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Cash Advance Payday Loans

Understanding the Benefits of Payday Cash Advances

Becoming more and more popular, payday cash advances are replacing traditional unsecured loans offered at brick and mortar locations. We can help you decide if these convenient short-term lending solutions are right for you.

The Financial Relief You Need Without the Hassles

Back in the day, when the payday cash advances were mentioned, they may have been referring to the traditional checks issued from credit card companies and banks. These checks can come at a high interest rate but are still popular because they are guaranteed, fast funds to cover necessary expenses. However, as technology has evolved and expanded reach, consumers now have a choice when they are considering different types of lending products.

Your credit and convenient advances

When deciding on a specific course of action it's important to go over the pros and cons for yourself. The concept that supports the type of products our lenders offer is that an applicant's proof of employment is a stand-in for a solid credit profile. There are often no credit checks run, in fact. You can apply for an advance for an amount that is not to exceed your net bi-monthly pay. You are able to receive the money almost instantly, and then, when your next payday arrives, it is arranged that you will pay back loan amount with your paycheck, automatically. Since you pay back your loan electronically, lenders are willing to lend to almost anyone with a job, because there's little to no risk for the lender.

Are Short-term Loans Realistic for You?

Looking at the situation from one side, some would say that short-term loans sound too good to be true. Well there certainly are risks involved. According to the FTC, unsecured loans are costly cash. But why? Well, the problem with any of thelending products and most unsecured loans in general, is that many applicants lack the foresight to budget accordingly to make it the two weeks leading to the pay date (when the lender is paid off) and the following two weeks as well. Without budgeting, daily living expenses could easily get in the way when money can be scared as the borrower waits out the next two weeks to be paid again. As with any choice, there are, of course cons associated with these solutions. In fact, there are plenty of cons to consider. For instance, the types of products our partners provide are considered by some to be expensive. Due to their short-term nature, lenders aren't out to make money off ongoing interest payments, but rather a one-time fee. That's why a provider will charge you around $20 per $100 loaned out. If you work out the annual interest, they're about equivalent to a 500% APR loan! So while this is a little ridiculous in terms of percentage, they're not that expensive if you need the money for an absolute emergency. Who wouldn't pay $100 to have their car working 2 weeks earlier, allowing them to get to work and continue to get paid?

Considering Many Different Scenarios

As long as you're an educated consumer, you can avoid the endless spiral of debt. The key can be in taking out the smallest size you need. This prevents you from having to take out a second advance once the first allotment runs dry. Also, take heed of the fees attached to the products. Stay alert to exactly how much you will be required to pay on the arranged repayment date. If you're unable to pay back the amount on your next payday, you're charged the same fee again. So in addition to owing the $500 you've borrowed, plus $100 for the original fee, you'll have to pay an additional $100 for the new fee. Before you realize it, you're in huge debt that originated from a simple $500 loan. This, of course, only applies if you miss a payment, so be sure to pay back your loan with your next paycheck ... no matter what. While these certainly aren't the only pros and cons, they should be enough to get your started thinking if this is the right loan for you. Be careful borrowing and good luck! Remember to research thoroughly all of your prospects. Don't just choose one and hope in good faith that you won't get ripped off. If you don't investigate the lender's credibility ahead of time, you might be taken for a ride. Where can you check out the lender you are considering? Check with the Better Business Bureau to see if anyone has registered any complaints about the particular company. Do you have any idea how long your provider has been in operation? Well, this is a good indication if they're going to be around for a while.


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