Should You Get a Cash Advance Loan?

Should You Get a Cash Advance Loan?Are you totally broke until payday? Do you have bills that need to be paid right now? If so, you might want to consider getting a cash advance loan. However, before you sign on the dotted line, you should ask yourself these questions first.

Will I be able to pay this loan back?

As long as you can pay the loan back in a timely manner, payday advances aren’t very costly. However, if you can’t pay it back, those late fees can really add up. Don’t get a loan unless you know that you’ll be able to handle it.

Is this the best way to pay my bills?

Look at the rates that lenders are offering you, and see how they compare to the rates on your credit card. You might find that you can get better deals if you pay for your bills with your charge card instead.

Is this a trustworthy lender?

There are a lot of great companies that give out cash advance loans, but like with anything, there are a few bad apples. Do your research and make sure that you find a company that you can trust. You’ll be glad that you did.

These types of loans aren’t right for everybody, but they can be a very good fit for a lot of people. Make sure you find a loan that works for you. Go over all of the information available to you so that you can make a smart choice.

The more you know, the more likely it is that you’ll be happy with your final decision. Shop around, and do what you need to do to get the money you need. There are lots of great lending options out there, and you should take full advantage of all online cash advance loans.

People With Bad Credit

People With Bad CreditIf you are looking for a personal loan, but your credit is bad, there are still ways that you can get the money you need. One way to get the loan is to apply for personal loans for people with bad credit. These loans are perfect for people with low credit scores and the lender isn’t going to run a credit check so you don’t have to worry about your credit score.

Bad credit loans are very easy to get and you can apply for them in just a minute or two. The loans are also fast to fund you don’t have to wait more than a minute to get approved. Since the lender isn’t going to run a credit check, you don’t have to worry about your credit score being low. The lender is just going to want to see that you have a job.

You can use the money from the personal loan for anything you like and you just want to make sure that you repay the loan quickly to avoid paying too much interest. The interest rate can add up fast if you make payments on the loan. These loans work very well for emergencies and other situations where you need to get money quickly and  don’t want to wait a week or more for an approval.

It feels great when you can get the money you need the next business day and you don’t have to wait to get paid. It also feels good knowing you are going to get approved even though your credit score is terrible. Personal loans for people with bad credit are easy to get and they fund faster than any other type of loan which makes them very attractive. Bad credit doesn’t have to stop you from getting a loan.

All About Personal Loans

All About Personal LoansIf you would only search for “personal loans for bad credit” on Google or another search engine, you will find that there are many online lenders out there that are willing to set aside (actually, ignore)  your credit score to lend you some money when you need it. They might seem like a good deal especially if you are in great need of some cash. But are personal loans for people with bad credit really a good deal? Read the rest of this article below to know.

Online lenders, because they are extending money to people regardless of their credit standing, typically minimize the risk of non-payment  by requiring their borrowers to provide  proof of income. But more than this, they charge high-interest rates. Just how high are the interest rates?  While 20% is typical in the industry, you will find lenders that charge up to 30%. This interest rate is not per month, it is applicable for the lifetime of the loan.

Bad credit loans are typically short-term loans that need to be repaid after two weeks to one month. If you take out a two-week loan and you repay after a month, not after two weeks, then you will be paying twice the interest rate that you agreed to.

That said, even if you are desperate for cash, you should only consider personal loans as a last option. Try to borrow money from your friends or family first. If you have valuable assets like jewelry, you can  take out a collateral-based cash loan, which is cheaper in terms of interest rate and gives higher loan amounts.

As it is right now, with bad credit personal loans, the most money that you can borrow is $1,000. The typical amount is from $100 to $500. I know that isn’t much, however, considering the demographic of the people who get these loans, the amounts are actually a big deal.

You would be surprised to know that most people from online lenders are actually women. They are usually in debt 5 times out of the year. They are not in emergency situations that often, but what happens is they often find themselves in a tough spot and they are unable to buy groceries in between pay days.

We hope that you are not part of the statistic, but if you are, there’s no shame in that. Just make sure you work out a plan to free yourself (finally!) from debt.

Best Choice For You

There are many times when a situation which cannot be taken care of with a credit card may arise. Maybe your car broke down, you had to take a last minute cab ride or maybe you need to pick up a few things to hold you off till payday. On these occasions having cash in hand is a way better than plastic.

But what if the money left in your checking account is not enough to cover it all? A great way to get cash fast is by taking out a cash advance on your credit card. This seems quite convenient being as a cash advance is simple to acquire and you do not need to have a certain balance in your account to do so.

Although it does seem convenient you may be wondering if it is something you should do, here is a bit of information on the subject which may help  you make that decision.

Best Choice For You

What exactly is taking a cash advance?

A cash advance is a short term, loan which is taken against your credit card. There is of course a limit however instead of it being a short term loan as when you purchase with a credit card it is a cash loan, meaning your loan will be in the form of cash. You will be able to withdraw this loan from your credit card not your debit card at the ATM.

Keep in mind however that most credit card companies do not permit you to take out a cash advance for the full amount of your credit. Generally a cash advance is only given for a few hundred dollars. This of course means you cannot depend on your credit card to allow a large amount of cash even in an emergency situation.

It Can Be Pricey

Although getting a cash advance is pretty simple it can be a very pricey way of acquiring cash. This is due to the many fees and expenses associated with getting a cash advance, expenses which do not exist with a simple ATM withdrawal. Every cash advance has fees which can be two to five percent of the advance amount. So let’s say you get a cash advance of three hundred dollars on a credit card which has a four percent advance fee you will be charged twelve dollars merely to obtain the cash as well as any ATM fees there may be.

The priciest aspect of taking a cash advance is in fact the interest you will be charged, there are two ways in which this can be costly. For starters the interest rates on cash advances is generally much higher than credit card interest rates, but that is not the worst part. The interest on a cash advance generally begins accumulating from day one, no grace periods are provided. In other words the second you take out a cash advance you want to pay it back asap.
Assess Your Finances and Consider All Your Options

If you are considering taking a cash advance regardless of the high interest it may be an indicator of your financial situation being serious. A cash advance should be only used as an option in a very extreme situation. It may be best to try to restructure your finances and maybe consider other options. You could consider taking a personal loan, borrowing from family or friends and even overdrawing on your car which will not be nearly as expensive as a cash advance. Before you make a final decision look at every possible option being as the decision you make could be an expensive one.

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