How to Choose a Good Cash Advance Lender
You have probably seen the commercials for cash advance
loans, also called payday loans. They are all over the
television these days and you most likely haven't given
them a second thought until now. Your car needs work and
you don't get paid for a few more days, but you can't get
to work unless your car gets fixed. It's a catch 22
scenario that happens every day all over the country to
more people than you can imagine. Emergencies happen and
you will see several people looking for ways to get
themselves and their families through a financial crunch
now and then. This is precisely why the cash advance
industry has grown so much in recent years.
So you know you need a cash advance loan but you are not
quite sure how to find the best payday loan company for you
and your individual situation.
Here are a few questions you should ask yourself to help
you in determine what to look for in a good cash advance
lender so that you can make an informed decision with the
least amount of trouble.
What is a Cash Advance Lender?
Cash advance lenders offer short term loans to people who
find themselves in a financial bind between pay periods.
They offer quick money that you can usually have in less
than 24 hours. As you might expect, these lenders are in
the business to make money, so payday loans aren't free.
It's quite the contrary, in fact. Most payday loans will
need to be repaid within two weeks. The specific term may
vary from company to company, but two weeks is the average
across the country.
What do I look for?
When looking for a cash advance lender there are several
things to consider before you sign on the dotted line.
First, you should find out how long the company has been in
business. With the industry growing as quickly as it has,
hundreds of companies have sprung up seemingly overnight.
You should only consider doing business with a company that
has been around long enough and has proven themselves
stable. The best way to compare between different cash
advance loan companies is by doing an Internet search. On
the Internet you will find detailed information about
specific payday loan companies as well as reviews from
people who have done business with them in the past. If you
cannot locate the information you need on the web, an
alternative would be to contact your local branch of the
Better Business Bureau. They maintain records on companies
doing business in your area and individuals who have
accolades or complaints will contact them to register those
situations and seek a resolution when they feel they have
been wronged.
Next you should look at the requirements that will be
necessary to complete the process. What specific
information does the cash advance company require as part
of the application process? Most lenders will not require a
great deal of information up front so long as you meet the
following requirements:
-You are 18 years or over as you need to be at least 18
years of age to enter into a legal contract in the United
States
-You have a checking account
-You can prove that you have a stable job earning a certain
pre-determined minimum per month. The minimum monthly
income may vary from company to company.
How much money can you get?
Most payday loans are for a relatively small amount,
usually between $100 and $500, though some companies will
offer a much higher amount. You should have a good idea of
much money you really need before you look and don't let
them talk you into a loan for more than that amount.
What are the fees associated with the loan?
Payday loans are not cheap, and you can expect to pay high
fees for using the services that these companies are
offering. Ask what the fees are going to be before you
commit to taking the loan. This can save you a painful
surprise down the road.
When do you have to repay the loan?
Find out how long you have before the loan must be repaid.
In most cases, a cash advance loan will come due in two
weeks.
By asking the right questions up front, you will find it
easier to decide which cash advance loan company is best
for you.
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