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Cash Advance Payday Loans

Learn About the Different Types of Cash Advance Products

You'll be able to make the right decision after learning more about pros and cons of different short-term loan options.

Wondering How to Remedy Your Financial Headache?

If you have a credit card, then chances are good every couple of months you get some junk mail from a variety of financial institutions. While most of these advertisements are for security offers like travel insurance, some of these letters are actually useful -- the packages containing cash advance checks. Enter the classic cash advance -- a check that you can write out to yourself to access instant cash when you need it most.

The different types of short-term loans

In the abovementioned scenario, you will be billed for the amount borrowed, plus interest. Expect to receive this information on your next credit card statement. Sure this type of loan sounds like a great, guaranteed way to get your money, but is this type of advance really worth it?

The problem with this form of advance is the high percentage on interest you'll be paying. When you read the fine print, you'll find out the percentage you'll be paying on your short-term loan can be up to 20%. If you don't pay back 120% of your balance on your next statement, you'll get another 20% added on each month. Suddenly, these once-attractive offers don't sound like such a good deal.

The great debate: Traditional Cash advance vs. payday loans

The previous scenario is often a costly one. This may be why more people are flocking to alternative options such as payday loans, the most common form of online short-term lending products. These products rely on your consistent income as collateral. You will ordinarily make arrangements with the lender in advance to repay the balance. Typically, providers will schedule the repayment date to coincide with the day you will next receive a paycheck from your employer or your regular income. Also included in the repayment amount is the fee for using their services. It can run the gamut from $30 - 100, or more, depending on how much is borrowed. Get the full details before signing anything. You'll want to be 100% certain of the amount you'll be responsible for so you are not hit up with any unexpected fees later. This is how checks get bounced and consumers end up wracking penalty fees from both their bank and providers. It can be an easy way to descend into debt.

Choosing the right cash advance method

No matter which option you choose to get cash now, you must be careful to avoid missing payments. As with any type of advance, each time you miss a payment, you'll have to pay a late fee. As late fees pile up and you're unable to pay the amount, you may find spiraling into lending debt. At first learning about the concept of running into debt from an innocent $500 loan, you'd automatically think it preposterous. But - it happens. Be careful and good luck!

A personal loan can be an excellent resource in times of need

Since short-term advances from payday lenders can be an excellent resource during times of urgent financial demand - times in which you may not have the time to wait out the approval period required by traditional lenders, there are ways in which to protect yourself from predatory agencies. For instance, you'll want to make sure there is a guaranteed communication channel between yourself and your provider. What do you suppose would happen if you got the much-needed funds and then later found out you wouldn't have sufficient cash in your account on the designated repayment date - and you had no viable means of getting in touch with the company to request an extension or make other arrangements? You'd end up being hit with more penalty fees and more fees from your bank - not to mention any other outstanding checks in limbo that could be affected negatively as well.

Credibility is key when it comes to getting a loan

Another important consideration is credibility. Does your provider have credibility? Are they trusted by consumers and industry colleagues? You should find out before signing anything. Where can you look to check up on the prospective companies? You can start at the online presence of the Better Business Bureau. Take precautions and you're bound to wind up with a favorable experience.

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