Getting to Know a Personal Cash Advance
The personal cash advance is also called a payday loan. This type of loan is short-term and usually has higher interest rates. It is a common way to get out of a tight spot when there is not enough cash till the next payday. The loans are frequently anywhere from $500 to $1,500, with common interest rates of 10% to 15%.
Applications can be done by applying in person, through the Internet, by phone, or fax. The application for a personal cash advance generally includes filling a form and submitting required documents. The application form will ask the borrower for personal information.
The documents that they may ask from you are a copies of a valid ID and of a utility bill that will prove your residency. Most likely, it will be required that you have a current job since most of the personal cash advance loans are paid when the next payday is up.
For those applying for a loan online or through the phone, the option of having the money wired to their bank account is available. If you opt to do the same, then you will have to provide your bank details so that the lending company can do a money transfer directly to your bank account.
Different types of cash advances
Beside personal cash advances, you can obtain other loans, like a payday cash advance loan with no credit check, and a credit card cash advance. The payday loan with no credit checks is a good alternative for someone who does not have good credit history. The usual requirements include that you have to be at least 18 years old at the time of loan application, have proof of residency, and a decent job that will enable you to pay back the loan that you apply for.
With the personal cash advance that does not check bad credit, you will have to be wary. It means that you have to be sure that the cash advance lender you are applying for is a legit one. There are many scams and false promises that can be found online, so limit your searches to the ones that look legit.
The lending companies who offer personal cash advance or payday loans can be legal or illegal. Certain states have laws where payday loans with no credit check are forbidden. You must check first before applying what laws are enforced in your state, and especially in regards to the legal rates. The usual rate is around 10% to 15% of the loan amount.
If you have an inheritance, then you can also take a personal cash advance using that inheritance. With this type of loan, the lending company will have to verify that the inheritance you are claiming to be yours is indeed yours. There will be legal papers to be verified before the loan will be approved. It will be possible to pay back the lending company when your inheritance is transferred to your name or when you are able to get the inheritance.
Tips for payday cash advances
If you are going to apply for a personal cash advance, it is best to do a little scouting first before applying for a particular lending company. Look at the available options that you have, and you can search the Internet for the possible lending companies that you can apply for.
You will have to learn how much their interest rates they charge and also if they are legit. Also remember that there are some states that do not allow lending companies at all, so if you see a prospect loan offer, read the agreement rules and other terms and conditions. Be sure to have a clear idea what the loan is going to be like, and if there are some parts that are not clear with you, contact the customer service to have your doubts cleared. Because it can get messy, only apply for a loan when you fully understand all the terms and conditions.
Once you get to apply for a personal cash advance, make your payments on time since this will save you from having to pay extra fees. It is also possible that you will be required to write a postdated check before the loan was approved because if that is your way of paying back, it will be automatically withdrawn. You should always check that the bank checking account has sufficient funds because if there are not enough funds, you will also be charged by the bank for releasing a bouncing check. Not only that, the lending company might charge you extra fees for not being able to pay on time.
Although it has its downside, a personal cash advance can be properly used to lift you from debt.