Getting A Cash Advance

by andy h on April 20, 2007

The following is a paid post from Nationalpayday. Paid posts will be limited to one per month and will always be disclosed.

Just when we think we are getting ahead, it never fails that we fall behind. Life has a tendency to throw up hazards in the road and, unfortunately, many of them cost us too much money. And why does it always seem to be after all your bills have been paid and you have just enough cash to get by until payday that life does this to you? When you think about having to borrow fast cash, it seems almost daunting. You think about all of the options you have such as writing a check that might bounce to not paying your credit card and incurring a late fee. It seems like everywhere you turn you have to hurt your credit to get fast money.

This is where a cash advance can come into play. With a cash advance you are able to get the money you need quickly. The amount you may borrow ranges from $100 to $600 and the first cash advance is often free for first time users on Internet sites. The cash advance can save you money and a bad mark on your credit score. Sure, you may have to pay a fee on the loan as well, but it is much less than the fee your credit card company would charge and it is a lot cheaper than the fee your bank might charge on a bounced check. When you weigh out your options, a cash advance can easily be your answer.

Even though there seem to be many benefits to these types of loans, there are also some downfalls to using cash advance loans. Cash advance payday loans often charge high fees and outrageous interest rates. In many instances, the loan must be paid in full within a couple of weeks or major penalties will ensue. Cash advance loans are a very high-risk for the lender due to the fact that no credit check is required and only very basic information about the borrower is obtained. This is the reason that the interest rates are set at rates starting at 400%. These high interest rates ensure that the lender will make a profit.

If a cash advance agency is the only option available, be sure to read their terms and fine print very carefully. Compare various companies in order to get the best rates. Being able to pay off the loan right when it is due is always the best approach in order to avoid getting further into debt. Furthermore, setting up an account for those “rainy days” that everyone will encounter is the best option.

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