Breaking Down Cash Advances
April 9th, 2010 | 
Author: Cash advances are a common type of payday loan that offers a borrower the opportunity to receive a small short term loan until their next payday. In addition to local neighborhood locations, these types of loans can now be found on the Internet at websites that offer cash advances.
The interest charged for these short term loans is very high because this industry, unlike banks or credit unions, is not restricted by law to the amount they are able to charge. Fees usually are just $15 to $25 for every $100 borrowed. If looked at on a yearly basis, the interest rate APR would be around 360% or higher for some loans. Most are due within a short time. Normal due dates for cash advances are at least a week away to a month away if the borrower is only paid monthly.
Borrowers use cash advances to pay for emergency medical bills, car repairs and other bills that occur in between paydays when cash is short or not available. The borrower leaves behind a filled out check at a storefront location. Online borrowers must complete an ACH withdrawal form on their application. The amount of the loan and the fee is automatically withdrawn from a checking account on the due date by online lenders.
Cash advances are extremely convenient. They are a financial tool that is otherwise normally unavailable to many persons who lack good credit histories. There is no long interview to endure and no long forms to fill out to get a cash advance from a quick loan website or store. Anyone who has a job, a bank account and regular income usually will qualify for one of these fast loans.
Short term loans of this type are wonderful for emergency use or for special occasions when payday is days or weeks away. They should be used only for short term needs and not for regular living expenses. Do not hesitate to obtain a cash advance until payday if there is a bill that demands immediate payment or if a credit card payment will otherwise be late.
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