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 meet these needs? Are you overdrawn and
is your credit card maxed out? While you may have the
option of borrowing from friends, not everybody is
comfortable being indebted to family or friends.
If you are in a situation like this, perhaps the best
solution for you would be to get a cash advance loan or a
payday loan. It seems that everywhere you look these days
you will see a commercial for a company who is offering a
cash advance loan and more and more people are using these
loans to get immediate cash to take care of their urgent
financial obligations.
Before you commit to a payday cash advance loan, you should
know exactly what they are, how they work and how borrowing
money from one of these lenders can affect you in the long
run.
What is a Cash Advance Loan?
An online cash advance loan is quite simply a small loan
made by a third party company that uses your current wage
earnings and checking account as evidence that you will be
able to repay the loan. Most online cash advance companies
will require recent check stubs that prove you earn a
certain pre-determined minimum amount each month. They will
also need evidence that your checking account has been open
and in good standing for at least a month. An online cash
advance can often be the quickest route to getting the cash
you need for an emergency.
Take a look at this example
Sam hasn't had the best month. Two weeks ago she was
surprised with a power bill that made her wonder if she was
supplying heat to the entire neighborhood. As a single 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 could take a breath and ask "what's next?", she
took the car for an oil change only to find out that she
mad much bigger problems than dirty oil. When the estimate
comes back, she looks at the numbers with tears in her eyes
wondering how she can possibly afford to fix he car when
she doesn't get paid for another week and a half. She
doesn't have any friends or family to help her out and if
she can't drive to work she's going to lose her job.
Examples like this happen every day to hundreds, possibly
even thousands of people all over the country. Hard
working people are caught by surprise by bills right when
they least expect them. They don't need a hand out, just a
little boost to get them through a week or two until their
next 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
often be approved for a cash advance loan in a matter of
just a few minutes and the proceeds from your 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 monthly income. There is usually no credit check
required with cash advance companies and you can get an
advance loan of anywhere between $100 and $1,000, sometimes
even more. You should never borrow more money than you
really need to meet your obligations.
Advantages of taking Cash Advance Loans
Some of the advantages of taking cash advance loans include:
- They are hassle-free
- The process typically takes less than half an hour
- It is available in an emergency without having to put up
any 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 went through
a financial crisis
Cost of taking Cash Advance Loans
Let's face the facts here - cash advance loans are not
free. These companies are in business to make money and
make money they do, generally charging a fee starting at
about 25% on average. On first glance that doesn't seem
like much -- you pay twenty five bucks to borrow a hundred.
They usually come due in two weeks at which time you can
either pay off the loan or extend it for a longer period.
Be mindful that extending your loan will increase your
fees, so you need to be careful that you don't get caught
in the trap of constantly renewing a payday loan out of
convenience. With most cash advance loans carrying an
annual percentage rate (APR) of 650% or more, when the fees
catch up to you it will be anything but convenient for your
budget! It is important to pay your cash advance loan off
as soon as you can.
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the bad! http://www.HotFastCash.com is a comprehensive
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