Getting extra cash till payday has never been easier. Cash advance loan companies are designed to help individuals who are financially strapped. If you need extra funds for a car repair, home repair, or unexpected expense, cash advance loans are the answer. With these short term loans, you can expect funds within a day.
Cash Advance Loans vs. Personal Bank Loans
Before the popularity of cash advance loans, many people would attempt to get a personal bank loan for emergency expenses. However, qualifying for these loans is not easy. Banks prefer to work with prime candidates. These include individuals with high credit scores and sufficient collateral. If you have poor credit, banks will not approve your loan request.
On the other hand, cash advance loan companies work with all credit types. Moreover, the application process is quick and easy. These lenders will not review credit scores, nor do they require collateral, such as a vehicle title. Payday loan companies do require applicants to be employed, have an active checking or savings account, and a minimum monthly salary.
Benefits of Accepting Short-Term Emergency Cash
Cash advance personal loans offer a quick solution to money problems. Because the loans are short-term, you avoid paying long term fees and finance charges. Thus, cash advance loans may be more beneficial than using a credit card for emergencies. Of course, before obtaining a cash advance, applicants should be fully capable of repaying the funds, including fees, within a short time frame. Failure to repay the loan will result in additional charges.
Loans fees for cash advances vary from lender to lender. On average, fees range from $15 to $40 for every $100 borrowed. To avoid high fees, applicants should research various online lenders and compare fees and loan terms. If you are unable to pay the full balance within two weeks, select a cash advance lender that offers 30-day short term loans.
How Do Payday Loan Companies Work?
Acquiring funds from a cash advance lender is simple. Once your application is approved, the lender will deposit the funds into your checking or savings account. You may repay the full loan amount before the due date, or have the payment automatically drafted from your bank account on the due date.
View our recommended lenders for Payday Loans Online.
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