Cash Advance Financial Services
Recently cash advances have become increasingly popular. Many folks favor cash advances as they offer quick cash-in-hand and are paid off with the next paycheck the borrower receives. This makes them good in an emergency. A same day cash advance seldom requires a credit check so individuals with poor credit are not often disqualified. This can be an opportunity to improve upon one’s credit through borrowing and paying back in a timely fashion.
Since cash advances are gaining in popularity, here are some things one should consider when interested in getting a payday advance.
Cash Advances Are Short-term Loans
One of the most important things to consider when getting a cash advance is the short-term nature of the loan. This isn’t like a normal loan that one might take a couple months to pay off. Interest rates tend to be higher due to higher risk when lending without credit score checking, because of the typically smaller loan amounts, and the short term of the loan. It’s harder for a lender to make return of a very short loan without adjusting the interest rate to compensate. So these type of advances are intended to be very short and shouldn’t be dragged out over a longer period. So, when considering a same day cash advance, make sure it’s an amount you can legitimately pay off with your next paycheck.
Always Use a Direct Lender
Use a direct lender. What is a direct lender? A direct lender is a company that directly or is directly invested in the financial institution that will actually be lending you the money. You will want a lender that solely profits in issuing loans.
Why does this matter? Well, unfortunately, there are less reputable companies that offer cash advances but, are only middlemen that gather bring in customers, gather the necessary information, but then submit that request to a separate business that issues the actual loan.
There’s no problem with a company that helps another company for commissions, right? Well no, but sadly some of these third party operations actually make the bulk of their profits from selling the information people give them for serious money to an array of businesses that will bid on the lists of customer information. This can lead to email spam and constant calling from telemarketers. The morale of this particular story is to always use a direct lender.
Citizen Status Is Not Always Necessary
Another thing to consider when you want a cash advance is your citizen status. You may be a permanent resident and in need of some immediate cash but, do not believe yourself eligible. That, thankfully, is not the case. The only status you need for a cash advance is either citizen or permanent resident. You need to have a social security number and both these statuses provide that benefit. Since a social security number is required, remember to use that direct lender.
If you can’t find a direct lender near where you live, or simply want to see what different lenders offer, you can search online where you can find direct lenders that can deposit your cash advance directly into your checking account. To use their services, you will need an active checking account for them to deposit the money in. Most cash advances done this way are approved and deposited in the same day.
Using What You Know
When looking into pay day loans, and cash advances, look online for the rules and regulations within your state and use what you’ve learned to turn your cash advance into a very useful tool for covering an emergency or unexpected expense.