Tips On Your First Cash Advance
Sometimes everyone falls short on cash between paychecks
. They may run into an emergency that puts them in need or simply find they miscalculated when figuring their finances. Regardless of the reason for the need, the fact still remains that there is a need. If you borrow from a licensed business your first cash advance is usually free of any additional charges.When you enter into a contract with these businesses, they ask that you post date a personal check for the date of your next paycheck. In turn they agree to hold the check until after the date it is written for. The loan is expected to be paid on or before that date. In the event it is not paid, they have legal cause to file criminal charges.
The application is primarily the same for all of these businesses requiring proof of employment in the form of your most recent check stubs, recent statements from your bank and personal references. You are awarded points for each document you present to them. Before the application is approved, you must accumulate so many points.
Although it is one of the most convenient and easiest ways to borrow money, there are things you should watch for. Call around to various locations to find the lowest fees available. These can be quite high on low amounts but relatively low on higher ones. This is a ploy to get you to borrow more.
Once you have the money to pay the loan off, it is vital that you do so and pick up your post dated check. If you find you have borrowed more than you needed, you will most likely be short once again after paying off the loan. In this event you will be forced to borrow again beginning a vicious circle of borrowing.
Do not let your due date pass. This can leave you vulnerable to charges for theft by unlawful taking. This is a criminal offense and punishable according to your states laws. When you have the money, make sure you pay off the loan and receive your check. Try not to borrow again against your pay once you have paid off the original loan.
The need for money, from time to time, arises and leaves us scrambling for a solution. Businesses that offer to loan money against your pay are everywhere. Many offer a discount on your first cash advance but that is only to get you to borrow from them. Choose the business you deal with carefully.
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