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About 33% of Americans now use cash advance apps.
You never know what life is going to through at you, and at some point, you might find yourself in a financial pinch. It’s good to have an emergency fund saved up, but if you need to get your hands on some money fast, a cash advance loan could be the best solution. They’re more widely available now than ever before, and easy for anyone to get.
In this guide, we’ll cover the basics of a cash advance loan, as well as the pros and cons of getting one. Keep reading for more.
A cash advance loan is a loan that you can take out quickly and easily. You can find them from online lenders, and they’re a great solution if you need cash fast.
When compared to traditional loans that banks offer, cash advance loans are often a lot smaller. They tend to also have shorter terms, so they need to be paid back relatively quickly.
People usually get these loans when they need a sum of cash but don’t have the time to go through a standard loan application. At First Financial, we offer loans of up to $5,000, and you can have the money in your account in under 24 hours.
Cash advances have become very popular in recent years. Depending on your current situation, there are various benefits that could make a cash advance loan an ideal choice.
The main benefit of a cash advance loan is that you can get the money you need fast. This is the main reason people tend to use them, and in most cases, you’ll get your money within a day of applying. A regular loan can take weeks or even months, so this is a much better solution if you need cash immediately.
This is another key reason that people go for cash advance loans. When requesting a loan from a bank or credit card issuer, they’ll want to do a credit check.
Not only will this affect your credit score, but they’ll expect your score to be a certain level. If it’s not high enough, they won’t approve your loan.
If you already have a low credit score, the last thing you need is to lower it further. Cash advance loans are less stringent, so they’re far more accessible to most people, and applying for one doesn’t harm your credit score.
On top of your credit score, traditional lenders will have various expectations and checks before approving your loan. This often includes things like:
When getting a cash advance loan, there are far fewer requirements. These can vary depending on the lender, and at First Financial, you just need a source of income (at least $800 a month), a bank account, and a valid email address. There’s no credit score requirement, so you just need to give us these details when you apply and we can get to work on sending you your loan.
Some people apply for cash advance loans for things like holidays or cars so they can quickly get the money they need. Another reason, however, is for something unexpected.
If you suddenly have issues with your car, or an appliance in your home breaks, for example, you might not have the cash on hand to deal with things. You can take out a cash advance loan to pay for any repairs or other issues straight away, which could be ideal in a difficult situation.
While there are several benefits to cash advances, they are also some downsides. It’s important to consider these when looking at different loan options.
Perhaps the biggest disadvantage of cash advance loans is that they generally come with a higher APR (annual percentage rate) than other types of loans. These can vary a lot for all kinds of loans, so make sure you take a look at the details of the different choices available so you know what they are.
When using your credit card, there are various rewards that you might be able to get. This includes things like points, air miles, or cash. Credit works similarly to a loan, but often comes with bonuses like these.
When getting a loan, you’ll miss out on these extras. It’s worth remembering, however, that these credit card rewards aren’t the reason you’re applying for a loan in the first place, so they shouldn’t have a huge impact on your decision.
Depending on the options available, some loans won’t add interest from the start. With cash advance loans, however, interest is immediately applied. This is part of the tradeoff of being able to get access to your money so fast.
They’re not perfect, but a cash advance loan can be incredibly helpful. If you need cash fast, have a poor credit score, or don’t want to go through a standard loan application, a cash advance is a great solution.
First Financial offers cash advance loans to anyone that meets our basic requirements. You can apply for up to $5,000 and may be able to access the loan within 24 hours of your application. There’s no credit check—you just need to give us some basic details and we’ll be able to transfer the loan to your bank account.
Take a look at our Cash Advance page to see more details today.
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You have had some financial mishaps lately and now you are in a bind. With a quick infusion of cash, you would be able to stabilize your finances enough to get back above water.
But how do you know if you are getting the best payday loans interest rate or not? Just because you are in an emergency situation doesn’t mean that you shouldn’t do your due diligence and try to get the best interest rates for your payday loan.
Keep reading to find out how you can do this.
Too many folks are a bit wary of getting payday loans from online vendors since they worry about unscrupulous lenders who are just out to scam unsuspecting people. But this could result in you dismissing the best payday loaners that are only available online.
If you only focus on the payday loaners who are situated around you in your neighborhood or city, then you could be doing yourself a disservice by not finding the best interest rates for your loan.
Remember that even a 0.25% difference in interest rates can make a huge difference in the time it takes you to pay back the loan and the amount of interest you pay through the term of the loan. Why pay hundreds of dollars more in interest charges when you don’t have to?
Online lenders are also sometimes more competitive than offline ones because there is so much competition in the online payday loan business that they have to have better offers to entice customers. They might give you better interest rates and also better loan terms in general.
Don’t forget that interest rates on payday loans aren’t governed by or affected by the Federal Reserve like mortgage rates or prime rates are. That’s why you get quite a variation in the interest rates presented to you by all the lenders on your shortlist.
You will be surprised at how much of a difference in interest rates you will garner just by shopping around a bit and comparing the various lenders available on the market.
Take your time with this. Even spending a few hours on this comparison shopping can result in a huge boon for you.
Yes, you might be in a rush to get a payday loan so you can stave off your creditors and other people hounding you to get their money back. But keeping a cool and calm head during this time will ensure you do the proper research and find the perfect payday loaner for you with the best interest rates.
This is another reason why you should be looking at online payday lenders as well as offline ones. It’s much easier to shop around for lenders online, as many of them are just a Google search away. And you can go on their websites and apply in a matter of minutes for a loan without worrying too much about fees or other issues.
