Getting to Know Real Cash Advances
Cash advance stores have increased in population, which means that more people are applying for cash advances. If that is the case, then how can you be sure which lenders are legitimate?
What is a cash advance?
A cash advance means getting cash earlier than it is supposed to be released. When used in the context of borrowing money, real cash advances refer to the short term loan. The application can be approved shortly after it is submitted and the money can be received within a few hours.
How to get cash advances from banks
There are different possible ways to find a real cash advance. The bank establishment offers loans to their clients, although this way of borrowing money may take a while to be approved. This is because the banks are more particular who they let to apply for loans, and they will usually look at the applicant’s credit history. The applicant should have a good record as far as being on time when doing payments to be eligible for a traditional cash advance.
It can actually be easier to get real cash advances through a credit card. It can be done through an ATM machine or with the help of a bank teller. Getting a fast cash loan from an ATM is easier since the cash withdrawal is as simple as getting money when using a debit card.
Before doing a cash advance on the credit card, check out the terms and conditions that the bank has for cash advances. The fees are often higher compared to obtaining items on credit. There is also a cash advance limit that has to be followed or there will be extra penalty fees. Because of the interest rates and extra fees, it is best that you know the implications of using the credit card for cash advances.
In case real cash advances cannot be drawn out from the ATM machine, the bank teller can help cash out the money from the credit card, but the transaction fee might have to be paid in cash. Simply give your details and fill the required forms, and the teller will release the cash.
If the credit limit is already reached, then the real cash advances will not be issued either by the ATM machine or the bank teller. If you are not a member of the bank, there is no need to worry since they will still release the money. They will only have to call the issuer of the credit card and do a confirmation. The usual fee for this type of cash advance is around 20% or up to 25%, and the maximum money that can be cashed out is around $2,500.
What are other kinds of cash advances?
There should be caution when looking for real cash advances, especially when doing so online. Scams and phony deals are becoming aplenty, and that it is why it is best to exercise precautions.
Just like with credit card cash advances, there are also high fees when using payday loans. Depending on the state, there are regulations as far as how much these real cash advance lenders can charge their customers. It is wise to be acquainted with the state’s laws to know if the charges are legal.
Most real cash advances are limited in a sense that there is only maximum amount that can be loaned. The usual amount is up to $2,000 only. Then, there are payday lenders that offer deals wherein the applicant can borrow a certain amount of money, and the amount can be increased the next time the applicant loans again.
The due date for these real fast cash advances are usually within two weeks. Some direct lenders require a valid bank account and a post-dated check, and the check should have the amount of the money borrowed plus the interest fee. When the payday happens, the lender will cash out the check. It is a must that the account have enough funds when the due date comes. If the check bounces, there will be penalty from the bank for releasing bouncing check and also from the lender for not paying on time.
For those who are looking for real cash advances, but do not have good credit score, there are cash advance loan stores that offer payday loans with no credit check. They will approve the application for loan if the applicant has a job and the job is paying enough to cover the loan.
It is also possible to get money by going to pawn shops. With this type of loan, a valuable item has to be surrendered, and if the loan is not paid after a set time, the valuable will not be returned anymore. For other lending companies, they allow a car or land title to be used in order to borrow the money. These ones are mostly for those who are in need of a large amount of money.
Last, but not the least, there is a type of cash advance wherein the payment can be done in installations, so instead of paying back in one time, it can be done within a set number of different due dates.
So whenever you are in need of a short term loan to help you through to your next payday, taking the time to discover real cash advances will give you the needed assistance.