Is the Faxless Cash Advance Payday Loan Really Beneficial?
Most of us have seen the signs that are popping up all across our cities advertising the faxless cash advance payday loan. Lenders are also busy advertising these short-term loans online. If you spend any amount of time whatsoever on the internet, most likely you have seen an ad or two advertising the faxless cash advance payday loan.
The faxless cash advance payday loan is nothing new. This type of loan also can be called simply a payday loan, a short-term cash advance as well as many other names. Generally speaking, this loan is designed to be paid back within fourteen days, or the next time you receive a paycheck. There are no documents to fax in, no bank or credit union to visit and the approval rate is quite high. But is this type of loan beneficial? The answer to that question can be either 'yes' or 'no', depending upon your circumstances.
The faxless cash advance payday loan is very beneficial when you need cash badly and in a hurry. It is perfect to use when you are in the midst of an emergency, have no money in your wallet or bank account and cannot borrow money from family or friends. The reason that it is designed to be used in emergencies is the fact that the faxless cash advance payday loan is not cheap to take advantage of. You can expect to have to pay back $25 on average, for every $100 you borrow, which means it should only be used when you have no other options left.
Many people take advantage of the faxless cash advance payday loan to take care of unexpected emergencies when money is needed quickly. However, it is important to only borrow what you can afford to pay back with this type of loan because if you default, you will be charge hefty fees. Quite often the lender will require that you write a pre-dated check for the amount of the loan. The lender then will simply cash the check on the day the loan term expires. If the check happens not to clear, you will then be charged a bad check fee which is typically around $50 as well as forced to pay a penalty fee, which varies from lender to lender.
A faxless cash advance payday loan is beneficial if you are in desperate need of money and only when you are 100% certain that you will be able to pay it back on time. If you take out this type of a loan and know full well that you cannot pay it back, it can have devastating effects on your finances.