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Cash Advance – When Your Urgent Money Needs Can’t Wait Till PaydayFast cash loans like payday loan or Cash Advance is a small, high-interest short-term loan that allows you access to quick cash taken out against your next paycheck. The popularity of this type of loan is due to its huge publicity campaign on radio, television, the internet, and on e-mail. That’s why a lot of people are quite familiar with its concept.
Because of its small amount and short period of repayment, fast payday loans are ideal for sudden but urgent cash needs. They are not to be treated as an additional source of funds to cure large and long-term debt problems which only serious finance counseling can resolve.
Many states have branded fast cash loans as illegal and have banned lending companies from providing loans in their area of jurisdiction. About 36 states have however acknowledged the legality of these loans, allowing lending companies to rapidly multiply and operate to provide consumers small short-term loans of up to $500.
Fast cash loan websites can be found all over the internet. Hundreds, if not thousands, of companies do business online and are fast and convenient sources of emergency cash. In simple terms, you are approved to take out a fast cash loan after passing some simple requirements for qualification.
The Cash Advance loan, being short-termed, needs to be repaid in full when your next paycheck comes in, hence the term payday loan. The loan amount depends on the size of your regular paycheck and is usually automatically withdrawn from your bank account when repayment is due.
For you to qualify for a fast cash loan you need to be an American of legal age and furnish the lender your personal information, bank account and Social Security numbers, and proof that you are gainfully employed for at least three months. Your proof of income can come in the form of your most recent paycheck stub.
Most lending companies don’t conduct credit checks or require collateral. This absence of security wherein the lender takes the risk accounts for this loans high interest rate. To make interest rates more affordable, some loan providers ask for collateral such as auto registration or a utility bill just so they can be sure that you will be able to pay back your loan.
Most fast Cash Advance loan providers can provide fast funding within 24 hours and, because of the stiff competition, some can get you your money in an hour. Although it is a strong ally to cover sudden expenses, fast cash loans can also start a debt cycle if not repaid on time. GP