No one ever reads the fine print or the terms or conditions included within contracts, right? Well, that might be true if you buy a $400 camera or a $1000 bicycle. But when it comes to getting payday loans, reading the fine print is crucial.
Don’t be caught unawares later because you didn’t read all the loan terms properly and then had to pay a heavy fine for some minor misdemeanor.
There are going to be lots of little details on the agreement that you will want to comb through and ensure you are fine with. For example, lots of payday loaners will charge you for paying back your loan sooner than the loan term dictates.
If you know that you have some money coming in soon and you can pay off the loan faster, then you want to get a personal loan that doesn’t have such a strict stipulation.
Other things to focus on when searching through payday lenders are:
Weigh all these options and pick the one that works best with your particular scenario. Everyone is going to be different in this regard, so what suits a friend or colleague of yours might not necessarily work for you.
Don’t get fooled by all the marketing gimmicks that online and offline lenders are always touting. Even if they say that they are the lenders with the best rates or the greatest deals, don’t believe them. They might be trying to sell a particular product to you that’s not suited to your specific situation.
As always, if a deal seems too good to be true, be wary and do a bit more digging into the fine print and the loan terms. There might be something you are missing or some important detail they are not sharing with you about the loan.
Better to stay away from such deals and go for something a bit more middle-of-the-road.
Financial troubles can make anyone’s logic go out of the window and result in bad decision-making all around. But if you don’t want to be stuck in a vicious cycle of loans and high-interest rates, then it’s important to find the best payday loans interest rate for you before committing to anything.
Find a company you can trust like First Financial and get a loan of $5,000 in as little as 24 hours. Don’t let a gap in funding result in financial strife for you and your loved ones. If time is of the essence, you can rely upon our personal loan services.
If you are short on cash, finding the best option to cover unexpected expenses can be like finding a needle in a haystack. Going through traditional routes, such as getting a personal loan from a bank or credit union, can be lengthy. One way you can cover expenses is from online cash advance loans.
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While borrowing money always has some risk, cash advances have been a good option for those who need money quickly.
If you want to learn if cash advances are right for you, you’ll want to keep reading. Here are the pros and cons of cash advance loans online.
Before you dive into the world of payday loans or cash advances, it is essential to know what they are. Cash advance loans online can be as small as $100 to $1500, depending on your chosen lender.
Your next payday must repay the amount in a lump sum. The typical time frame is two weeks. Since they are for borrowers who need cash quickly.
This makes it a good option for borrowers who don’t have any credit history or who have poor credit. When you get cash advance loans online, you can use them for an unexpected bill or medical emergency when you are short on cash.
Cash advance loans can help alleviate short-term money problems. The key is to be mindful of how they can impact your financial situation in the long term.
There are several pros to using cash advance loans online for short-term expenses. These loans are accessible, with some lenders providing funding in a few hours. Since cash advance loans online are easy to apply for, they give you access to the money much faster than a personal loan from a bank.
Once you have all your information, such as your pay stub, photo id, and banking information, you can start the application process.
You can quickly find lenders who provide cash advance loans online by searching for reputable companies that provide this service. Most applications take less than 30 minutes, and approval happens in seconds.
Unlike traditional funding, lenders don’t pull your credit report to process the loan.
If you have poor credit or no credit, this makes online cash advances loans an attractive option.
Take an auto loan or mortgage, for example. The lender can seize your property if you cannot pay. That is not something you have to worry about with a cash advance.
Yet, keep in mind that if you do not pay your debt, the payday loan lender can send your debt to a collection agency. They can also take you to court as well.
As with anything, there are a few cons. The biggest drawback is the high-interest rates these loans charge. Given that you won’t have to go through the long process of a traditional loan, you will pay more for the money.
Some cash advance loans online charge fees up to 15% of the total borrowed amount, pulse interest. On top of that, the interest fees can be as high as 100% or more of the borrowed amount.
Another con to consider for payday loans is they are short-term. This means that you must pay them back within two weeks. If you cannot do so, you can receive substantial penalties, such as rolling the loan over.
If this happens, you will be subjected to paying even higher interest rates. When comparing cash advance loans online to traditional loans, borrowers have more time to repay their debt. After 60 days, some lenders will send your balance to a collection agency,
The short-term repayment periods on cash advances can make it difficult to pay the loan back without having a remaining balance. This is especially true if your paycheck covers living expenses such as rent and utilities. The truth is while payday loans are a good option for quick cash, they can put you in a debt cycle, making it hard to get out.
One last con to using cash advance loans online is they don’t help your credit score. When you open up any line of credit, making payments on time positively affects your credit score. But, since payday loans don’t use credit, they don’t help build your credit either. In contrast, it can negatively affect your credit if you cannot pay your payday loan.
It is essential that when you are looking for cash advance loans online, you look for a reputable lender.
Most online payday lenders will forgo reporting to the three major credit bureaus: Equifax, Experian, or TransUnion. They also won’t ask you to pay something first to receive the funds.
Checking for reviews before selecting a lender can help avoid scams or fraud. It is a good idea to weigh the pros and cons for short-term money.
Access to quick cash can make a difference when you need it. Understanding the pros and cons can help you determine if it’s the right option for you.
A good rule of thumb is to use payday loans only for short-term financial emergencies. You also want to research the online company providing the cash advances to ensure you won’t be a victim of fraud.
If you want to explore emergency cash funding options, let us help. Reach out to our dedicated team of financial professionals to get started today.
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