Sometimes, you need more money than you make, yet credit or time constraints make a traditional personal loan unattainable. Cash advance loans help bridge the gap between paydays, not to be confused with credit card cash advances that help you into more debt. This type of loan should be your last resort, so always look into your other options to confirm nothing else will work first.
Cash advance loans are among the fastest to obtain, but offer the highest interest rates because of their short terms. Some companies will let you apply for your loan online, but most require you apply in person. Keep in mind that using the online option will lengthen the amount of time it takes to get your funds. Procedures for getting the loan are roughly the same for both online and in-person applications.
Provide your cash advance lender with your personal information, including name, address, date of birth, social security number and employment information. Your social security number is used as a personal identifier, as most payday loan companies don’t check credit. You’ll also provide how much and how often you’re paid.
Take documentation with you to expedite the approval process. Your lender needs to see your paystub to verify your income and pay frequency. They need this information because your loan only has a term as long as it takes to get to your next payday, not years like standard loans. That’s why this is a cash advance loan; you’re advancing cash from your paycheck in between paydays.
You must also take proof that you have a bank account. Printed checks with your name on them usually suffice, but your lender might require bank statements as well. Depending on the company, you may have to verify you’ve deposited money into the account within the last month. Your lender does this because you’ll repay the cash advance loan with a check from that account. Using an account without regular activity raises the lender’s risk you’ll default.
After approval, they deposit funds into your bank account or cut you a check within 24 hours. When you’re ready to repay the loan, you can either show up at the lender’s office with cash in the amount of the loan plus fee or let the lender deposit the check you gave them at the time of application. Either way, you pay the same amount. You may also pay only the fee and take out a new loan for the same amount, but this causes a substantial increase in the overall interest rate you pay.
Despite the high interest charges, responsible use of cash advance loans can help you through times of financial adversity.
Comments :
0 komentar to “Cash Advance Loans”
Posting Komentar