Cash Advance - No Faxing, Bad Credit OK!
Promoting the Responsible Use of Cash Advances Online
Get a cash advance to stay financially afloat
When someone is expecting a paycheck or other form of cash but needs money now instead of on the scheduled pay date, a lender can provide a cash advance. In the case of online cash advance lenders, the cash advance is directly deposited into the borrowers bank account quickly making the money convenient to access.
Basics of a cash advance
Applying for a cash advance online is easier than applying for a loan through a bank. Bank loans can take weeks, but online cash advance applications are usually completed the same business day. The application process only takes a few minutes, and the borrower gets cash faster than with traditional loans.
General terms of a cash advance
Cash advances between $100 and $1,000 are available online. The fees for cash advances range from $15 to $30 per $100 borrowed, depending on state law and other circumstances. The term of a cash advance loan is usually two to four weeks, and the cash advance and fee must usually be paid back in one lump sum. If you need more time to repay the amount you need, check out installment loans.
Cash advances versus traditional loans
Cash advances have two unique advantages over traditional loans in that they are unsecured loans, and often are approved without a credit check. This means that someone of little means or with a bad credit record can be approved in the case of a financial emergency.
Use your loans wisely
Financially responsible people can use cash advances to save money by avoiding late fees and overdraft charges. Cash advances can also protect customers’ credit reports by allowing them to make payments on time.
Get a cash advance today
A cash advance can be directly deposited into your bank account after you and an online cash advance lender reach an agreement. You can find the best, most trustworthy lender for your needs in just a few minutes.
APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan. Larger loans
with longer payback periods have lower interest rates. While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks. Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $40 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower. If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.
Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency, and are not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.
Start your cash advance application
Start Your Loan ApplicationSource: personalmoneystore.com
Category: Payday loans