Cash Advance Loans – The Quick Loan When You’re Short on Cash
We’ve all been in that situation before, you know the one I’m talking about, that oh so sudden short on cash surprise. It doesn’t matter why, it just matters how you’re going to get through it.
One way is to take a small cash advance loan until you get your next paycheck. These short-term loans are rather straightforward and easy to get.
What is a cash advance loan?
These loans, sometimes referred to as payday loans, are small unsecured advances on your next paycheck. Most lenders are willing to pay out anywhere from $100 up to $1500 without any type of credit check or proof of income.
24 Hour Payday Loans
Even if you have bad credit, you are still able to confidently receive money from this type of lender.
While every company has different rules and requirements, here are the ones that you are most likely encounter. First, you need to be 18 years old or older and have a full-time job. Your monthly income will generally dictate how much the company is willing to lend you. And it is not uncommon for companies to set a minimum monthly income, often $1000, for you to qualify.
The other requirement is that you have an active bank or checking account that the money can be deposited in.
How can I get the money I need today?
Honestly, this type of loan is very easy to get, and that is one of their strong points. As long as you meet the few basic requirements, you shouldn’t have any trouble getting approved. It doesn’t even matter if you have a lousy credit score, you will still be able to get the money that you need and fast.
And when I say fast, I mean FAST! This is another strong point with cash advance loans. You can generally expect to have access to the money within 24 hours of your application. However, you can actually get access to it much sooner, sometimes within as little as 60 minutes.
This generally depends on the time of day that you make your application. The reason I say this is because many short-term lenders actually operate online, too. So of course if you apply an at 2:30 AM, you probably have to wait until the next day to hear if you’ve been accepted.
In contrast, if you fill out the short form and submit it during the morning, you stand a pretty good chance of having the money in your bank account before lunchtime.
It’s because of their versatility and ease that many people use them when unexpected expenses arise.
What to expect from a short-term loan
As you’ve already seen, almost anybody can get an unsecured loan, there are very few restrictions, and most of today’s lenders don’t even require that you fax in any form of identification or proof of employment.
Unlike traditional personal loans that can run over the course of several years until they have been fully repaid, cash advances are only supposed to be from the day you need them until payday. As you can imagine, the interest rate for this type is going to be higher than when you secure it from your bank. And it would be irresponsible not to say they can end up costing you more in the long run if you are unable to repay it on time.
However, there are some easy steps that you can take to reduce the risk.
The first one is to never take more than you actually need. Chance are probably good that you will be eligible for a higher amount of money then you actually need to take. For example, if you need $250, you may be offered $500. While this may be tempting, and it may seem like easy money, you have to pay it back within 2 to 4 weeks before you begin to incur very high interest rates.
If you do take a cash advance, make sure that you are able to pay the loan by next payday. While you will probably have the option to roll the payment over until your next paycheck, you have to pay the added interest.
When used to cover unexpected and costly expenses that don’t fit into your budget, this money can be a good solution. And when used responsibly, it can save you from bouncing a check or missing a mortgage payment. Either of these two examples come with their own penalties which may be actually more costly than taking out a small loan.
This isn’t always the case, and some people will misuse this option to get a little “easy money”. And as you can imagine, these are typically the people that will run into the most trouble. They are also often the people that didn’t need to take a loan in the first place.
When responsibly used and repaid in a timely manner, there is little chance that you will run into trouble taking a small short term cash advance. And often they are one of the best solutions to take care of unexpected money problems.
As we’ve seen, you can get a 24 hour payday loan within as little as 60 minutes if you use the method I’ve described in this article, making the funds available in your bank account and rate use.
As long as you’re clear about what to expected when taking the loan, don’t take more than you need and pay it back on time, cash advances can be the miracle that you are looking for.
To learn more and find lenders with competitive rates click here for more information.