Following are some of the reasons we feel cash advance loans are a good short-term alternative to get out of a financial emergency:
1.) Cash advance loans are available for people with bad credit
With the global economic downturn and home mortgage crisis, more and more people around the world are facing issues regarding bankruptcy and bad credit. For commercial banking institutions, credit standing and history is one of the more important bases for granting loans. Being bankrupt would even make it more impossible to secure a loan from any commercial bank. Cash advance loans, however, do not take this into consideration. In fact, lenders never ask for credit history or do credit checks. All the borrower needs to do is establish the capability to pay via a regular income or Social Security benefits.
2.) Cash advance loans are quick and easy to obtain
Generally speaking, cash advance loans are the easiest and quickest way to secure emergency funds. Almost everything is done online and at times without the need to fax additional documents. Because there is no credit checking and minimal loan requirements, borrowers do not have to contend with the hassles of going to the bank’s loan officer or preparing necessary documentation to cover unexpected expenses. What’s more, loan amounts are sent directly to the borrower’s savings or checking account via electronic transfer.
3.) Cash advance loans are really useful form small loan amounts
Not everyone needs to secure a loan for start-up businesses. At times, loans may be needed simply to cover insurance payments or place a down payment on a particular item. In majority of cases, cash advance loan amounts range anywhere from $100 to $1,500 based on the actual need of the borrower. It would be highly impractical to go to the bank, accomplish forms, and go through the details of securing a commercial loan for a measly $100. If your intention for a loan is to simply stretch out your money until the next payday or Social Security check, then, cash advance loans are definitely the way to go.
4.) Cash advance loans have no upfront costs
Banks normally charge borrowers processing fee for loans. The amount is usually deducted from the amount prior to its release. With personal cash advance loans, the borrower generally does not have to contend with upfront costs. The application process including the tending of the loan offer are both done without charge. What’s more, the borrower gains a number of options and is not automatically stuck with a single lender. The online application will actually be sent to dozens of legitimate lenders to arrive at the best possible match for the borrower’s needs.
5.) Cash advance loans allow for immediate release of money
Once again, if you are simply looking to stretch your money, it would defeat the purpose if you have to wait for loan approval that can take days or even weeks. With instant cash advance loans, the amount can be released as fast as 24 hours or the next banking day whichever is quicker. As long as all requirements and documentation (if any) are satisfied, then you can expect to have the loan amount readily available in your savings or checking account.
6.) Cash advance loans prevent late fees or penalties
Many people resort to charging expenses to credit cards only to realize that when the time to pay comes, they do not have enough money to cover the amount. Credit card companies usually implement inflated fees for late payment of accounts. Or you may realize that you have issued a check but your account is overdrawn therefore there is not enough to cover the amount. If you are hard up on cash, these instances will not help your financial situation. To avoid paying unnecessary penalties or late payment charges, you can avail of quick release personal cash loans. In the long run, this short term loan will prove to be cheaper than shouldering the bank charges and ruining your credit history and standing.
7.) Cash advance loans help with car loan payment or repair
Busted radiator hose? Broken brake light? No spare tire? Need to pay car amortization or insurance? These are common problems experienced by car owners. Unless you own a sparkling new top of the line ride, chances are you are bound to experience these problems unexpectedly. When one or all of these happen and you do not have ready cash for them, cash advance loans may well be your best solution. If you are lucky, you may not even have to wait the weekend to have your car in running condition. And best of all, you know exactly when you need to pay back the cost of repairs or car payments. It does not have to catch you by surprise.
8.) Cash advance loans could help in home mortgage or rent payments
Missing a home mortgage payment could seriously affect your credit score. If you are renting then usually the leasing company charges a $50 fee for late payment. If you are a little short for these monthly payments then it is a good option to take out a cash advance loan could be a good short-term solution. Usually the fee on $100 loan is $15 which is much lower than late payment fees. Plus the whole process could be accomplished online.
9.) Cash advance loan is an option for unexpected travel expenses
People who travel frequently knows that the best time to buy tickets would be months ahead of the scheduled trip. However, there are times when you are suddenly put on the spot and the boss asks you to travel either locally or internationally and you have to foot the bill and reimburse it later. During these times when you are caught off guard, cash advance loans may turn out to be your best friend. Regardless of the reason for the travel, applying for these types of loans would be the most practical way to settle your travel expenses even if you are one of those who are lucky enough to have money saved in the bank.
10.) Cash advance loans help to cope with the cost of living
Whether we would like to admit it or not, the cost of living has risen to such proportions that most of the time we cannot cope up with it because we simply do not earn enough. For those who earn barely enough, they struggle to make sure that they get to the next paycheck with little or no unforeseen expenses at all. Let’s be realistic, we will never know when an emergency will happen and what’s worse, it happens when we are not prepared to handle it financially. So when you are really up against the wall, cash advance loans can provide you with that adequate breathing space the fastest way possible.