About Personal Cash Advance Loans

About Personal Cash Advance Loans

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Personal cash advance loans are for consumers who need quick cash and do not have the time to visit their bank for a loan that could take days to be approved. In many cases, such loans are popular with people whose rent is due the next day or are in need of responding to some sort of emergency right away.

Is a personal cash advance loan right for you? Read on and we will examine a breed of Internet-based loan financing that could work for you.

Pay Up

Your landlord has called and is demanding you pay up the rent now or else. Your next paycheck is not due until the following week, but he simply will not wait any longer. You know that he has threatened eviction before, but this time he means business. What can you do? You are fresh out of cash!

Online cash advance loan companies have sprung up to meet that very need. Also called “payday loan” providers, a cash advance loan can give borrowers near instant access to $200, $600, even $1000 or more. These monies can be used for whatever you want and the loan is for the short term.

Loan Requirements

Here is what is usually required to obtain a personal cash advance loan:

Locate a website that offers this type of service.
Learn what the company’s fee and repayment policies are.
Fill out an online application.
Give your checking account number for quick deposit.

If you are approved, you should receive a deposit to your bank account quickly sometimes within the hour! Go to your bank’s ATM and verify that the funds have been deposited and then withdraw what you need.

Fee Schedule

Keep in mind that there are fees associated with personal cash advance loans. Typically, you will be charged $10 to $30 per $100 borrowed and you must pay the loan back within 7 to 30 days. Many lenders will allow you to receive loan extensions, but you should know that additional fees may be assessed.

Some consumer advocates do not like personal cash advance loans. They believe that the fees and interest charges are too high and they know that some consumers are not getting to the root of their problem which usually involves financial mismanagement.

As for you, if you decide to select such loan plan go into it fully informed and abide by the terms of the agreement to receive the loan’s full benefit.

See Also Where to Borrow Money Quickly and Easily

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Categories: Consumer Financing, Loans

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