How to Get Cash Advance Loans in Texas

This is an age of financial insecurity. A considerable amount of people living in major cities are not sure of the financial status that means so much to us. Georgia is no exception.

Rainy days hit Texas residents, but not as often as they do now. Suddenly, folks having savings find their savings are draining at unexpected rates; those living paycheck to paycheck find their paycheck can suffice daily expense only.

One major bill can catch so many of us off guard. What can we do when we badly need money? Families or friends are in the same boat; the next paycheck is still far. It seems we are cornered.

All is fine. You still have one way out: cash advance loans. Need some information? More of it? All is right below.

What are the so-called cash advance loans?

If you have ever taken out a payday loan or heard about it, you get the idea of cash advance loans. They are short-termed, unsecured loans meant to provide borrowers with urgently needed funds.

A little organization helps to understand these loans.

• Lenders

Private companies or agencies, usually

• Limits

Rather small, up to 1,000 dollars. It could be 400 dollars or less for first-time borrowers. Your borrowing ability will increase if you show good repayment records.

• Repayment

You will be paying the amount borrowed plus interest incurred. The amount in total will be withdrawn from your direct debit account on your next payday date, automatically.

• Term

Usually 30 days, but it could be 16 days in some case.

• Extension

Some lenders allow extension, some don’t. If allowed with extension, you can pay the loan later than the due date.

• Fees

The garish ads put outside of the lending agency or on the window won’t tell you about the fees. You’ll just have to dig a little deeper.

 

The standard is 15 dollars to 20 dollars for per 100 dollars borrowed. So if you are borrowing 100 dollars, upon the next payday, you will find at least 150 dollars have been withdrawn from your debit account.

That is the basic idea of this kind of loans.

What are their benefits?

Those counting on cash advance loans to get them out of financial pinch are asking the same question: is it a wise move to take out such a loan?

 

Well, the benefits of cash advance loans speak for themselves.

• Speedy, convenient

When it comes to the quickest way to get cash, you simply cannot miss cash advance loans. In the past, the amount of money you are approved of would show up in your account within three business days. But now some lenders will give you the money within 24 hours.

We are talking about within 24 hours! Now think about the regular loans that come with weeks of waiting for approval and weeks of waiting for the money after approval. You get the idea.

• Easy

You can only imagine how easy it is to get cash advance loans. Whether it is visiting the lender in person or making phone calls, it is not difficult to get it done.

And now with the online lending service, application and funds are just a few clicks away.

Besides this, cash advance loans are easy to get because of the reduced requirements. Poor credit is not a problem. You’ll just need to give personal information like email address, debit account, employment status and the like.

• Safe

Thanks to the development of information technology. Moral lenders are now using the latest encryption technology, ensuring the security of personal information submitted by applicants and customers.

• Short-term

Since they are short-termed unsecured loans, once you repay in full, you are done with this business. But with conventional loans having a term of 10 years, things are obviously different.

 

Should you take out such a loan?

After going through the above, you understand the benefits. Now it’s time to get the risks across. Actually, there is only one thing you should know about these loans: they carry high fees.

If the idea of”high fees” is not self-spoken, refer to the explanation of fees in the above section. That is almost 25 dollars for every 100 dollars. On the other hand, you get what you pay for. In some case, you just cannot wait but to seize the quick fix, though at a hefty price.

In a word, taking out cash advance loans is a quick fix rather than a lifestyle.