Payday Cash Advances And Your Reality

Payday Cash Advances And Your Reality

Back in the day, when the payday cash advances were mentioned, they may have been referring to the classic cash advance checks issued from credit card companies and banks. These checks can come at a high interest rate but are still popular because they are guaranteed, fast cash. However, with the advent of the payday cash advances, consumers now have a choice when they are considering different types of cash advances.

Your credit and payday cash advances

The concept that supports the payday cash advance is that an applicant's proof of employment is a stand-in for a solid credit profile. There are often no credit checks run, in fact. You can apply for payday cash advances for an amount that is not to exceed your net bi-monthly pay. You are able to receive the cash almost instantly, and then, when your next payday arrives, it is arranged that you will pay back payday cash advances with your paycheck, automatically. Since you pay back your loan electronically, lenders are willing to lend to almost anyone with a job, because there's little to no risk for the lender.

Are payday cash advances realistic for you?

Looking at from one side, some would say that payday cash advances sound too good to be true. Well there certainly are risks involved. According to the FTC, payday advances are costly cash. But why? Well, the problem with any of thepayday cash advances and most short-term cash loans in general, is that many applicants lack the foresight to budget accordingly to make it the two weeks leading to the pay date (when the lender is paid off) and the following two weeks as well. Without budgeting, daily living expenses could easily get in the way when money can be scared as the borrower waits out the next two weeks to be paid again. So don;t be a scared turtle afraid to come out of its shell - apply for payday cash advances and get this thing done right.

Education on payday cash advances

As long as you're an educated consumer, you can avoid the endless spiral of debt that the payday cash advances can bring. The key can be in taking out the smallest size loan you need. This prevents you from having to take out a second cash advance once the first allotment runs dry. Also, take heed of the fees attached to payday cash advances. Stay alert to exactly how much you will be required to pay on the arranged repayment date. Payday cash advances generally cost between $30 to $90 for a 2 week period. If you need to extend the loan period, you may have to pay the fee (or a fraction of it) again! One important thing to remember is the payday cash advances are only safe if you're careful to make sure to pay off your loan by the due date. Be careful and good luck borrowing those payday cash advances!