Cash Advance Loans Vs. Traditional Loans
Borrowing money because of unexpected emergencies can be stressful and embarrassing
for individuals who do not have family or friends to turn to that are willing to help. Even if it is a possibility, this can be an uncomfortable situation.
Regular loans from the bank may be out of reach due to overstretched credit limits and uncooperative lenders. At this time, it is difficult for most people to get a bank loan, even if they have perfect credit.
Bridge the Gap
To bridge the gap between paydays and meet financial needs, there are a couple different options. One is to simply be late on payments for credit cards and utilities. This will cause future credit issues, late payment fees and even a drastic increase in the percentage rate from credit card companies. Often, if a payment is even one day late, the percentage rate may double and the credit limit will be automatically decreased. In recent months, people whose credit card balances are close to their limits are finding an increase in monthly payment requirements.
An advance payday loan is one way to pay off necessary bills on time without creating an additional tidal wave of fees and payment increases. Although the loan percentage on a payday advance is often higher than a bank loan rate, it is a temporary charge. These loans must be paid back by the next payday, so a one-time expense offsets the recurring monthly charge added on by credit card companies or traditional lenders.
The Convenience of Online Cash Advances
Borrowing money from an online cash advance company solves a lot of problems at once. The applicant can do it from the privacy of their own home. There is no marching down to the local payday advance business and explaining the whole story to someone who does not care about the situation and may not approve the loan simply based on appearances.
Online companies that offer payday cash loans base their approval on work eligibility requirements. The potential borrower must have a job with a minimum income. Proof of employment and proper identification are required. Some require direct deposit, while others only need a bank account accessible online for depositing the loan money. The lender does not run a credit check, so the credit card company that the individual is trying to pay off will not be alerted to financial issues.
One thing that is required is the ability to pay back the loan by the next payday. For most borrowers, this is common sense and an easy task.
by: Christine Harrell
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Cash Advance Loans Vs. Traditional Loans