Sometimes emergencies like car repairs or medical bills crop up between paychecks. It’s times like these when cash advances, sometimes known as payday loans, can come in handy. If you need a cash advance in Pittsburgh, there are a few tips and guidelines you should keep in mind to help you get the best deal possible.
Although many lenders in Pittsburgh use the term “payday loan” the state of Pennsylvania prefers to call a cash advance in Pittsburgh a “short-term loan.” In order to qualify for a payday loan, you must be at least 18 years old and have an active bank account. Because the loan amounts are relatively small, lenders do not require good credit scores, which can be a huge relief to those with poor credit.
A cash advance in Pittsburgh can usually be approved within an hour of application.
The typical short-term loan amount is around $200. The state, however, does not set limits on short-term loans, and some lenders are willing to provide up to $1500 or even up to $2500. Just remember that the more you borrow, the harder it can be to repay the loan by the due date.
The term of the typical cash advance in Pittsburgh is between 15 and 30 days. If you cannot pay the total amount of the loan within 30 days, you may be able to work out a deal with a lender to extend the life of the loan, or “roll the loan over.” This option, however, should be avoided, because it usually means higher fees and interest rates and can lead to the consumer getting trapped in spiraling debt.
The typical interest rate for a short term loan is 26 to 27%. Again, however, the state does not set limits on the interest lenders may charge, and some of them have much higher interest rates. Most lenders also charge a flat fee for their services.
Short-term lenders abound in Pittsburgh. There are dozens of brick-and-mortar locations where you can apply for a loan, and even more online sites where you can submit an application and get a decision almost instantly. Before accepting a cash advance in Pittsburgh, however, it’s smart to do some comparison shopping. Because the state does not regulate interest rates, one company may charge you significantly more than another company. It is to your benefit to shop around for the best rates you can possibly get.
If you need more than $200, you may also need to look around to find a lender who is willing to provide more money.
If you are in a temporary financial jam due to an unanticipated expense, a cash advance may be exactly the solution you’re looking for. Always remember, however, that it’s not a good idea to regularly use cash advances to supplement your income. If debt is becoming a problem for you, talk with a qualified credit counselor as soon as possible.