Every now and then, you may find yourself in need of some quick cash for an emergency or unexpected cost. Payday loans are a common solution for many people, as they are quick and easy. Still, when it comes to this type of cash advance, there are several important things to remember in order to protect yourself.
First and foremost, you must be aware of the typical conditions which must be met in order to receive a cash advance. Although different lenders have different requirements, in many cases the borrower must at least be gainfully employed and earn $1,000 per month. Again, the exactly monthly figure may vary. Furthermore, you may not need to be employed, per se, so long as you have a regular source of monthly income. In addition, the borrower must be a United States citizen and at least 18 years of age. Also, in the case of most payday loans, you will need to have an active checking account.
Aside from general requirements, the most important thing to remember when it comes to payday loans is the cost incurred. Although quick and easy, a cash advance is certainly not free. Most lenders charge anywhere from 10 to 30 dollars or more for every $100 borrowed. This fee, along with the original cash advance, must be repaid on your next payday. That being said, it is critical to make sure that you will be able to repay payday loans along with the fees prior to submitting your application. Furthermore, most cash advance establishments impose a cap on the amount which you can borrow. If you are a first-time borrower, the limit is typically around $500. If you receive a cash advance and repay it in full and on time, you may be eligible to receive a larger amount should the need arise again.
After your application materials have been received and processed, your cash advance will be delivered to your checking account. The entire process usually takes 24 hours, although some payday loans can be transferred within one day.
One alternative to payday loans is an online cash advance. There has been a tremendous surge in the number of online cash advance companies as of late, as these lenders offer several benefits. First, many people want to avoid the experience of dealing with cash advance lenders face-to-face. Needless to say, getting an online cash advance can be done from the comfort of your home at any time of day. Furthermore, although most payday loans are processed quickly, an online cash advance may be even faster. Many online lenders can process documents much more quickly than typical payday lenders. Some online cash advance companies can even transfer money to your checking account within a matter of hours.
No matter which type of cash advance you choose to pursue, it is always important to read the fine print. You do not want to be legally obligated to things you weren’t aware of after receiving your loan. Above all else, the most important thing to remember when getting a cash advance is to be sure that you can repay the loan on time. This will make your borrowing experience far less stressful.