Have you ever been in a situation where you’re burdened with unexpected expenses and did not know where to raise money to meet these needs? Is your credit card maxed out? While you may have a different option of borrowing from friends, not everybody is comfortable being indebted to friends or family.
If you’re in a situation like this, perhaps the ideal solution for you would be to get a cash advance loan. It might seem that everywhere you look these days you’ll see an advert for a company who is providing a cash advance loan and more people are using these loans to get quick cash to take care of their urgent financial needs. Before you commit to a payday cash advance loan, you must know exactly how they work, what they are and how borrowing money from one of these lenders can affect you in the long run.
What is a Cash Advance Loan?
A cash advance loan is simply a small loan made by a third party company that use your checking account and current wage earnings as evidence that you’ll be able to repay the loan. Most online cash advance companies need recent check stubs that prove you earn a certain pre-determined minimum amount every month. They will also need evidence that your checking account has been open and in good standing for a month. A cash advance can often be the quickest way to getting the cash you need for an emergency.
Advantages of taking Cash Advance Loans
- The process typically takes less than half an hour.
- They are hassle-free.
- The proceeds of the loan are deposited automatically into your bank account less than 24 hours after approval.
- It’s available in an emergency without having to put up any security.
- It’s discreet, nobody has to know that you went through a financial crisis.
Do you have Bad Credit? You Can Still Get a Cash Advance Loan
Cash Advance Loans for People with Bad Credit
Unforeseen bills can happen to the most hardworking and dedicated people. Have you ever run out of money before you wrote all the checks that were due for the month? Of course, we all have at one time or another. In most cases, we continue living on one paycheck to another until something happens and we’re faced with an unexpected financial crisis. Before you find yourself in this kind of problem, you must be ready to learn more about cash advance loans and what they can do to help get you through a rough money crunch.
What Do I Need In Order To Be Approved For A Cash Advance Loan?
While the eligibility requirements differ from company to company, the most common requirements include:
- You should be earning at least $1,000 a month at your current job.
- You must be at least 18 years old to apply for a payday loan.
- You should have been living at your current residence for at least three months.
- You must have an active checking account that has been open and active for at least 3 months.
- You must have been at your current job for at least three months.
If you meet these requirements, then you’ll be eligible for a cash advance loan through most companies.
Getting a Cash Advance Loan despite Bad Credit
People with less than perfect credit would hesitate to apply for a payday loan or cash advance, but really, there is no need to be. The majority of cash advance loan firms offers their service without running a credit check. What most of them do is a brief check and to contact other lenders to ensure that you haven’t fallen behind or defaulted on cash advance loan with someone else. Some of them may also use a check verification service to ensure that your check writing history does not show any bounced or returned checks.
In most cases, you can have your loan advance in less than 24 hours and the money won’t be due for repayment in about 2 weeks on average. The exact amount of money you can borrow and the fees associated with these loans are specific to the lender and the only way to know about this information is by making comprehensive research about with each payday lender to know more about their terms. When you’re talking to a potential cash advance company, ensure you ask in advance about all the possible fees and penalties. It’s very important to find out about the possibility for extending the loan beyond the original term should you be unable to repay the loan as quickly as possible.
If you’re careful and you read the print and you are confident that you can repay your loan within the stipulated time, there is no reason why bad credit should be your problem in getting the cash you need with a cash advance loan. Ensure you do not agree to anything until you know how it can affect you in the future. If you have any questions concerning the loan you’re about to take, feel free to ask them before signing the agreement. It’s your choice to take or not to take a cash advance loan. Do not be pressured into making a financial decision that’s not the best choice for you. Therefore, choose wisely and make the best decision.