If you suddenly find yourself in a tight financial position, or you are simply low on cash, your best bet might be a cash advance loan. Obtaining these types of loans is usually relatively simple process, and you can often have cash in your pocket in under an hour.
Cash advance loans are available from a wide variety of vendors, which makes the market relatively competitive. If you have a checking account, you can apply online and have the funds deposited directly into your account.
What Do I Need?
Obtaining a cash advance is a relatively simple and painless process. This is not the same as applying for a bank loan. As long as you meet a few criteria, approval is almost guaranteed. Having the right paperwork with you will ensure that you walk out the door with cash in hand.
- A source of income – Usually this means employment income, however, other sources will work. Government assistance, an annuity, or any continuous, reliable income source is generally accepted. Proof will be required in the form of a recent pay stub. Sometimes a bank statement showing a payroll deposit will suffice.
- A Bank Account – This is especially true if you are applying for a loan online, the lender will need a place to deposit your money. The lender may also want bank account information as a means to access repayment of the loan.
- Identification – When applying in-store, ID will be required before funds can be issued. In most jurisdictions you must be 18 years or older to apply for a cash advance loan.
What Are The Costs?
Cash advance loans are unsecured loans, which mean they bear a relatively high amount of risk for lenders. To offset the implied risk, lenders charge high interest or fees.
Typical loans will cost around 20% of the amount borrowed, usually due on the borrowers next payday. To put this in perspective, a credit card charges around 20% interest in a year, a payday loan company charges the same amount in a couple of weeks. A $500 loan will incur charges of around $100 dollars. Depending on your situation, this may not seem very expensive for the convenience factor. If you need money urgently, be prepared to pay for it.
It is a good idea to do some comparison shopping when looking for a quick loan. Many companies will provide discounts for new clients. Also be aware of any fees that may be charged in addition to the interest. Transaction fees can quickly add up and make your loan more expensive than you thought it was going to be.
Online or In-store
While payday loans were traditionally only offered at brick and mortar locations, today there are many competitive, online options for receiving loans. NationalLoans.com offers several payday advance loan options for you to choose from.
Online lenders make the application process extremely convenient. Usually a simplified step by step procedure will determine if you are eligible. All you need is a bank account statement to prove your income. You may be required to fax a copy of a blank check, but often account information can be transferred electronically. Furthermore, the internet makes comparison shopping easy and simple. Online processing usually requires up to 24 hours for your first loan.
If you choose to apply in person, simply look up the address of a convenient payday loan company. Appointments are unnecessary. You can call ahead to see what type of paperwork is required. Usually you’ll need a bank statement and/or recent paystub. A blank check or checking account number and photo ID. At an in-store lender you can typically have your cash within an hour.
Discounts and Fees
Fees and interest rates can be extremely variable, and are often based on state lending rules and regulations. Take some time to see what types of bonus offers or discounts may be available to you. Many companies offer cheaper loans for new customers in the hopes that you will become a repeat borrower.
As noted earlier, repayment is usually due on your next payday, whether that is in two weeks or two days. A variety of repayment options may be available for your convenience. You can write a post-dated check or have the payment directly debited from your checking account. Alternatively, you may opt to come in and pay in person.
Begin Your Cash Advance Loan Application
Remember to shop around to find the best deal, and the right arrangements to suit your financial situation.
Watch out for hidden fees. Make sure to read the fine print and ensure you understand what you are paying for and how much you are paying.
Find out what the penalties for late payments are. Furthermore, ensure that the company you are dealing with is licensed to lend money in your jurisdiction.
Protect yourself and your account information by using a reputable lender from NationalLoans.com.