Cash Advance Services – Means To Sort Out Your Financial Dilemma
Cash advance services offered by numerous companies nowadays comprise of cash advance loans that require very little paperwork. Cash service site, they are useful but you must avail them with caution.
Cash advance services basically entail providing loans to salaried people facing financial exigencies between their paydays. What differentiates these loans from other types of loans is that they are essentially small amount loans. You just can’t expect to find a cash loan exceeding $1500. This is, in fact, the maximum amount. Generally these cash loans are in the range of $200 to $1000. Another factor that puts these loans in a different league is that they are supposed to be repaid on your next payday. That is if you have drawn a loan on say 15th of a particular month, you will need to pay it back to the finance company by 30th or 31st of that same month. For this reason, these loans are popularly referred to as payday loans. Some of the companies do allow you to extend the repayment period, which is known as rolling over or flipping the loan. But extending the repayment period can cause serious damage to your financial life. This is because companies offering cash advance services charge heavy fees for extension of repayment periods. Thus, instead of utilizing the loan to get over your crunch, you might end up worsening your fiscal affairs.
Why Must One Avail Cash Advance Services?
There is a large salaried class in the U.S. that lives on a shoestring budget. These people often face financial crunches, relatively small but often very demanding. These crunches come in the shape of unexpectedly heavy medical or utility bills, education expenses, travel expenses, house or car repairs and so on. The list just runs endless. At such times, they don’t have too many options available to arrange the urgently required money. For people facing such financial hardships, cash advance services are truly convenient and an effective means of getting by. The reason is that you don’t really need much to qualify for these loans. You just need to be an adult (18 years or above), have an employment at least 3 months old that brings you $1000 to $1200 a month. The best aspect of these loans is that you don’t need to undergo a credit check. Bad credit, poor credit, or bankruptcy is no constraint to avail services of companies offering cash advances. No wonder, these services are frequently referred to as services for bad credit cash advance. Isn’t it simple? But before you draw your conclusions, you need to know the applicable interest rates too.
For availing a cash advance service, you may be charged an APR (Annual Percentage Rate) anywhere between 300% and 700%. To put in simpler terms, you may need to pay $10 to $30 per $100 borrowed for a loan period of 15 days. If you miss repaying your loan on the due date, you will face even higher fees / interest rates. Paying one time interest, though relatively high, to overcome an exigency is not imprudent. However, allowing the loan amount to snowball into unmanageable amounts by not adhering to repayment schedules is certainly extremely unwise. So, if and when you avail cash advance services, make sure to prepare a plan for repaying it timely.