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Cheap Cash Advance – A Myth Or Reality

Most of us are aware of the high cost of cash advances. Therefore, it is essential to search deeper and learn whether a cheap cash advance is a myth or reality. For every expensive product or service in this universe there cannot be a cheap variation. When you consider this, a cheap cash advance looks more like a myth.

Nevertheless, a cheap cash advance is a reality reserved for the informed borrowers. For one, the interest and finance charges levied by online and offline lenders are not uniform across the lending community. And, there are fewer lenders who do offer some discounts on cash advance under specific circumstances, but you need to find them and should fit the qualifying criteria.

Most payday loan/cash advance lenders levy a fee of $10 to $30 for every $100 that you borrow. With thousands of online and offline players in the payday loan industry, borrowers with the patience to do extensive research on the internet can still access a cheap cash advance within the range mentioned above. The difference between $30 and $10 can be significant depending on the amount you borrow and your ability to meet the repayment when the next paycheck arrives. Some borrowers cannot repay the entire cash advance from a single pay check and are compelled to roll over the remainder. The roll over is also usually charged at the same rate applicable to the original advance, or a trifle more in some instances. In such situations, even a cheap cash advance can turn into an expensive one.

Most states in the United States have usury laws in place restricting the working of the payday loan industry in more ways than one. In some states, there is a cap on the fee that can be charged and in some others, the number of times the same borrower can be approved in a calendar year is restricted. But, the lenders have their own smart ways of circumventing these provisions. Focused research therefore will provide you details of these provisions and how they apply to your individual circumstances. In this sea of lenders, you can find lenders offering a cheap cash advance because some of them work within the usury laws that apply to them.

The payday loan industry is experiencing intense competition because of its strident growth. Several new lenders are joining the online universe almost every single day. Every lender is looking for business and a smart product some of them are offering is the ‘no fee’ cash advance. Yes, it is not cheap cash advance, but no fee at all. This privilege however, is reserved for first time borrowers and limited to a paltry sum of $200. Remember the TV commercials and other advertisements exhorting you with the ‘no fee’ cash advance.

The underlying fact is that short term loans are indeed expensive, though quick and easy to obtain. Resorting to these expensive loans whenever you find your wallet empty can be fraught with disastrous consequences. Cheap cash advance can bring you relief in times of distress but should not become addictive.

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