A lot of people are unable to bring in enough money from their jobs. At the end of most of the months they find themselves asking one question, “How do I get a cash advance?” There are bills that need to be paid even when the next paycheck does not arrive in another month. Sadly, the underemployed does bring home money, but the amount is never enough.
When a person reaches this kind of critical financial situation, the next question that comes to the mind is how to get hold of some cash so that the immediate necessities can be met. Let us find a solution to this problem.
The answer lies in cash advance loans. However, the direct lenders will always need to check proof of the applicant’s employment. This is checked by referring to the direct deposits on a bank statement. Any responsible lender will check the applicant’s take home wages very carefully while processing the loan. In case the applicant is not likely to be able to pay off the loan from the next paycheck, the lender may or may not sanction the loan.
It may alsohappen that the lender grants only a part of the loan amount requested. Instead of getting frustrated at his business decision, try to understand his situation as well. The lender, after all, is running a business and would want to get back his money on time. The reason for rejection may include any or all of the following:
- The lender is trying to protect his business against a default loan.
- Your bank account may show records of overdrafts for other previous expenditures.
- You have taken other cash advance loans which remain unpaid.
- You use up your paycheck quickly in order to pay for other costs and the pay period bears signs of other financial struggles.
A responsible lender will not only try to protect his business but also analyze the consequences of this loan on your bank account. A fast cash advance draws a fee for every $100 borrowed. High interests are added to this if the loan is not repaid within the stipulated time period.
Some lenders also charge application fee and other hidden charges in case the borrower fails to return the money on time or does not meet any other terms that he had initially agreed to. It is hence very important for an applicant to go through the terms and conditions carefully to check for any type of third party money.
It is possible that when you are in a financial crisis, you may not want to consider the final costs because all you want is to meet the pressing needs of the time. However, anybody who takes into account the bigger picture and the complete transaction will be making a smarter decision.
Obtaining a cash advance is a relatively simple and fast process. However, your income may not qualify for the loan with some of the direct lenders. Instead of being upset or falling prey to the predatory ones who would lend you regardless of your income only to extort you in the future, consider other options. Call up other direct lenders to see if you qualify. If you do not get any positive response, consider a garage sale or borrowing from a friend. Try to cut back on expenses that you can avoid. If going without a cell phone helps in paying off a high priced loan, go ahead and do so. It might feel uncomfortable at first but may be a good financial decision.
In the long-term, you would do well if you do not have many short-term loans piling on your back. Always remember that a quick cash advance loan is helpful only if you can pay it off on time.
Paying off a payday advance means you either have to spend less or earn more. Before you consider the other options, take a good look at your wardrobe. You may be surprised to see the number of clothes that you have not worn for months or years! Consider selling these in order to bring in some much needed extra money.
As people are becoming more conscious about saving their money and the environment, selling used clothes is gaining in popularity.Stores that deal in used clothes are always looking for ‘fresh’ stocks and are willing to buy from whoever is willing to sell their used clothes.
Make sure that the clothes that you choose to sell are still in good condition. This means, they should not be stained or torn, unless that is part of the fashion, and should not smell bad. Also, try to follow the prevailing fashion trends because clothes that are too outdated have a less chance of selling themselves.
It is a good idea to do a little bit of research about the local stores. This is because individual stores may have their own set of preferences and requirements. For instance, a shop selling vintage clothes would be more interested in garments more than, say, twenty years old rather while a trendy store would want to have more fashionable outfits in their collection. Also, make sure to call the store before visiting in order to keep yourself updated with any of their requirements which may include taking the clothes in hangers.
Avoid taking your clothes to the store in garbage bags. This makes the buyer skeptical about their condition and creates the wrong impression even before looking at them. Instead carry them in hangers or fold them neatly in boxes and reusable shopping bags.
If a store refuses to buy your clothes or offers a price that is much lower than your expectation, there is no reason to take it personally. Please remember that the buyer is not being judgmental. In all probability he just feels that the store won’t be able to sell off those clothes and that is why he is reluctant to invest much or anything into those. However, if you have confidence in the quality of what you are selling, be prepared to walk away and try a different store than giving in to an unfairly low price.
Selling your clothes at a consignment shop is another option. They do not buy clothes from you, meaning, they do not give you money directly in exchange of the clothes. Rather, they give you a percentage when the clothes are sold. The best thing is, you always have the chance to reclaim the clothes if the garments are not sold, renegotiate the sell price and the percentage you want out of it. Although it may be easier to sell clothes at a consignment shop, there is no guarantee that they will always buy your clothes.
In case you are not able to find a shop that is interested in purchasing your clothes, give Craigslist or eBay a try. You may also consider selling these at a yard sale or to friends who love those particular kinds of clothes.
But what to do if none of the above works out? You still have another option of taking your clothes to a thrift stores. Although they would not give you any money in exchange because they only accept donated clothes, and may not help you with the payday advance, you still can get a receipt. This will help you in deducting the clothes from your taxes.
If planning could take care of everything, the word ‘emergency’ would never exist. But all of us know that even the best of plans may fail and even the most careful people may be in need of more time and money in order to tackle some of the unseen financial situations that may arise.
The fortunate ones have friends, family members or colleagues to fall back upon. But there are many who have to fend for themselves when in a financial crisis. If you fall in this latter category, it may be beneficial for you to know more about a quick cash loan.
If you are looking for a few hundred dollars loan then opting for a short term cash advance loan is one of your best options. Lenders offer anything from $100 to $1,000 with many of them offering a maximum loan of $250. Studies show that most people prefer taking smaller loans rather than borrowing bigger amounts.
How Do Short Term Cash Advance Loans Work?
These quick cash loans are made available to a consumer or applicant depending upon his or her next paycheck date. So for instance, someone who is expecting to receive a paycheck after two weeks but needs some money today may go for a short term cash advance loan.
Depending upon the lender and the terms of repayment, the loan can be typically repaid between fourteen and thirty days. Most importantly, almost anyone applying for a small cash loan gets it approved because it does not need a hefty income to make repayments. Also, most consumers are comfortable borrowing $250 because it can be repaid quite easily.
Who Can Get A $250 Loan?
The loan facility is open to a citizen of the United States of America provided the applicant has a steady source of income. The applicants must also be capable of proving that they have been working for their current employer for at least a period of three months or ninety days.
The general standard dictates that the applicant must have a net income of $1,000 per month. But even if you do not earn a $1,000 salary after deductions, this does not mean you are not eligible for the loan. More often than not, these specifications are general guidelines and are nothing definite. Lenders often offer a flexible repayment option and work out a way that is suitable both to the lender and the borrower, even those earning less than $1,000 a month. A $250 loan is, however, approved independent of the credit history.
How Long Does It Take To Get The $250?
It takes only minutes to complete the application form and once that is successfully done the loan amount is wired to the applicant’s savings or checking account within a few hours. The cash thus received can be withdrawn at the local bank or from the ATM.