Many people find themselves in a situation where they need some extra money to make ends meet, and they need it right away. If you do not have credit cards or have poor credit, you may want to look to cash advance loans to help fill in the gap. But are these loans a good choice? Here is some important information to help you decide.
What Is A Cash Advance Loan?
A cash advance loan is often called a payday loan. There are many companies who offer them and it seems like a great deal. Basically, you go in and fill out an application for the loan. Some companies allow you to do this online. You need to bring your last one or two pay stubs, proof of address, and your checkbook. They will do an employment verification. This can be anything from calling your workplace to see if you work there to an automated phone call. They are usually discreet about who they are. If everything checks out you will have your money before you know it.
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Advantages of a Cash Advance Loan
There are many good things to be said about cash advance loans. They really help people who are in a financial bind and have no where else to turn. They are upfront about their fees, so usually there are no hidden charges. They have convenient hours so you can generally make it before they close, and if you do have a scheduling conflict, there are even cash advance providers who do everything online and direct deposit your loan into your bank account. There is no credit check required for a payday loan, which can be a critical point if you have bad credit. Your money is in your hands very quickly, usually within a matter of a couple of hours. Some companies deal in cash and others give you a check. Either way, these companies try to make the process as easy and painless as possible for their clients.
Disadvantages of a Cash Advance Loan
With every good thing, there are some negatives to getting a cash advance loan. These loans are very expensive. They charge quite high interest rates. You will generally only have until your next paycheck to pay them back the full amount of the loan plus the interest rate. Sometimes you can extend the pay back period to your next payday, but then you are faced with high late fees and more interest. This can turn into a cycle that can be difficult to break out of unless your circumstances change for the better. So, in short, you get a very expensive loan for a very short time.
Conclusion
A cash advance loan is best saved for those times when you have no other options or when you need the cash in hand right away. If you have credit cards that you can use to fill in the gap or can get a personal loan at your bank, you will be much better off in the long run. For those who must use payday loans, do your best to make it a one time thing. Pay it off and try to find alternatives to make your budget work. These are loans best used sparingly. If you can afford to wait a few extra days for a traditional personal loan, you can save yourself a ton of money in interest. But for those times when you don't have a couple extra days, a cash advance loan can be just the ticket.
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