The best way to deal with an emergency is to stay prepared. At least, that’s what the more careful members of the society and the family would say. But in reality, even the most carefully planned out things can go wrong. Funds can dry up and there may be no one in the family or among friends to come to the rescue with a small loan amount.
Take for instance “Meg” from Phoenix, Arizona. Recently, her air conditioning broke down when the outside temperature soared to a staggering 98 degrees. With three little children and an elderly parent in the household, Meg was desperate to get a new air conditioning installed as soon as she could. She had little time and fund but thankfully knew about cash advance loans.
Cash advance loans or cash till payday loans refer to short-term loans of smaller amounts that can be used to take care of emergencies and day to day expenses. The loan is especially relevant in the present day situation when most Americans are struggling under the economy. That also explains its popularity over the last few years, the more ‘difficult’ times in the financial milieu of the country.
However, one has to have a steady source of income in order avail this. Loans are available from $100 to $1,000 but the amount that can be borrowed would typically be decided by the applicant’s income per month.
Can The Unemployed Get The Loan?
Unfortunately, no they cannot. In fact, there is no such thing as an unemployment loan. This is because lenders are only interested in giving their money to people who can repay them. This is not possible without a steady source of income which explains why the existence of unemployment loan is only a myth. Extra precaution should be taken when considering lenders ready to give an ‘unemployment cash loans’.
How To Get A $1,000 Loan?
Not all cash advance lenders are capable of lending equal amounts of loans. This means there are some that specialize in small loans while there are others who lend out bigger amounts. The small loans range up to $250 and have to be repaid within a maximum period of fourteen days.
Lenders who are capable of approving bigger loan amounts are also able to offer flexible repayment options. But in order to qualify for this service, consumers first have to prove that their earning would allow the repayments.
They must be able to show that after all deductions from their paychecks such as health insurance, retirement, child support, spousal support, and wage garnishments. They would be able to repay the loan within the stipulated time period. The loan amount generally ranges between $500 and $1,000 and has to be repaid between fourteen and thirty days.
What Is The Application Process?
The application process is simple, fast, and convenient. Typically it involves filling out an application form that contains standard inquiries such as the contact information so that the loan request can be verified. Most lenders allow this form to be filled out online and the process takes just one to two minutes.
Some other information such as the applicant’s employment status, bi-weekly or monthly earnings mount and the dates of upcoming paychecks are also necessary. Upon successful completion of this form, the loan is usually approved instantly and is received within a few hours.
Was the cash advance online loan helpful in solving your financial crisis? Did you get as much money as you needed? Thinking long-term, was taking the loan worthwhile? Did you find the fees affordable? These are some of the important questions to ask for future emergencies.
Bad stories related to the short-term low fee cash loans keep flowing in from all directions. In fact they are so common and so many that they make one wonder where the successful stories disappeared. There is this person who used one loan to come out of another and then another before he found himself trapped in a vicious cycle.
Another recent ‘story’ is about a person who took this loan from a company located in some other country only to find himself as a victim of a predatory lender. But the scariest part is, these stories are not stray incidents. They are, instead, a part of the many other experiences happening somewhere or the other.
But then there is the brighter side to the short-term cash loan story. There are people who use these loans as a fall-back option to keep going until the next paycheck rather than using them as a means of climbing out of another fast cash loan. This example alone shows how beneficial fast cash loans can be!
In order to make these fast cash loans work, a borrower should begin with a little bit of homework and research. The primary motive is to carry out the transaction with as little additional costs as possible. A good place to begin is to search lenders on the basis of state regulations and cost and to look beyond the interest rates while applying for a loan.
It is thus important to make phone calls to prospective lenders and find out about the hidden charges in as much detail as possible. It is also advised to ask if the company follows all the best practices in the industry. If an applicant can pay off the loan at the end of the term period, he will never be charged with the extra charges. And it is the hidden charges that tend to make these loans difficult.
Anyone applying for a loan should be aware of all the charges involved, even the ones that may be added if the money is not repaid within the specified time frame. Even a good merchant can charge an NSF fee in case of missed payments and this should not be compared to the predatory lenders who try to attach a fee for each withdrawal attempts that he makes. Application fee coupled with rollover costs or costs for extending the loan and the regular interest and service fees can predict the doom for many applicants. So all care should be taken before applying to such a loan.
The bottom line is, use your discretion before availing these fast loans. There is no doubt about the fact that these short-term loans are convenient but it is better to weigh the pros and cons before diving in. Also consider if the money can be borrowed from a friend or a relative. After taking into account everything that it involves including the accumulated charges, it might be a good idea to bypass it altogether. After all, it is never wise to get out of one debt only to dive into another.