Is getting a cash advance as easy as it is often portrayed? If you don’t mind who you are doing business with, there will be a lender for every applicant. The application is not rocket science. It takes about 10-15 minutes of time. Those who know their work and reference numbers by heart spend even less time looking things up.
Online cash advances are a dime a dozen. Search results will leave you combing through pages upon pages of direct lenders wanting you to apply. If you know a friend or relative who has used a short-term loan, you may want to ask about their lender and find out how their experience was. Typically, if you look through the first page of results, you should be able to find some legitimate companies. Glance at their page and find their telephone number and business hours. Take a few notes regarding fees, terms and services in order to have a point of reference. Place a call during those business hours and ask about their service. The customer representative answers should be aligned with their webpage. Ask for clarification with any misinformation or items which may seem confusing. A good lender will answer your questions without pushing a caller to sign for a loan. Give a few businesses a call in order to find one which may charge less in fees and/or interest.
Once you have a selection to choose from, take a few more moments and comb through their web pages more thoroughly. The company’s brand will help you understand the lender even more. Some cash advance lenders will focus on the business aspect of fast money and do not want to mix words with any other topic. Other lenders may actually place information on their website to try to help a person understand the service.
Once that application is sent into a lender the rest of the process happens in a matter of minutes. Most lenders will automatically pre-qualify or reject an application based on certain criteria. If the application goes through a loan processor will look at the information. Qualifying information will usually depend on what state you reside in. Good lenders will not work with states which have banned short-term loans.
Monthly income is another deciding factor of a good lender. In order to pay back this short-term loan, the applicant’s next paycheck will need to support the loan plus fees payoff. Don’t forget that these loans come at a price. For every hundred dollars borrowed, there will be a charge. (This is where shopping for a good lender prior to applying helps) The amount of interest charged against the loan will not begin until after the original payoff date.
When you pay for your loan in full as the contract states, you will have used a cash advance in the most cost effective way there is to obtain fast money. If you cannot make the full payment, then pay as much as you can in order to keep the additional costs low.
A responsible lender will expect an application to have a certain take home pay before offering a loan contract. It is good business practice, simple as that. Lenders who do not follow such guidelines may not have an applicant’s best interest in mine. If you find out at this point that the lender may not have been your best choice, don’t feel obliged to sign the contract. Nothing is set until you sign and accept payment, and even then you have a short window of time to return it. At any time you feel like you may want to back out, you should. There are many cash advance lenders waiting for your business. Find one that you are not only comfortable with, but one which has the customer’s interests in the forefront as well.