Tired of Credit Card Hassles? Use a Pay Day Advance Loan Instead

More and more people with good credit scores and good paychecks are getting fed up with credit card companies and turning to pay day advance loans to finance their short-term and emergency financial needs. Why this trend? Smart consumers have investigated the differences between credit card accounts and cash advance loans, and they have noted three main ways that a pay day advance is the better option.

1. The terms on a pay day advance loan will not change.

When Congress passed new restrictions on credit card companies in 2009, many credit card issuers quickly leap to take advantage of their customers before the restrictions go could into effect. Consumers overnight found their credit limits reduced and their interest rates raised. In some cases, consumers who had never missed payments had their accounts closed or were informed that they would now have to pay annual fees if they wanted to keep their credit cards.

Some responsible credit card holders who didn’t like the bait-and-switch tactics of the credit card companies, as well as those who found themselves cut off from the credit they had worked so hard to acquire, began to look to cash advance loans as an alternate means to finance their short-term financial needs.

What they found was that pay day loan lenders are comparatively easy to work with, and that as long as a pay day advance loan is paid back on time and in full, the terms a consumer agrees to when he or she receives the loan will not change later.

2. Getting a pay day advance loan is easy.

As a result of Congress’s restrictions, credit card companies are increasingly reluctant to approve new card holders or to raise a consumer’s credit limits when that consumer needs additional money. This is not the case with cash advance loans.

When you visit a cash advance lender, or apply online for a fast cash loan, the process is quick and easy, and you can be approved by meeting only a few basic requirements. Consumers simply need to show proof of income, identity and residence in order to qualify. There is no minimum credit score required to access quick cash. In fact, advance cash lenders won’t even run a consumer’s credit report prior to approving a short-term loan.

In most cases, cash can be borrowed the same day the consumer applies. In contrast to the application and approval process for a credit card in which you have to wait weeks for the card to arrive in the mail, instant pay day loans meet your short-term financial needs immediately.

3. A pay day advance loan keeps debt reasonable

It is easy to get into financial trouble with a credit card. Paying for purchases with a credit card too often results in more debt than a consumer can reasonably pay off in a short time. Credit card companies ask you to pay a small portion of your balance off each month, which seems like a good deal for the consumer until you realize that stretching the payments out over months or years ends up costing you a lot of money in interest.

With a cash advance loan, you borrow a set amount of cash and agree to one payoff date. If you pay back your loan on or before that date, you will only be subject to one lump sum interest payment. In addition, you will have actual cash in your pocket, not a piece of meaningless plastic. When your cash is gone, you will know you have spent only what you can afford to quickly pay back.

Considering these three points, it is easy to see why more and more consumers are applying for quick cash loans to finance their short-term and emergency financial needs rather than deal with the hassles and unfriendly policies of credit card companies.