Personal Cash Advance

When unexpected emergencies or expenses arise, we may sometimes find it difficult to obtain the cash we need. This is particularly true for people living under a stringent budget every month. Some people are also highly dependent on their salary for survival. So when emergencies strike, they tend to loan money from friends and family members. The problem is – there is no guarantee that someone would lend them the money every time it’s needed. So what can be the next option? You can opt to apply for cash advances.

Personal Cash Advances

This is one form of short-term loan which aims to offer loanable cash to people who are in dire need of it. It can be in the form of a payday loan which makes it payable within a short period of 14 days or up to the next payday. Some cash advance providers may offer longer repayment cycle especially for the non- first timers. The amount of cash you can borrow may vary depending on consumer practices of the state.

Advantages of Using Cash Advance Services

• Money can be obtained within 24-48 hours.

• No need to worry about stringent credit and background checking. As long as you can prove that you are employed or you have a steady income, then you can apply for it.

• Inquiries can be made via the web, on the phone or through e-mail. Most businesses offering this service accept initial inquiries online.

• No need to show or provide any collateral. You just have to ensure that you can pay the loaned amount on time.

• Even those without a bank account can avail. They can have their money through prepaid cards instead.

• For people who remain to be in good payment standing, applying loans for the second or third time would essentially be a breeze.

• Most companies also offer referral bonuses to people who can convince others to apply for a loan. Referral bonuses can be up to $500.

• These services are also linked to other money services. Being a good payor can automatically help you avail of other forms of loans.

Requirements

So, if you have finally made up your mind and plan to apply for cash advance soon, you need to fulfill the following basic requirements to qualify:

• Are you at least 21 years old? Some companies also offer short-term loans to those who are 18 years old. This will highly depend on your proof of income.

• Do you have a job? Submit your proof of income and make sure that the documents are authentic.

• Having a bank account can be an advantage, too. However, there are now establishments that use this as a secondary requirement.

How to Avail of Cash Advance

There are typically two ways to avail this service:

1. By directly going to money service establishments. These businesses are designed to offer quick cash loan through various means – cash advances, check encashing, payday loans, collateral-based loans, etc. There also those that encash digital money such as PayPal or Bitcoins. As they provide hassle-free loan application with minimal requirements, you may expect to pay staggering APRs or interest on your loan. Most of these services will also require borrowers to have an active or existing bank account.

2. Another option is with the use of charge card or credit card. Credit cards authorize owners or card users to withdraw cash directly from ATMs. Note that there is always a limit when it comes to withdrawing cash from credit cards. Most of cash advance providers impose an interest of 3-5% and will require users to pay the amount within 30 days. The advantage of using this method is that it is possible to withdraw cash in any state. On the other hand, cash advance services are only available in certain states.

Important Factors to Consider before Applying for Any Type of Loan

Cash advances, just like all other types of loans, are not ‘free money.’ They are accessible, but they need to be repaid, too. Before applying, you must understand the financial responsibilities you have. You need to understand that cash advances require massive interest and fee which must be paid within a very short period of two weeks. Note that both federal and state laws are applied in terms of requirements and of sanctions.

Each state has its own law concerning unpaid debts, bounced checks, or returned checks. Most establishments will initially contact you in case of insufficient funds in your account. If you still fail to pay for your loan, a collection agency may take over. This will also immensely hurt your chances of renewing your loan. Moreover, it can tarnish your credit score which will have an impact on your capacity to loan directly from a bank, purchase a home, etc.

Emergency Cash Advance

During the times when people need to pay for an emergency expense, there are a number of sources of fast cash that they can tap to help them pay for the expense and to gain access to cash that can tide them over until the next payday. One of these sources include the Internet, as it is host to a large number of lending institutions who offer cash advances to people. However, the urgency of the situation and the “willingness” of lenders to provide these loans should not make people careless about selecting a cash advance loan. This is because jumping on the first loan offer can make people miss some of the best terms and rates that other lenders offer. Given this, people who are in need of fast cash should still do a certain amount of research regarding the different cash advances and on the lenders that provide them.

Getting a better deal

To ensure that you get the loan that best fits your needs and the loan that you can easily repay, there are a number of steps you can take to help you do so. One of these includes reviewing the fees and the APR that the lenders charge. This can help you compare different lenders and to pick the lender that can offer you the best deal with regard to the charges you have to pay. Another step you can take is to review the requirements that the lenders ask for, which can help you assess which lender offers the most convenient option for you with regard to the number of requirements you need to submit. More importantly, you should also inquire about the cash advance loan amounts you can get and the payment terms you would be given. This is very important because getting this information can help you pick the lender that an give you the best deal on the cash advance you are getting with regard to how much money they can offer you and the flexibility of the terms they provide.

During times when people need to pay for an emergency expense, the urgency of the situation should not make people go for the first cash advance offer that they receive. This is because even a little research can go a long way in providing people access to some of the best deals on cash advances. This means that when people take the time to canvass for a cash advance, they can have access to cash advances that best fit their needs and which they can also easily repay.

Advance Loans – Why and How They Work

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 had 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 her 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.