subject: Can You Use A Cash Advance? [print this page] It is always nice to have money in your hands, even if it has to be given away to a creditor. People get excited about what they can use that money for.
Some people will look past the important things about who they are getting their money from. Some people even feel very guilty after taking a loan. Both of these scenarios are not very positive and with the right information, they can be avoided.
There are many reasons why people avail loans of these kinds. Some people don't have the best credit to get any other kind of loan.
Sometimes urgent situations can arise like medical expenses or repairs that need to be handled as soon as possible. Or maybe a bill is due before payday that will come with a steep late payment fee. These kinds of loans can help you get the money quickly to pay that kind of bill.
It is advised that cash advance loans only be taken in urgent situations and not for frivolous purchases. But lenders do not grill you on the reason for the loan so you are not having to disclose any personal information regarding why you need the money.
If you are considering getting a cash advance loan, the first thing you might want to do is to have on hand, a list of questions that you want to ask the lender. You will want to find out their interest rates, payback terms, and administration fees or set up fees and pre-payment penalties.
Find out what the loan market has set in general and take note as you look for a lender so you know if their "prices" are too high for the "product" you are buying. You can do research either on line or by calling or visiting local lenders.
Interest rates can fluctuate from day to day. To get the best loan, you will want to watch how the rates go up and down.
A lot of lenders just simply charge a flat fee for every $100 borrowed. And that is helpful.
Compare all the fees but keep in mind that you do not want to pay an up-front free to a lender you feel doubtful about or one that is not well known in your area. Getting personal references from people you know can help you find a reputable lender.
Read the fine print! You can ask the lender for a copy of their contract before you sign it so that you don't take up their time and you have time to read it and understand it all.
Take notes when you talk to your lender. Write down any question you have while they are speaking so as to not interrupt them, and to remember what your question was. Also, you can refer back to your notes as you compare rates with other lenders.
Because lenders make money on your money, they don't want you to pay your loan back within a short time. So some lenders want to charge you pre-payment penalties.
You don't want any clerical errors when you get your loan. Make sure you are filling out your loan application completely and that it is very legible.
If there is ever a dispute with your lender, you can go back to the notes you made and all the documents you kept so you can prepare your defense. Get legal assistance during a dispute. It might not be nice to have to pay for it, but it will be better than paying out the nose in the long run because you were unprepared.
The best advice that can be given about cash advance loans is that you pay them back within the term you agreed to. Fees and more interest will be added to your loan the longer you take to pay it back.
Some people who do not plan accordingly find themselves owing more than they originally borrowed and that is never a fun thing to find yourself in. Cash advance loans are just like any other loan and you are responsible for paying it back.
After all, you signed your name to the contract so you are legally responsible for repayment. So before you even obtain a cash advance loan, it is wise to have a plan on how you are going to pay the loan back.
by: Jack Landry
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