There is some bad press and misconceptions floating around about cash advances and payday loans. We’re here to set the record straight about the many benefits of cash advances online. Cash advances help consumers in a financial pinch with low fees, flexible payment plans, and no credit check for instant 1-hour approval. Below are three common cash advance misconceptions and the truth about how cash advance payday loans can benefit consumers in a pinch.

First Myth: Payday lenders prey on the poor and financially desperate.
Actually, the average cash advance customer is college educated, employed full-time, and earns a yearly salary of about $40,000. Cash advances have gained popularity with middle-class consumers who sometimes need extra cash to make ends meet.

Some months can be more demanding on your finances than others. A smaller paycheck, a higher utility bill, or an unexpected emergency is all it takes to send your finances temporarily out of control. Borrowing a cash advance can see you through until payday during more challenging months.

Second Myth: Cash advances trap borrowers in a cycle of payday loan debt.
Cash advances can be helpful or harmful depending on the financial health of the customer borrowing them. Some cash advance customers with existing debt trouble turn into chronic borrowers and never seem to pay off their cash advance loans. Other customers who borrow cash advances for emergencies or a short-term financial fix pay off their debt easily at the end of the month. The amount of personal debt a cash advance creates depends on the individual and his or her existing financial health.

Third Myth: Cash advances are too expensive with high interest rates.
Cash advances are approved based on salaries, not credit scores, and pose a bigger risk to the lender for their convenience and accessibility. Because of their higher lending risk, cash advance interest rates are typically higher than credit-based bank lending services. Rates and service fees vary from payday lender to payday lender, but a typical cash advance has a $15 service fee for every $100 borrowed. A $100 cash advance borrowed for two weeks with a $15 service fee has an annual percentage rate (APR) of 391%. It’s important to remember though that a customer will only see a 391% APR if the cash advance is repaid in monthly installments over a full year.

Critics may call this a high APR, and it is higher than the rates you would get from a personal bank loan or a credit card, which are both approved based on the applicant’s credit score. However, for people with bad credit or who need cash fast and don’t have time to wait for credit-based approval from the bank, cash advances have a much lower APR than late fees on missed bill payments or bank overdraft fees, which carry APRs of 1,000% and higher even if you’re overdrawn by only a few dollars. Cash advances are a more affordable option when you need cash fast for emergency spending.

Don’t let the critics fool you. Affordable cash advances and payday loans are available from online payday lenders for all of your fast cash needs.

Online cash advance services offered by national payday lenders give consumers a flexible short-term credit option for affordable fast cash. Whether you have good credit, bad credit, or no credit, you can qualify for instant approval online based on your monthly salary. When bank loans and credit cards aren’t an option, cash advances can save you from hefty bank overdraft and late fees, tame your financial troubles, and get you through until payday.

Cash advances and payday loans fill an important void in financial services for lower and middle income consumers who need fast short-term cash but can’t borrow from the bank or use a credit card. Instead of overdrawing your bank account or waiting for your next paycheck to pay your bills late, borrow a cash advance for the money you need until payday. You’ll get the cash you need fast, as soon as 1 hour after you apply.

Compared to the credit alternatives of overdrafts or late payments, cash advances are an affordable type of short-term lending. Bank overdraft fees can cost up to $35 every day your account is overdrawn with an annual percentage rate over 1,000%. Fees for late payments have similarly high interest rates. A cash advance costs about $15 for every $100 borrowed, with a 15% interest rate if paid in full at the end of the loan term. Cash advances carry APRs between 300% and 500%, and while the rate is higher than the interest you would pay on a personal bank loan or a monthly credit card bill, it’s less than half the cost of other presented alternatives.

Cash advances give you the ability to choose affordable short-term credit for cash emergencies. Get started today and get approved in 1 hour for the cash you need from a national payday lender online.

Cash advances and payday loans provide short-term lending services to an economic population overlooked by banking institutions: the middle class. Hardworking consumers with less-than-average credit can borrow up to $1,500 for those months when the expenses outnumber the paychecks. Approval isn’t based on credit scores, so qualified applicants can get instant approval for the cash they need even with bad credit.

