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Although a quick cash advance loan can really be a saviour for times where you need money urgently to cover sudden and unexpected financial woes in your life, it can also get you into trouble if you don’t use it prudently. To prevent you from the pitfalls of using cash advance loans we have outlined some important tips below to help you make the most out of it.
Do you really need a quick cash advance loan?
A quick cash loan is also known as a payday loan. Ask yourself have I looked at other borrowing or loan facilities for my financial needs because a quick cash advance loan should never be your first option, but always your last resort. There are a number of reasons why we make this statement, but firstly you should access your financial situation to see if you can come up with the money elsewhere before you turn to a payday lender. The interest rates on a quick cash advance loan can be quite high, which means it is what I call “expensive money”, as it cost you a lot more to borrow this money.
Some ideas might be to go through your mail to see if the cheques for the receivables you have been expecting has arrived or see if you can auction or sell something you no longer use on eBay or gumtree. Post your items online and slash the price, someone would love to pick snatch up a bargain right away or have a garage sale, in other words do everything you can to raise the cash. Another thing you can look at is, do you have a line of credit secured against your house? If you do draw down on the equity in your line of credit as this loan because it is secured against your property attracts a lower interest rate. Do everything possible to come up with the money before opting for a quick cash advance or payday loan.
Unless you have equity in your home or property and a bank redraw facility or a line of credit to withdraw the money in a hurry, your solution for obtaining cash in an emergency could be a cash advance loan.
Cash Advance loans are also known as payday loans. When you are in urgent need of quick cash these loans can be very handy or during times when you have “more month at the end of the money” so to speak and you can’t wait for the next pay packet. During these times you can get a cash advance loan to solve your short term financial need. There are many websites out there that promote payday loans and they are easy loans to obtain, as long as you have full time work, at least 18yrs of age and have a bank account. The whole loan application process can be easily done online.
During the application stage, you need to enter your personal and employment details onto an online application form. Once you hit the submit button then the payday lender does the verification checks of your employment. There are no credit checks on you profile, so hence people with a bad credit rating are still eligible to receive a loan. After verification your loan should be approved. You should nominate an a bank account you like to receive the transfer of cash from the lender, preferably the same account that you receive your pay check that way when it’s time to repay the loan, the lenders can withdrawal straight from that same account once you have been paid by your employer.
Compared to other loans you might have tried to obtain in the past such as a mortgage, payday loans are easy and hassle free to obtain. The payday lenders pride themselves on providing consumers with a quick process to apply for the loan online, once your information you entered online is verified and loan is approved the money can be directly deposited straight into your bank account within the same day. The general interest rate for these loans can be quite high so we caution you to pay back the entire loan as soon as possible. Interest rates aside cash advance loans are the solution to your urgent need for cash, as it is fast, dependable and easy to get compared to the difficult and lengthy time frame in trying to obtain a loan from a bank.