The Good And Bad Of Quick Money
Bank loans can be a bit hard to get
Bank loans can be a bit hard to get. A bank's top priority is making a smart investment. The business of payday loans is a little different. A cash advance is great to handle emergency and expenses.
One significant incentive to a paycheck advance is that bad credit history doesn't matter. Bankruptcy, overdue bills and bounced checks are all problems that don't necessarily prevent you from getting an advance. There are generally only a few requirements: be over 18 and a US citizen and have a bank account and regular income. There is very little paperwork to fill out, and the process is quick. There's a high risk for lenders that some loans won't be repaid on time or at all. The risk for the lender is high, but for the customer the reward is high.
When used responsibly, a cash advance is only beneficial. Repaying your loan on schedule is monumentally important. This is a good practice for any loan, but it is even more important for cash advance loans. Late fees are extremely stiff and can quickly add up. Before you know it, you could create a host of other money problems. To avoid trouble, you want to be sure you repay the loan in full on the due date. Some companies may even allow you to repay ahead of schedule. It's a good idea to consider how much you can afford to borrow before you actually do it. $1,500 is generally the maximum a company lends at one time. Consider carefully how much money you can afford to borrow and pay back.
Many people are pleased by the idea that they can get money they don't have without paying an overdraft penalty. However, if you don't repay the company as you should the incentive was wasted. You can further damage your credit and create an unnecessary hardship.
Quick and easy are two good ways to describe the cash advance system. That said, the loan system shouldn't be taken lightly. If you're not careful, the consequences can be much higher than the reward. If you act responsibly, there's no reason you'll experience anything but the positives.
by: Marlon Jackson
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