What is a Cash Advance?
A Cash Advance is a short-term loan providing a short-term solution to your borrowing needs. Cash Advance is a VERY short-term, meaning less than thirty days to pay back the cash advance plus the cash advance fees. The term cash advance is exactly what it says, a cash advance. If you're low on cash, getting a cash advance from before your next payday is exactly what a cash advance is. However, a word to the wise--you should only apply for a cash advance if it is the only other solution you see in an emergency. You should not take out a cash advance for that new dress you really want or to take that girl you want out to dinner to impress her. A cash advance should not be used lightly.
Why, because Cash Advance Loans have an APR average of 360%! This is incredibly high and it is high and adds up to a lot of cash advance fees if you were paying back the cash advance for a year or more. This is the interest rate that traps those who use cash advance without paying them back on time! If you pay back your cash advance within the agreed upon time which is within the month, you'll pay an average of 20-30% interest. So, a cash advance lender essentially asks you to pay back 1% each day. For example, if you were to do a $200 Cash Advance, your cash advance payback amount would be $240. Forty dollars may not seem much until you think of what you could buy with $40 of cash on your next payday.
Cash Advance loans are set up so that when you receive your payment on payday, the $240 or whatever your cash advance payback amount is, would be automatically taken out of your checking account. Cash Advance does this be requiring you to write a check to them, the payday loans lenders, that is dated for your payday date. This way, you get your cash advance and the cash advance lenders get paid back plus they get paid $40 for their cash advance service.
Good credit is not a requirement for cash advance loans. Most cash advance lenders don't even check your credit. Cash Advance lenders do require that you have proof of current income--a job that will pay you on payday. There will also be other information asked of you in the cash advance application process such as your name and address and phone number as well as a checking account where the payday loans cash can be directly deposited and later paid back directly.
An example of a cash advance instance where you shouldn't do a cash advance: Let's say you need $400 within the next two weeks. If you can't payback the cash advance amount of $400 plus the interest charges and fees on your next payday, you should NOT take out cash advance in this situation. Cash Advance could land you in a lot of trouble. For this reason cash advance loans are for very small amounts.
Cash Advance fees can add up quickly! A warning against cash advance loans is that, if you're not careful a mere $200 could rack up to $10,000 in cash advance fees. You may be better off just waiting and exercising your patience than taking out a cash advance to satisfy your nerves or to satisfy your desires. Info on Cash Advance Loans
A Cash Advance is a short-term loan providing a short-term solution to your borrowing needs. Cash Advance is a VERY short-term, meaning less than thirty days to pay back the cash advance plus the cash advance fees. The term cash advance is exactly what it says, a cash advance. If you're low on cash, getting a cash advance from before your next payday is exactly what a cash advance is. However, a word to the wise--you should only apply for a cash advance if it is the only other solution you see in an emergency. You should not take out a cash advance for that new dress you really want or to take that girl you want out to dinner to impress her. A cash advance should not be used lightly.
Why, because Cash Advance Loans have an APR average of 360%! This is incredibly high and it is high and adds up to a lot of cash advance fees if you were paying back the cash advance for a year or more. This is the interest rate that traps those who use cash advance without paying them back on time! If you pay back your cash advance within the agreed upon time which is within the month, you'll pay an average of 20-30% interest. So, a cash advance lender essentially asks you to pay back 1% each day. For example, if you were to do a $200 Cash Advance, your cash advance payback amount would be $240. Forty dollars may not seem much until you think of what you could buy with $40 of cash on your next payday.
Cash Advance loans are set up so that when you receive your payment on payday, the $240 or whatever your cash advance payback amount is, would be automatically taken out of your checking account. Cash Advance does this be requiring you to write a check to them, the payday loans lenders, that is dated for your payday date. This way, you get your cash advance and the cash advance lenders get paid back plus they get paid $40 for their cash advance service.
Good credit is not a requirement for cash advance loans. Most cash advance lenders don't even check your credit. Cash Advance lenders do require that you have proof of current income--a job that will pay you on payday. There will also be other information asked of you in the cash advance application process such as your name and address and phone number as well as a checking account where the payday loans cash can be directly deposited and later paid back directly.
An example of a cash advance instance where you shouldn't do a cash advance: Let's say you need $400 within the next two weeks. If you can't payback the cash advance amount of $400 plus the interest charges and fees on your next payday, you should NOT take out cash advance in this situation. Cash Advance could land you in a lot of trouble. For this reason cash advance loans are for very small amounts.
Cash Advance fees can add up quickly! A warning against cash advance loans is that, if you're not careful a mere $200 could rack up to $10,000 in cash advance fees. You may be better off just waiting and exercising your patience than taking out a cash advance to satisfy your nerves or to satisfy your desires. Info on Cash Advance Loans
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Cash Advance loans are set up so that when you receive your payment on payday, the $240 or whatever your cash advance payback amount is, would be automatically taken out of your.... Learn more at Cash Advance Texas and cash advance loans
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