The portrait of a typical cash advance borrower may surprise you. On average, most customers applying for cash advances are employed college graduates who earn an income of about $40,000 a year. That sure doesn’t fit the stereotype of the urban poor preyed upon by loan shark lenders and trapped in a cycle of payday loan debt. Due to the bad economy, cash advance and payday loan services have grown more popular with consumers from all economic levels, from the single mother living paycheck to paycheck to the business executive paying for emergency car repairs to the recent college grad juggling student loans and living expenses on a moderate salary.

The average consumer borrows about 8 cash advances loans from a payday lender every year to help with monthly expenses and emergency spending. Cash advances can help consumers in a financial pinch to keep their bank account balances high enough to avoid overdraft fees with cash until payday. Customers with bad credit can borrow cash worry-free with no credit check, even if they’ve been turned down by traditional lenders.

It doesn’t matter how much money you make. When you need cash in an emergency or just need some help getting by this month, you can enjoy the benefits of affordable fast cash from any payday lender online.

Cash advances and payday lending thrive in a bad economy. Payday lenders give cash-strapped consumers a fast and accessible credit alternative regardless of a good or bad credit score. In a suffering economy, cash advances make credit available to consumers who have few other alternatives due to a poor financial record.

Cash advances get a bad rep for high interest rates and predatory lending. In reality, payday lenders provide a valuable and affordable short-term credit service to customers from all economic backgrounds. In a tanked economy, some months can be harder to survive financially than others. Cash advances can bridge the gap in the hard times to make it easier for customers to keep their finances on track and pay their monthly bills on time.

Consumers with bad credit are left with few options for getting by in the tough months. Many overdraw their bank accounts to pay their bills that are due before payday, while many others wait to pay their bills late with their next paycheck. Borrowing a $300 cash advance to pay your monthly bills may cost you an annual percentage rate of over 500%. Overdrawing your bank account by the same amount to pay your bills on time can cost you an APR of well over 1,000%. For an individual with bad credit and few borrowing options, which looks like the better deal?

Cash advances can save a consumer’s credit score. Some people with bad credit will risk maxing out their credit cards for large or emergency purchases. Repeatedly going over your credit limit further damages your credit report and creditors will usually increase your interest rate as a penalty. Borrowing cash advances for emergency spending and big purchases instead will negate the risk of going over your limit and can improve your credit score when you pay your lender back on time.

Cash advances are more costly than bank loan services that base approval on credit scores. But for consumers to whom no additional credit is available, cash advances and payday loans can result in significant savings over the spending alternatives.

Payday loans and cash advances online extend a valuable cash and credit service to customers who need fast cash even with bad credit. A typical cash advance customer pays about $15 to borrow $100. Cash advance interest rates are low considering the high risk to the payday lender with no credit check. Convenience isn’t always free, but low interest cash advances make fast cash affordable for most consumers.

Critics frequently cite triple-digit annual percentage rates (APR) as the cash advance industry’s #1 disadvantage. APR is not an accurate measure of a payday loan’s value, since customers pay back their borrowed cash in two week to one month and not a full year. Financial institutions use APR to help consumers compare the costs of long-term lending services like personal loans, credit cards, or mortgages. Cash advances are short-term loans and can’t be effectively compared with long-term lending using APR.

Even so, consider the APR on a typical $100 cash advance borrowed for 14 days with a $15 service fee. The APR calculates to 391%. While this figure is higher than credit-based bank lending services, it’s about one-third less expensive than a bank overdraft fee on a checking account overdrawn by $100 for the same 14 days. Most customers borrow cash advances online to replenish their bank accounts before payday and avoid overdraft fees, or to have enough cash to pay their bills on time without late fees which can carry even higher APRs than an overdraft.

Payday loan lenders do not run a credit check to approve a cash advance. Unlike bank loans that are approved based on a consumer’s credit score, cash advances are approved based on the customer’s monthly salary. Bank lenders examine credit histories to determine a borrower’s risk and likelihood to pay on time. Because your credit score vouches for your trustworthiness as a borrower, the interest rates on bank loan services are generally low. Payday lenders don’t use this same assurance of credit worthiness, so interest rates tend to be a little higher and reasonably so. Payday lenders must compensate for their lending risk to offer fast, convenient cash to customers with bad credit.

Don’t fall for the negative hype surrounding online cash advances and payday loans. Research a low cost cash advance lender for yourself and see how affordable fast cash can be.