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Different Cash Advance Providers for Different Needs

Cash Advance Providers
Unlike decades ago, looking for cash advance providers that can perfectly match anyone’s needs is now easier. However, what must be learned about first is the different kinds of payday loan providers, and the specific market that they serve.

After that, you will just have to choose the perfect lender based on your needs. There are a hundred or more lenders for each category. The tough competition makes it easier for any borrower to choose not only the perfect among the cash advance providers, but also the most appropriate for his needs.

Better Cash Advance: Great for a Future Credit Card

Cashless purchasing with credit cards is not just a trend today, but also a norm. More than purchasing goods, credit cards can now be used to purchase cash. Yes, “purchase” cash because you can withdraw cash from a credit card just like how it is done on an ATM card. The only difference is that you will have to pay for this cash with an added interest rate. It is called “purchasing” by the credit card companies, but to the consumers, this service is simply known as a cash advance or payday loan.

If your credit card company is not yet among the cash advance providers, then you should consider getting a future credit card that offers cash advances. The good thing about a future credit card that offers cash advances is the higher credit limit, in which you can borrow up to your credit limit. Only very few credit cards offer a small portion of that credit limit for payday loans, and that is a good thing for people who are always in need of instant cash from a payday loan.

Another benefit of a future credit card is that no processing is necessary to get a cash advance. Simply withdraw the money from a compatible auto-teller machine. The interest rate is also very competitive compared to other cash advance providers. The only problem is that it is quite difficult to get a future credit card that offers cash advances,  especially for the common people who do not have a good credit.

Traditional Cash Advance Providers

Lenders offering short-term loans, like payday loans, quick cash loans, emergency loans, or personal loans, also offer a cash advance. In fact, all these short-term loans are just the same, only with different names. After all, the cash advance providers need the same qualifications and will require the same documents when processing any of these short-term loans.

Speaking of qualifications, traditional payday loan lenders only lend money to those who are at least 18 years old, but some qualify only 21 years and older. Proof that you receive a regular income, like from work, business, or pension is also necessary. The lender needs to make sure that you can pay off the debt in time. Most cash advance providers will qualify only working individuals, and you must also be a citizen of the country.

It is important that you check the local state laws before dealing with any cash advance providers because many lenders may take advantage of the ignorant. You must protect your rights by familiarizing yourself with the payday loan law. Take note of the reasonable and lawful interest rate, as well as the period of paying the short-term loan.

Most cash advance providers will allow borrowing of up to $1,500 for a two-week period of loan. However, in some states, the allowed maximum amount for payday loans is only $250 for a two-week period.

Financial Records
You must also be aware that cash advance providers are checking your financial records before approving your loan. You cannot hide it if you have been applying for loans from one lender to another because they have your Teletrack record to make sure that you have been a good payday loan payer. This record tracks down how well you have been paying your bills and your other short-term loans. Your past payday loans paying behavior will give lenders an idea of whether you are a high risk or not.

Because of all this, it is a good idea to get a free copy of your Teletrack record before talking with any cash advance providers. This way, you can check if there are any inaccuracies on your record that might affect your future payday loan applications.

Online Cash Advance or Online Payday Loan Providers

Many of the local cash advance providers already have online websites. From these websites, you can apply for an online cash advance or online payday loans in the same way that you do locally. First, you need to make a free account on the online cash advance providers website. After that, edit your profile and submit an application form. An online payday customer representative will call or email you for any updates within the day.

For online applications, required documents may be sent through fax or these can be scanned and sent via email. If the online payday loans are approved, the money will be then sent electronically.

The same rate, rules, and laws apply with online payday loans. The only difference is that the online cash advance providers offer a very convenient way of applying for a short-term loan from the comfort of your home.

Merchant Cash Advance Providers

A merchant cash advance provider differs from all of the common cash advance providers because the former targets owners of a small business. If you have a small business and need immediate cash, a merchant cash advance provider can help you. Merchant cash advance providers are best for a small business because they can let you borrow $10,000. That amount is too large for a personal loan, but just right for a small business.

Whether merchant cash advance providers or not, it is always a good thing to deal with these lenders once in a while because they are not very strict on qualifications and requirements. Merchant cash advances may cost a little more than small business loans from banks, but cash advance providers can guarantee faster transaction for immediate cash needs.

With some research, you can quickly discover the best cash advance providers to assist you with all your financial needs.

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