Do I Need a Cash Advance or Payday Loan

by : Jeffrey Barber

First off, a cash advance or payday loan is a short term loan that helps give you some extra cash when you need it before payday! The amount is usually between $100 and $500. Getting a cash advance or payday loan generally does not require any credit or background check which makes it very easy to for someone to obtain. All you have to do is fill out an application, which can be done online, give them your information such as where you are employed, how much you currently make and your bank account information.

Not everyone can or is eligible to receive a cash advance. There are some minimum requirements. For example you must be at least 18 years of age, have an existing job that pays a salary of at least $1000 per month.

The payback on cash advances and payday loans can be hefty with an average interest rate of about 20% -- accumulating as soon as you cash the check or receive the money. This high rate is mainly because these advances are unsecured meaning that you did not put any of your own money upfront in order to get this cash advance or loan.

Unfortunately, cash advances or payday loans are being made by people who are considered low income. People within this income bracket are hard pressed to survive day to day trying to put food on the table and provide shelter for their family. Giving up your paycheck earlier in order to pay for an immediate need seems like the right thing to do, but it's not. You are causing yourself to go deeper and deeper in debt. If your debt to income ratio continues to grow on the debt side then you will never leave the low income category.

If you find yourself always trying to get a cash advance or payday loan. You clearly need to find another means to bring in additional income. Trust me when I say that "living paycheck to paycheck is NOT the way to live".

Being that you are reading this article online, you have access to the Internet. There are thousands if not millions of people making a decent second income or even their primary income using the internet. Most if not all of this income can be made in the comforts of their home.

Find out how to get out of this cash advance/payday loan rat race by visiting No Cash Advance Need,