a stable verifiable regular income. There is usually no credit score checking required with cash advance companies and you could get an advance loan associated with anywhere between $100 and $1, 000, sometimes even more. You should never borrow more money than you really need to meet your commitments.
Advantages of taking Cash Advance Loans
Some of the benefits of taking cash advance loans include:
They are effortless
The process typically takes less than half an hour
It is available in an emergency without having to put up any kind of security
The proceeds of the loan are deposited automatically into your bank account less than 24 hours after approval
It is discreet; nobody has to know that you experienced a financial crisis
Cost of taking Payday loans
Let’s face the facts here — cash advance loans are not free. These companies are usually in business to make money and make money they do, generally charging a charge starting at about 25% on average. On first glance that doesn’t seem like very much — you pay twenty five dollars to borrow a hundred. They usually come due in two weeks at which period you can either pay off the mortgage or extend it for a longer period. Be mindful that extending your own loan will increase your fees, so you need to be careful that you don’t get captured in the trap of constantly renewing a payday loan out of convenience. With many cash advance loans carrying an annual percentage price (APR) of 650% or more, once the fees catch up to you it will be anything but convenient for your budget! It is important to spend your cash advance loan off as soon as you can.