CashAdvance.com Blog Perks & Pitfalls

Separating Truth from Myth Surrounding a Cash Advance

by Lee Avery on February 28, 2012

Some people have steered clear of even considering a cash advance due to fears of negative stereotypes surrounding the so-called “payday loan industry.” Put simply, a cash advance is whatever you choose to make of it. This type of loan is intended only as stopgap financing for when you find yourself in the red between paychecks, staring down crippling overdraft fees or utility reconnection costs.

When you need cash in a hurry, your options are limited, especially if you have bad credit. Banks and credit unions are won’t help you. Borrowing from friends and family can be embarrassing and put stress on your most valued relationships. If you have been stricken by an emergency, you need cash the same day, not weeks later. A cash advance makes that possible. The funds you need are direct-deposited into your checking account within one business day, often within the hour. Given that advantage, it is important to know how the cash advance process works; so you can make a confident decision about whether to apply.

Only for People with Bad Credit

One of the common misconceptions about a cash advance is that this type of loan is only for people with bad credit. It’s true that those with low credit scores can still obtain a payday loan, but it isn’t true that they are the only ones applying for a cash advance. People of all income levels use our site to get the fast cash that a bank or credit union can’t provide. The requirements for getting approved for a cash advance through our site depend on having stable employment and legal residency; your credit score is irrelevant.

Hidden Fees

The Truth in Lending Act requires that lenders disclose all rates and fees for a loan up front — before you sign anything. All the lenders in our network are licensed and reputable. If we found that any lender was springing surprise fees on our users, that lender would be expelled from CashAdvance.com network. When doing business with our lenders, you can be sure that the fees you’re presented with at signing will be the same fees incur at repayment. Nothing more; nothing less.

Gouging Borrowers with High Interest

Since a cash advance comes with higher interest rates than most traditional loans, many consumers assume they will end up paying astronomical fees. However, a cash advance is a short-term loan; so the high interest rates you see listed will only come into effect for two weeks to a month, not for a year or more as with a bank loan. By your next payday, the loan is repaid automatically through direct debit from your checking account, so there’s no cause to worry about incurring additional interest. As long as you have enough money in your checking account to cover the specified repayment amount, a cash advance is actually a reasonable option.

It’s Difficult to Get Approved for a Cash Advance

This myth couldn’t be more off the mark. To be pre-approved in minutes through our site, only the following requirements must be met:

• Be at least 18 years old.
• Be a U.S. citizen or permanent resident.
• Being employed at your current job for at least 90 days.
• Have a checking account in your name.
• Provide home and work telephone numbers and an email address.
• Earn at least $1,000/mo. after tax, and have proof of income

Most people already meet these criteria. If you do, you can apply for a cash advance with confidence using the online application at CashAdvance.com.

Online Bill Pay and Direct Deposit Can Help Make Financial Security a Reality

Save Paper, Save Money, and Save on Stress When You Switch Over to a Paperless Life

by Kevin Schneider on September 27, 2011

If you are like most people, you probably don’t pay too much attention to what arrives in the mail. If you’re skeptical of this, take a look at the ongoing budget struggles of the Postal Service and the possible closure of branches or elimination of Saturday deliveries. If you still use snail mail as your primary means of posting and receiving correspondence, you may be missing out on chances to save money in a number of ways.

First off, every major bank offers online banking options. By using this you can receive your bank statements through your inbox as soon as they are available, and can check your current balance at any time. How does this save you money? It makes it easier to avoid incurring expensive overdraft fees for one. One of the most common reasons people get payday loans is because they can’t make any headway on overdraft charges.

Another reason people get cash advances is because they have late bills. Most online bank accounts allow you to schedule automatic bill payments. This will take out specified amounts and transfer them to, for example, your electric company to make sure your bills are paid on time.

Many jobs will allow you to elect to have your paycheck directly deposited in your bank account. This gives you instant access to your money as soon as you’ve earned it. Using this option can keep you from missing payments.

All of these options help keep your personal financial situation from stressing you out. It’s a well-known fact that high levels of stress can adversely affect not only your work and home life, but your overall health and happiness as well. By utilizing some of the modern conveniences available online, you can help your financial stress to minimum.

Should an emergency leave you left without any options, getting a cash advance can be a great way to keep yourself from falling into a cycle of debt. Payday loans offer many online payment options like direct deposit and automatic bill pay. These can help you get back on your feet as quickly as possible.

Payday Loans Require Responsible Budgeting, Don’t Get Lost in the Numbers

You May Need to Perform a Fair Bit of Math, but It Will Be Worth It in the End

by Kevin Schneider on September 16, 2011

A cash advance can be a great way to keep yourself from falling deep into debt when you need emergency cash. Laws may vary greatly from state to state. But no matter where are you when you apply, it is important to understand what those laws are, the fees they allow, and other important information in regards to your loan, even if you have to do a little math.

Consumer protection laws require all lenders to provide you with detailed descriptions of all the fees, interest rates, and penalties which may be associated with your loan before you have to sign any contract. Some people may take this law for granted, assuming that each loan is pretty much the same and signing their name before reviewing the terms. It is extremely important that you pay attention to exactly how much your loan is going to cost.

Payday loans have a higher interest rate than other types of loans. This is because they do not require collateral or a credit score. Furthermore, the interest rate and fees can be completely different in each state. When you receive the details of your loan, take your time with this information.

