Cash Advances - Everything You Need to Know About Your Payday Loan Options
Many people find themselves faced with a serious financial matter that requires urgent attention. During these strained financial times, discover everything you need to know about your cash advance options and how they can help you with financial emergencies.
The number of cash advance applications increase daily and people are turning to these short term loans for a number of reasons. The problem is with so many options out there, how do you decide what you should be looking for in a cash advance company? The consumer has the option of finding an online cash advance lender or going to a storefront location. Many people are leaning towards online lenders for the ease and confidentiality they provide. Most online payday loan websites allow you to process your entire loan electronically versus a storefront operation that requires you to bring documents into their office. The less embarrassing situation of not having to be face to face with a cash advance agent also brings many people to online lenders. The lender that you ultimately choose should offer the benefits listed below.
1. No Credit Check – With the availability of cash advance lenders you should always be able to find one that does not require a credit check to approve your application for a cash advance. The majority of these lenders consider your job as your credit since you are essentially getting an "advance" of your paycheck.
2. No Hidden Fees – The payday loan company you choose should be honest and upfront about all fees associated with your loan. Some companies will try to nickel and dime you with application fees, processing fees, and other unnecessary charges. Beware of this. A reputable cash advance company will not charge you any unnecessary fees.
3. Low Rates – Cash advance companies charge on average from $15 - $50 per $100 borrowed. Do your homework and find a lender promising the lowest rate. Sometimes doing this type of research may take you a little bit longer, but the money you will save makes it worth it.
4. Direct Deposit – This is an important feature for your payday loan company to have. Many companies require you show proof of payroll direct deposit to your checking account. This reduces the risk of default on the repayment of your loan when it comes due. The great thing is that these cash advance companies also ensure a quick money transfer of your loan funds to your bank account on the next business day. The direct deposit requirement eliminates the hassle of writing a post-dated check and ensures that your loan is paid on time.
5. Minimal Paperwork – A good cash advance lender will only require proof of employment income, such as a current bank statement or a pay stub. This allows them to verify that you have a stable, reliable income and no other outstanding cash advance loans. Some online lenders offer you the ability to send this information via email which eliminates the need for a fax machine.
The most vital characteristic of a cash advance company should always be their customer service. The cash advance agent you choose needs to have the attitude of "do what is best for the customer." Once you find a company that you would like to use, work with them to help you understand the entire payday loan process. On your quest to find the best payday loan company, beware of lenders that try to push you into a loan that is not right for you. Be leery of any lender that pushes you to borrow more than you can afford to pay back comfortably. In the end, you should comfortable with your decision and you should feel like all of your questions were answered.
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ABOUT THE AUTHOR
Michael Tagnani is an internet marketing professional and an adept writer for Spotya. He is passionate about the changes Spotya is striving to make in the payday loan industry by empowering their customers with helpful resources and affordable loan fees. Looking for a fast, easy, and secure loan? Check us out at http://www.spotya.com