Subscribe to this blog

Subscribe to full feed RSS
What the? RSS?!

Subscribe Via Email

We respect your privacy.
Archive for July, 2012

Finding Cash Advance Loans Without Paying Huge Fees

By On July 30, 2012 Comments Off on Finding Cash Advance Loans Without Paying Huge Fees

What are Cash Advance Loans?

In the US, the number of cash advance loans and cash advance lenders are multiplying rapidly. Its popularity and recognition may have been attributed by the fact that cash advance loans are far easier and faster to secure than traditional loan forms. A cash advance loan is a typical kind of rapacious lending. Reported from the National Association of Consumer Advocates, a cash advance loan is an accepted subset of loans.

Basically, cash advance loans capitalize on individuals who are going through dire financial times. A cash advance loan guarantees immediate financial support in exchange for considerable interest rates plus impractical fees. While the Payday Loan Consumer Information states that interest rates for this type of loan range only from as low as 25% to 50%, the rate sometimes escalates to as much as 400%.

Cash advance loans may also be referred to as payday loans. They are designed to accommodate urgent financial circumstances. This form of loan is given in a small amount over a short period of time. As collateral, the borrower’s upcoming paycheck is used to secure the loan.

How to To Find Cheap Cash Advance Loans

As said earlier, the interest rates and extra fees for cash advance loans can reach unreasonable amounts. Furthermore, cash advance loans are illegal and unaccepted in 13 states in the US and only 37 accept cash advance loans, yet is monitored by the state government. With this in mind, you have a lot of considerations to make. Here are tips to find cheap cash advance loans.

First tip is to look for a lender that does not require credit checks. You should opt for a lender that guarantees no credit check. One of the most significant differences between cash advance loans and other forms of loans is that it does not need to check the credit ratings of the borrower. If you apply for a cash advance loan, it’s either you need fast cash or you can’t procure other loans due to your poor credit ratings. Borrowers with good credit usually don’t go for cash advance loans due to their huge fees.

Second tip is to choose a lender that complies with your requirements. You should work with a lender that meets you halfway. You may require more than $200 prior your next payday. Guarantee that your chosen lender is capable of lending an amount that is more in tune with your specific requirements. Nonetheless, avoid taking out money that you cannot afford to pay back in due time. This is commonly where interest rates begin to pinch your finances.

Third tip is to find a lender who does not necessitate tons of paperwork. Few lenders need the borrowers to do considerable paperwork, such as the number of applications to fill out. Avoid lenders who need a whole lot of paperwork. The standard requirements for cash advance loans include only that you be 18 years old or above, evidence of your employment, previous paychecks and a promissory letter.