It happens to everyone at some point. Perhaps it is an unexpected bill or other emergency. Whatever the cause, it may be necessary to acquire a cash advance in St. Petersburg. A cash advance, also called a payday loan, can be the ideal solution to a difficult financial situation.
A cash advance in St. Petersburg is not difficult to obtain. Unlike other loans which require a credit check, collateral, and extensive paperwork, a payday loan generally forgoes such formalities. In fact, most of these loans do not require a good credit history at all and can be applied for by filling out one simple form.
Because it is so easy to get a cash advance in St. Petersburg, the state of Florida has enacted a set of laws which govern how payday loan businesses may operate. Rather than being designed to make getting a cash advance difficult, the laws were specifically set up to protect consumers from the predatory loan practices which have sometimes been utilized to trap the public in an endless cycle of debt and repayment.
In Florida, payday loans cannot exceed $500 and each individual may only acquire one loan at a time. A cash advance may only be a short term loan. Most such advances must be paid back within one week or within up to one month. This short term ensures that consumers do not find themselves with months or even years of debt to repay as a result of a temporary financial setback. The interest rates which are due on these loans are similarly restricted. Florida law states that the maximum finance charge for any payday advance is 10%. Before actually acquiring a cash advance in St. Petersburg, consumers should do some comparison shopping to be certain they are receiving the best possible interest rate and terms. Payday loan companies often charge verification and other processing fees in connection with these loans. These fees can vary widely between companies. Before applying for a payday loan, consumers should carefully compare rates, terms, and fees so that they are informed as to exactly how much the loan will cost them.
Accidents can happen. Cars break down and roofs develop leaks. Sometimes a family member suffers a medical emergency that insurance does not cover fully. These incidents can turn into remarkably stressful situations, causing people to lose sleep and distracting them from the things on which they would prefer to focus their energy. Getting a cash advance in St. Petersburg may be the perfect answer to any of these situations and a host of others. One of the benefits of payday loans is that the consumer does not have to disclose how the proceeds from the loan will be used. This is recognized as a matter of privacy by the state of Florida so these funds can be used in any way the consumer wishes. With laws regulating how much individuals may borrow, and governing how those funds are paid back, cash advances can easily solve a temporary financial difficulty.