Sometimes money gets tight between paydays or unexpected expenses such as car repairs or medical bills arrive out of the blue. When this happens, it’s time to either panic or find a way to get some money. For those people who may not have a credit card or are unable to get a conventional loan from a bank or credit union, cash advances are an alternative that if used wisely can work quite well. However, before getting these it’s a good idea to do some research and know as much about them as possible.
Many people who are getting cash advances for the first time don’t have a clue what personal information they need when applying. In addition to a valid ID such as a driver’s license, you will also need proof of your residence, bank account information such as checking account numbers and your most recent pay stubs. The amount earned from the job will usually determine how much money can be advanced, so the bigger the pay stub the bigger the loan offer.
It’s also a good idea to look over all the fees that will be associated with the loan to make sure you understand exactly what you are expected to pay back. Most cash advances are for 25-30 days, and anything that is not paid after that timeframe has interest and fees that are retroactive to day one of the loan. While not impossible to pay back, it can get difficult in a hurry if not carefully planned out.
Looking over the fine print of the contract is always a good idea when getting a cash advance. Many people don’t realize the Annual Percentage Rate on these loans can be as high as 780%, which can put a strain on the empty pocketbook if not planned out well in advance. However, if properly planned and used only for short-term solutions these loans can sometimes be lifesavers.
Many people don’t realize lenders will often try to convince you to borrow more money than you need, so it’s best to know exactly what is needed and how soon it can be paid back. While it may be tempting to let them advance you some extra cash, it’s usually better to stick with only what’s needed at the time. Before visiting the loan office, plan out exactly what’s needed and stick to your plan. The more money that’s borrowed, the more interest and fees will be added to the loan, so use some common sense and only borrow what you will be able to quickly pay back.
Finally, make sure the place that’s offering the advance feels right to you. If you feel comfortable with the customer service reps you’re working with, you are in the right place. Make sure you have someone who is willing to answer any and all questions you may have about the loan, as well as ones who will be flexible with you if you need to change the date of a payment. While sometimes it may feel like you are failing if you need a short-term loan, instead look on it as an opportunity to right your financial ship and get back on track while working with folks who want to help.
By taking some time to do research and find the best place to get a cash advance, using a short-term loan can be a quick and painless procedure. Not only do they help you with immediate financial concerns, they also let you deal with people who are friendly and knowledgeable and very willing to help guide you through a tough time.