Cash Advance Services

Written by Rylee Newton
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Cash advance services provide people all over the country with much needed emergency funds. These services generally offer short-term loans, which are usually for $1,000 or less. People seek cash advance loans for auto repairs, accidents, medical emergencies, bill payment, eviction notices, and even holiday shopping.

Getting Money the Hard Way

If you need money fast, there are a number of different ways to get it. You can receive a loan from your bank if you currently receive your monthly paycheck using direct deposit services. This option isn't for everyone. The moment your paycheck posts in your checking account, the funds are withdrawn. You must be sure to balance your checking account, or you run the risk of being fined for bounced checks and insufficient funds.

Another way to get your hands on emergency funds is to take a credit card cash advance. This is also a tricky type of cash advance because the fees are complicated. Taking a credit card cash advance is a surefire way to pay exorbitant interest fees. When you pay your monthly bill, the money goes toward your purchases, rather than your cash advance. It may be months or even years before you begin to pay off the principle on your cash advance.

If you need money fast, you can always ask family members of friends. I don't have to tell you how complicated this cash advance option is. Nothing jeopardizes a relationship like owing someone money. Not only do you have to worry about paying back the money in a timely fashion, but also you run the risk of permanently damaging your relationship with the person who lends you money.

The Advantages of Payday Advance Services

If you really need money fast, your best option is to work with a payday advance service. These services use your paycheck as collateral in exchange for a short-term loan. Many payday advance companies offer direct deposit, which is convenient and fast. Rather than having to pick up a check or cash in person, your funds usually post in your account the next business day with direct deposit.

If you have bad credit, you still qualify for payday advances as long as you can provide proof of employment. Payday advance companies generally base the loan amount on your monthly income. This system helps to ensure that you don't take out a loan for more money than you can pay back in a timely manner.

Payment and Fees

There are a number of different ways to pay back the cash you borrow from a payday advance company. If you're short on funds, some companies allow you to pay back the interest on the loan, and pay the principle back at a later date. You can also pay the interest and a portion of the principle, or you can pay back the entire amount. Most payday advance companies require you to make some sort of payment within the first seven to 30 days of the initial loan.

The fee for lending money against your monthly paycheck varies from company to company. You will either be charged an interest rate or a flat fee per $100. It's a good idea to check out a few cash advance services in order to get the best possible rate.

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