Often, salaried class of people face a shortage of money as they spend away the salary cheque by the mid of the month. Therefore, if some urgency comes up, then they tend to rush to take out cash advance until payday. However, you must consider every aspect of the loan, before applying for it.
A feature of the loan that tempts the borrowers is its instant approval. Usually, it does not take more than 24 hours to get the loan amount into the borrower's bank checking account. To qualify, you must be a US resident of at least 18 years of age and you must be an employee, drawing a fixed monthly salary of no less than $1000.
You can borrow anywhere from $100 to $1000 as a cash advance. Usually, the lending company takes from the borrower, a post-dated cheque of the desired loan amount and a fee on it. Then, the lender deposits the cheque of the borrowed amount, minus the fee, in the borrower's bank checking account. if you want to rollover the loan for couple of weeks, you shall have to make additional fee payments.
These loans carry high interest rates. On each $100 borrowed, the lenders typically charge interest at high rate, which typically is around 30 percent. This means that you will make a payment of $30 on borrowing $100. In case, you rollover the loan, then the interest payment almost doubles. Therefore, pick up the loan for urgency only.
Bad credit history of the borrower is not a hurdle as these loans find approval without any credit checks. However, ensure that the lending company reports the loan repayment to the credit bureaus. This way, you are able to improve your credit rating.
Make a comparison of cash advance until payday offers you see on internet. Some lenders may have slashed the interest to beat the competition. Ensure that you repay the loan without extending it, or you may be in debts.
