As the name implies cash advance or fast payday cash advance loans, are loans you get from a lender, usually a cash advance agency on a very short term basis. They are convenient, unsecured loans that will help you get by when there is a hiccup in your cash flow.
You can either use a brick and mortar cash advance agent or you can use an online payday cash advance company.
More and more companies are offering cash advances services online with the comfort of the customer in mind; you can apply for a payday check loan from the comfort of your home without anybody knowing or anybody witnessing a meltdown when you are turned down.
With advanced cash loans, most individuals can offset some unforeseen expenses such as medical bills, car breakdowns or some other emergency, without agonizing over an already stressful situation. The loans usually start from a $100 and is gradually increased as you build up a relationship with the loaning agency.
Remember no collateral in what ever form is required for a fast payday cash advance loan, in order words “no pay to play.” If any company asks for money deposits upfront, run as fast as you can.
What are the requirements to get a cash advance loan?
Payday loans or cash advance loans do have some requirements that you must meet for your loan to be approved, but they are very few when you compare them to getting a loan from your local bank.
- You must have a steady job that pays up to $1000 a month.
- You must have held that job for a significant period eg 3 months.
- You must be more than 18 years old
- You must have a checking account
- Don’t worry about your credit. Good or bad credit or credit check is not part of the process and is therefore not needed.
Always have a plan B as to what the next step will be. If your application is rejected find out why so that you can fix it before applying to another cash advance company.
Steps in applying
Applying for a cash advance is very easy, you fill out a form online applying for the loan, and within a few hours the agency will get back to you. They usually respond very quickly. All cash advance companies aim to give you a response to your application in a short amount of time.
They all pride themselves on doing this as they know that their customers need the money as quickly as possible, and their objective is to meet the customer’s demand for money.
Once you qualify, the funds will be deposited in your checking account to enable take care of your emergency.
The duration of the loan is usually the borrowers next pay day or on an agreed arrangement. You can make your payment one of 2 ways, either you write a post dated check to the lender,the amount borrowed plus interest and fees or once your job pays you, the lender automatically withdraws the loan amount plus any charges or interests that were incurred directly from your bank account. Normally you would have authorized or given the lender access to your checking account. The fees could range from $12 - $25 or 12% to 25% for a $100 loan.
Best approach for payday cash advance loans
- Borrow only in real emergencies.
- Borrow small amounts that you can pay back easily.
- Pay back early or on the agreed date
When the borrower cannot pay back
In situations where the borrower cannot pay back as planned, late fees and increased finance charges are added to the original amount and these extra charges could easily get out of hand becoming a burden to you, the borrower. Your credit ratings could also be affected because the cash advance companies do report to the credit bureaus.
The last resort would be to take you to court, and if the court rules in favor of the cash advance company, your wages will be garnished to pay off the debt.
When you have a real life emergency and you borrow on your paycheck, always endeavor to pay back as soon, and as quickly as you can.