Payday Loans as the Quickest Cash Advance
There are many loan options of companies that boast of having the quickest cash advance, but one such popular loan is the quick payday cash loan. Through a payday cash loan, you can get the money you need in one day, even in a few hours. First, you have to find a legitimate company.
The advantages of payday loans
From what has already been mentioned, payday loans are fast. Some payday loan companies even claim that they can release your loan in one hour. If you apply right now for a personal payday loan, you can get the cash you need in one hour at best, or up to 24 hours.
Another advantage of quick payday loans is that you only need to submit a minimal number of requirements. Usually, proof of employment, and your residential address, as well as other contact details, are good enough. The proof of employment shows that you have the capacity to pay the loan, while the residential address is an assurance to the company that they know where to find you in case you walk out of your loan.
If you are not currently employed, but have a source of income, you can apply for payday loans that require no verification. However, it is more difficult to look for legitimate companies for no verification payday loans than for traditional payday loans. You just have to do more research.
The disadvantages of payday loans
The lenders of payday loans need to earn money as well, and they earn money from their borrowers through very high interest rates. If, for example, you want to borrow US $100, expect a fee of US $25 to US $30 on top of it. If you are borrowing more, like US $200, you will need to pay a higher fee, which could be US $50.
If you fail to pay the cash advance within 15 or 30 days (the usual period for payday loans), one of two things can happen. The first thing is that your cash loan will simply roll over to the next term of 15 or 30 days, whatever was your agreement with the payday loan lender. This may sound like a relief, especially if you find that you do not have the money yet to pay for that loan, but think again. With the exorbitant interest rates of payday loans, if you keep letting your loan roll over to the next month, you will be in serious debt.
The second thing that might happen, with the case of payday loans payable through debit from your bank account, is that you will be fined. If you do not have enough funds in your bank account to cover the loan on the due date, the payday loan company will fine for those insufficient funds. Also, your bank will fine you. You may find yourself owing more money than ever.
Using payday loans can be troublesome. They may be the quickest cash advance, but they are not necessarily the best.
What is the best and quickest cash advance?
Actually, it does not have to be about the quickest cash advance. You have other options, such as using your credit card. The interest you have to pay is lower than the interest for payday loans.
If you can apply for a fast cash loan from your credit card company at a lower interest, do it. If you need the money quickly, make a respectful and firm request to your credit card company to release the loan in a set number of days.
If you do not have a credit card, you can also resort to borrowing from a friend you trust, but propose to pay at a reasonable interest. Do not take advantage of your friend. Always sign a contract, even if it is an informal one between friends.
Using the quickest cash advance as your last resort
When you have no other option aside from the payday loan as the quickest cash advance, just be wary of online payday loan companies because many of them are likely scams. Find a company recommended by a third-party credit rating firm. Read the reviews on the Internet, and it is better if these are expert reviews in financial or business publications.
Also, once you take out that payday loan, resolve to pay it as it has been written in your terms with the lender. If you have to pay it within 15 days, do so to avoid incurring hefty additional charges.
Yes, you can get the quickest cash advance to help you through your financial burden, but always manage it properly to avoid further trouble.