Getting An Approved Cash Advance Loan: The Pros And Cons
Everyone has a time or two in their life where they find themselves in need of money. Especially with the economy fluctuating the way it does, whether you got laid off and are transitioning between jobs, need money for school or other bills, or otherwise have a financial hardship and find yourself in need of money, it can definitely be a bit of a downer. You do not want to have to bother your friends and family with this sort of an issue, leaving all the stress and worry on your shoulders.
When you need money for whatever reason, it can feel as though there is no way out. Sometimes you need money and just cannot wait until your next payday. When you need money in a hurry, a cash advance loan can give you the money you need, fast.
Pros Of Approved Cash Advance Loans
There are some very impressive advantages offered by the cash advance loans. Everyone is approved, no matter how bad your credit. There is no stress of worrying whether or not you will get approved for the loan based on your credit, because there is no credit check done.
These loans are faster to get than other types. When you go into a bank, you often need to bring in a bunch of paperwork, need to make it in within business hours and there may be a waiting period on top of that before you even know whether or not you are approved. Sometimes there is simply not time available to go through this long of a process, which is why a cash advance loan can come in so handy.
With a cash advance loan the process is more discreet, so you do not have to worry about people finding out. You may feel embarrassed about not having the money you need to pay for rent, groceries or other bills, but with a cash advance loan you can get in and out in a matter of minutes, with the money you need either in cash or directly deposited into your bank. Banks are always full of people, but the cash advance loan centers are smaller and more personalized. You can remain anonymous and do not even have to worry about having a hit on your credit because there is no credit check.
The information required to get approved for a cash advance loan is very basic. All you need is a piece of photo identification to prove your identity. You also need a recent pay stub, which proves that you are bringing in at least some form of money and will have the ability to pay the loan back. With this alone, most cash advance centers are willing to loan you between 30 to 50 percent of your net pay, or up to $1,500 instantly. You find out the amount you are able to borrow after they review your information. You can even apply online for your loan so you do not even have to go into a center in person at all. The process is very simple, if you choose to have your funds deposited into your bank account.
If you take out a loan in the future, the process is even quicker because you already have an account set up. With over 1000 payday centers available in North America alone, you know there is always one in the area if you need money fast.
Cons Of Approved Cash Advance Loans
There are also certain downfalls to these loans however, which are also important to be aware of. The interest rate on these loans can be quite high, especially compared to loans through other financial institutions, such as a bank. That means that on top of the actual amount of money you were given, you also have to pay an interest fee added on top of that. However, when you factor in the ease and speed of the loan, it can be more than worth it to pay that added fee on top.
If you do not make the repayment on time, it can affect your credit score negatively. Although there is no credit check done in most cash advance centers, if you fail to repay the loan and do not make contact with the center at least to come up with some sort of payment arrangement plan, your debt may be sent to a collections agency. At this time your credit will be affected and will only continue to plummet if you avoid it. This is very simple to avoid though, because you simply have to budget your money and pay the money back by the required due date. Although the term “payday” loan is typically used to refer to the next payday, which in most cases is two weeks time, you may be given even longer than that. Most payday centers allow a month’s time to go by before you are required to repay the full amount of the loan, plus interest. Even if the due date comes and you find you are unable to repay the money, you can make an agreement and make payments until the loan is paid back in full. Keep in mind that the longer you take to pay the money back, the more interest is added on over time.
Overall, if you are willing to pay the interest rate and make sure you repay the loan on time, a cash advance loan can be the perfect solution when you are in a financial bind. At least you have the reassurance of knowing that you do have an option, whether you have bad credit or just need money fast and cannot wait to go through a bank or other financial institution. You know you will get approved and get the money you need with a payday loan. There are cash advance loan centers offering these loans available worldwide, so even if you happen to be away on location for work or on vacation, you should be able to find one near you and get the money you need.