There are many times in life when you have felt cash starved, it may be a sudden medical emergency or some urgent repair work. The solution to your woe is Cash advance. This can be availed from, at many places across the country.
Cash advance has become a raging phenomenon across the country. It’s easy to avail and takes only a pinch of time. The info on cash loans or cash advance helps you to decide its need and benefit as per your circumstances.
What is a Cash Advance?
Cash advance is also known as cash loan or payday loan or personal loan can be explained by following
- A short-term loan, that needs to be paid back maximum by your next payday
- Short processing time mostly of one to two business days
- It’s suitable for small amounts
- No reason need to be mentioned for borrowing
- Most of the time no credit checks are required
- No collateral is required
- It’s usual amount is $50 to $500
- The interest charged is on the higher side
Benefits and precautions
Benefits of cash advance are as follows
- The cash advance can be availed even in case of bad credit
- Simple application process
- Can be applied online as well as offline
- Are more flexible than traditional loans
- You can increase the time of repayment by paying the charges. This is called Rollover
- Easy and convenient – The outlets are open for longer hours as compared to banks. Certain outlets remain open 24 hours for 7 days a week.
- The mode of payment is either check or electronic transfer
Cash loans have limited eligibility requirements
- You should have a valid Social Security or Individual taxpayer identification number
- You should have a working bank account
- You should have a regular source of income
You should be careful in applying for a cash loan. Ultimately it’s a convenience offered to you which should not be misused. The things you need to think through are
- Your financial need is suitable for a cash advance
- This is built as an emergency cash facility. These are not for rebuilding your credit
- Take care to understand and follow the payment schedule
Cash advance is a popular option for people that need short-term loans. These loans are provided by Payday Lender by servicing you at about 22000 locations nationwide. If you are careful in making budgetary allocation for repayment then you can use this facility with a smile on your lips.