Wednesday, February 09, 2011

Cash Advances

There are many loan products on the markets and people have to be careful of which one to select from. You have everything from credit card cash advances to refund anticipation loans from your tax returns. I’m sure everyone gets those cash advance checks from the credit card companies in the mail all the time. It’s tempting to use those checks as they frequently offer zero percent interest rates for several months, but if you read the fine print, there’s often an upfront 4-5% charge for the loan amount. You do the math and the interest rate adds up. I would have to say that the majority of the time, you probably do not need these quick loans, but there may come a time in which you are in an emergency situation in which you need some money quickly. I doubt your bank will be willing to give you a loan in such a short period of time and if they do, I’m sure they will impose hefty fees and a long waiting period. In this tight lending environment, banks are definitely out of the picture. So where else can you go to obtain a quick and easy loan? If you really need money quickly, there are other options such as Payday loans. The Payday loans do charge higher interest rates because it’s the nature of the business. It’s a high-risk business, in which the companies will offer you immediate cash with little hassle and no credit check. Many Payday loan companies will approve your loan the same day and you will have the money the next day. There are several online companies offering easy cash advance via Payday loans. These online cash advances don’t have to be expensive if one pays off the loan and fee in a timely manner. They offer a valuable service in a niche market. I personally have not used a Payday loan service, but if there was ever an instance where I was stuck and needed some quick money, it’s an option I would consider. It’s good to know all of your loan options in case of an emergency. Like I said before, Payday loans are not for everyone, but it can be a lifesaver if an emergency arises.

The author received compensation for writing this article.

15 Comments:

At August 12, 2011, Blogger jonwilson said...

Are credit card cash advances different from the usual cash advance? Does that mean I will pay the interest rates of both the lender and the credit card?

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At August 12, 2011, Blogger Money Turtle said...

The credit card cash advances are very similar to other types of cash advances. Remember that credit cards such as Visa and Mastercard are offered by a financial institution so any interest you pay goes to financial institution (not Visa or Mastercard). On the other hand, American Express and Discover operate as both the card processor and financial institution so any interest you pay on those cash advances go to Amex and Discover.

 
At September 20, 2011, Anonymous loan modification lawyer said...

"Payday loans do charge higher interest rates because it’s the nature of the business. It’s a high-risk business..." Interesting point. Some people find payday loan profit margins to be too big, but they don't realize the losses lenders incur when customers don't pay.

 
At November 14, 2011, Anonymous debt collection services said...

There's a wide range of solutions available to get out of debt, and sometimes, debt consolidation is the way to go.

 
At December 08, 2011, Anonymous bankruptcy attorney phoenix said...

If these loans prove to be too much, though, filing a chapter 13 or 7 bankruptcy may be your only option.

 
At January 30, 2012, Anonymous bad credit car loans said...

Though they may charge higher interest rates, money credited from payday loans offers instant cash and no credit check especially in times of emergency. blaaa

 
At March 20, 2012, Anonymous Payday Loans said...

I absolutely agree with this article. There may be risks to just about anything in life, but an emergency is still an emergency above all else. More often than not, a quick solution can make all the difference.

 
At March 29, 2012, Blogger Anne said...

Payday loans can really help people who are in need of emergency money. They may add up a higher interest rate, but I think it's acceptable. Payday loans are fast money and the money that you will get can be used to pay other bills and loans. mortgage leads

 
At April 19, 2012, Anonymous Accounting Firms Melbourne said...

I was able to apply loans online and I was hesitant at first. However, with proper explanation of the officials, they were able to convince me. I got approved within 2 days. I can really attest the legitimacy of this payday loans online.

 
At April 21, 2012, Anonymous Making Money From Home said...

This makes perfect sense. The best loan offers are available with shorter payment years. It may seem like you're saving a lot, but in the long run you're losing money every single year.

 
At May 02, 2012, Anonymous Brent said...

Cash advance loans can indeed help finance emergency situations. It is very easy to acquire even with a standing bad credit. However, make sure you consult a loan modification attorney first before applying for any more loans if you're already in the penalty.

 
At May 15, 2012, Blogger Stew said...

To refinance mortgage lead can seem like a valuable option these days rather than continue making payday loans to finance an existing one.

 
At May 30, 2012, Blogger travis said...

Look for the right financing option. There are long island mortgage options available as well.

 
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