Pros and Cons of Cash Advance Loans
Cash advance loans make it possible to access cash without hassles. Whenever you come short and need urgent money to help get through the hard times, cash advance loans offer the financial relief you need, so that you will not be bound by a debt for years, as these loans are usually due by your next payday.
The applying process for cash advance loans is simple and easy, which can be done online within minutes.
In most cases, as long as you have stable income and a checking account, the lenders will approve your application. Actually, many people turn to cash advance loans as they are suffering from bad credit, for which they are unable to borrow money from traditional lenders. However, as for cash advance loans, even if you have bad credit or embarrassing credit history, this would not hinder you from securing the loans.
Typically, you can expect $100 to $1,000 out of a cash advance loan, and the money will be deposited into your bank account on the following business day. As monetary emergencies may occur at any time throughout the day, to make things much sweeter, most lenders provide 24-hour customer services to help you make ends meet.
Certainly, we know all things have their positive as well as negative sides, and it is no exception for cash advance loans. Lack of in-depth understanding about these loans may result in stressful problems, as many people may end up with higher costs than they expected – even unaffordable to some of them.
Thus, before you make a “deal” with lenders, it is better to be aware of the pros and cons of cash back loans.
1. Cash advance loans, with its quick cash access, help people who are financially stranded with the money they need. Borrowers are not required to submit lots of stuff or undergo credit check. They just need to be 18 years old or more, have regular and stable income, as well as a bank account. Excess documents may not be needed and this is really convenient for borrowers to get loans.
2. Things get easier and less stressful as most cash advance loan lenders do not care about your credit history. Even if you have bad credit and poor credit score, that would do nothing about your obtaining loans. This is quite helpful for people who need urgent cash but bear bad credit, because they could still count on cash advance loans.
3. Cash advance loans, in most cases, quench your monetary thirst with quick and speedy transactions. The lenders will process your application as soon as they receive it. Your application will be approved within 24 hours and the money will be sent into your bank account on the next business day.
1. You may be aware of the interest that comes along with the loans, but chances are that you do not know how high the interest rates associated with cash advance loans are. You should be prepared for the unreasonably high interest rates (maybe ranging from 28% to 48%) and service fees. Therefore, some people may get exorbitant amount of interest if they do not pay off the loan by the due date.
2. Cash advance loans are one of the ideal ways to solve emergencies with urgent money. However, some people are inclined to borrow these loans randomly as no credit check is needed and the approving process is easy. They use the money borrowed for personal desires rather than emergencies while ignoring that the more they borrow, the most interest they have to pay. You should consider cash advance loans only when you are really in need.