Cash Advances At a Glance

Posted on Friday, September 10th, 2010 at 3:10 pm in General Payday Loan Tips, Helpful Payday Loan Info

EASY APPLICATION PROCESS
Consumers can apply for cash advances online or in person at a payday loan store. To apply for a 1-hour cash advance in person, visit your local payday lender with a personal check post-dated for your next payday, your driver’s license ID, and a recent pay stub or other proof of income. Your cash advance lender will evaluate your monthly income and approve your cash advance loan on the spot with no credit check. You can walk out of the cash advance store with up to $1,500 that’s yours until payday. Your lender will cash your post-dated check for payment when you receive your next paycheck.

You can also borrow cash advances online from the comfort and privacy of your own home computer. Submit an online application on your lender’s website with your driver’s license or Social Security number, a 3-month salary history, and your banking information. Your lender will review and approve your application with no credit check shortly after you submit it and wire cash in 1 hour to your bank account. There are no papers to sign, no checks to write, and nothing to fax with online cash advances. It’s easy to get cash in 1 hour the same day you need it.

AFFORDABLE CASH
Cash advances are often cited for their high annual percentage rates (APR). The annual percentage rate is a calculation of how much interest you’ll owe in a full calendar year. Bank overdraft fees have an average APR over 4,500%. Late fees can have APRs over 1,000%. Typical cash advance APRs are between 300% and 500%.

It’s true that cash advance APRs are higher than the APR you would find on a personal bank loan or credit card. Banks and credit card companies screen their customers based on their credit scores to weed out consumers who are likely to default on their payments. Because of the lower lending risk, the APR is lower. Cash advance lenders make fast cash accessible with loans for people with bad credit and don’t perform credit checks for approval. Due to the higher risk, cash advances have higher APRs to compensate for the increased risk of default. Cash advances are still more affordable than paying your bills late or overdrawing your bank account, and are an affordable cash solution in a pinch.

CASH ADVANCE PAYMENT PLANS
Paying back your cash advance is easy: You can pay the full amount on payday, get a rollover, or arrange an installment plan with automatic payments scheduled on every payday. All payments are fully automated, so you don’t have to worry about due dates or mailing a payment on time. Payments are automatically deducted every payday until your cash advance is paid back.

For fast, affordable cash with easy payment plans, borrow cash advances online and get cash wired today!

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