It is a great idea to go so far as to take out a calendar and calculator when looking at your loan contract. Look at when you need to start repaying the loan and how much money your next paycheck will allow you to repay at that time. Calculate how much interest you will be charged over the life of the loan and schedule the days you need to make payments.

Crunching the numbers of your loan will allow you the chance to really think about how you will pay off the money you borrow in a timely fashion. It can also give you an idea of how much you may need to change your usual monthly budget in order to account for the added cost of this new loan. Again, never sign anything you have carefully reviewed. If you are confused by exactly how much you may be charged, get help from a friend who can help explain it to you. Your lender should also be able to help you out, but getting the advice of an objective observer, or someone who is biased towards helping you, can mean the difference in your loan experience.

Do You Know Direct Deposit Can Get You Cash in Minutes?

When You Need Emergency Cash Now Getting a Payday Loan May Be Your Best Bet

by Kevin Schneider on September 2, 2011

A lot of things can happen through the course of a day: You could pick up a winning lottery ticket, get a smile from your crush, and run into someone from high school at Starbucks, or perhaps your car breaks down, you break a finger closing the door, it rains and you don’t have an umbrella. There are forces of randomness out there which can decree that any given day is going to be the best ever or a nonstop stream of misfortune.

You have to be prepared for a rainy day, but, to follow one cliché with another, when it rains, it pours. Basically, no matter what you do, sometimes you need some cash. If you are out of the usual options and time is running out, getting a cash advance can be a ray of light. When you get a payday loan online, you have the opportunity to not only get the money you need now, but also get it today.

The reason for this is direct deposit. Most payday lender will have the option to use your bank account number to directly deposit the loan you desire into your bank account. Using this option enables you to circumnavigate the time wasted waiting for a check in the mail, and then waiting for that same check to clear when you deposit it in your account. By getting it online, you can also avoid the time spent travelling to the payday loan store and waiting in line to get your cash.

After you’ve gotten your cash and it is time to pay the loan back, using your bank account can make the process as painless as possible. You can schedule automatic repayments with your lender so that you don’t have to worry about late fees or to make the payment on the right date.

Remember, a payday loan can be a great way to get yourself out of a situation in which you absolutely need money now. But don’t get a loan that you won’t be able to pay back. In any case, here’s hoping your Labor Day weekend only involves BBQ and friends.

Don’t Treat Your Cash Advance Like a Bad Breakup

Giving Up on Your Debt and Moaning Over “What If” Is Not Going to Help Your Bank Account

by Kevin Schneider on August 23, 2011

When you start a relationship with a cash advance, it’s important to treat the loan with respect. People may take the sudden influx of cash and happiness for granted, repaying their debt “some other time.”  While your first days may feel like you’re holding hands with your cash advance, running through fields of daisies and new iPhones, living your life like there is no tomorrow will give you a rude awakening the next day.

You may find that while you were sleeping, your interest and debt continued to grow. Now you are left unprepared to repay the loan on time. What should you do? First off, don’t get down in the dumps, turn on James Blunt’s “Goodbye My Lover,” and spend your nights walking through the rain remembering the “good times.” That is not going to help you or your finances. In fact it will only make things worse.

When you need help with your loan, don’t hesitate to ask for some. Your lender may be able to give you more assistance than you think. Furthermore, you can learn about saving money from some of the personal finance articles written by CashAdvance.com’s finance news team. In some cases, repaying a loan may be intimidating because you forgot to learn all the details before taking out the money. If that’s true for you, check your loan contract and look at the Consumer Resource section for your state.

Getting out of debt, like trying to recover from a bad break up, can seem like something which will never end. You don’t, however, have to quietly plod through on your own. Just like your friends are there to talk to when you are broken-hearted, there are state agencies and other financial institutions which are ready to guide you through your financial recovery. Don’t let yourself get down though, the struggle will make the satisfaction of getting out of debt all the better.

Don’t Mistake a Cash Advance for Free Money

A Cash Advance Is the Beginning of a Journey to Financial Stability, Not the End

by Kevin Schneider on August 18, 2011

When you get a cash advance, it may seem like all your problems are solved. Looking at the new balance in your bank account, you may even start thinking about what you could do to spend less money later, so you can maybe, just maybe, get that new iPhone, video game, pair of Adidas, or whatever. Don’t trick yourself into thinking a payday loan is something to be trifled with.

This is one of the great pitfalls of suddenly getting a lot of money at once: You tend you forget long-term plans and seek out immediate gratification instead. I’ll get health insurance next month, you think, I need a new Blu-Ray player right now. While something like an inheritance may only cause you to squander a gift, doing the same with a cash advance can be much worse.

If you suddenly need money for something like car repairs or to keep your electricity on, make sure you spend the money responsibility. Unfortunately, many people solve the initial problem and forget to remain responsible with their budget so that they can repay the loan as soon as possible. It may be better to imagine a payday loan as not the top of a mountain, but a helping hand while you climb. Once you have that hand, you are still trying to reach the summit. That is going to require more labor on your part, and this means you will have to maintain fiscal responsibility.

Payday loans offer people the opportunity of taking control of their financial future. However, it is a dangerous path to travel if you are not paying attention to your money even after you receive your loan.