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Cash Advance Loans: A Life Jacket for the Financially-Stranded


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By: Yara Zakharia
With the average American family scrambling to make ends meet on a daily basis, it is not surprising that a sudden financial crisis often shakes up their household's economic foundation.  When the emergency occurs between two consecutive paydays and consumers find themselves running on empty cash-wise, the solution is a fast, unsecured short-term loan ranging from $100-$1500.  Also known as fast cash, cash advances quickly tide borrowers over until the next payday.  They constitute the ideal form of bridging the financial gap for individuals seeking a simple, confidential, and expeditious method of receiving emergency funds.  They are a vital financial tool for individuals who lack alternatives for supplementing their income during a crisis. 

Typically, the requested cash advance moneys are deposited in the customer's bank account within 24 hours and often in as little as one hour.  Instead of visiting a bank and waiting in line, prospective borrowers can fill out a fast cash advance application online.  Consumers should keep in mind that cash advance loans are designed to tackle unexpected expenses that are temporary in nature.    

There are numerous occasions in which fast cash would be beneficial.  Receiving a cash advance today is more financially palatable than traditional loan products due to the fact that it offers greater convenience and costs less.  Unlike conventional sources of funding, it boasts instant processing, a short approval process, a short and easy-to-complete questionnaire, and little paperwork.  In fact, with an online cash advance, applicants can be approved instantly and have the funds electronically deposited in their checking or savings account by the next business day, at the latest.  Traditional loan requests, on the other hand are typically processed in 7 to 10 business days.

Cash loans are easy to obtain and avoid borrowers the long waiting periods typically associated with conventional loans.  Applicants need to simply be 18 years of age, have a bank account with direct deposit, and show proof of a minimum steady income of $1000 per month, a current bank statement, as well as a photo identification.      

The niche market that cash advance lenders cater to is individuals seeking immediate funds to settle day-to-day expenses.  Conventional loan providers generally offer credit for an extended period of time and are not interested in lending money for a period of two weeks or until the borrower's next paycheck.

Upon obtaining their next paycheck, these individuals can easily pay off the amount due.  Payday loans provide a service that is unavailable through most lending institutions and are ideal for covering the following expenses:

•    Home improvement
•    Groceries
•    Auto repairs
•    Vacations
•    Holiday expenses
•    Transportation
•    Medical bills
•    Late payment penalties
•    Non-sufficient funds (NSF) fees
•    Mortgage/rent payments

They also help consumers pay off overdue bills from other creditors such as credit card companies and ease the financial strain during periods of unemployment.  Since payday loans waive the credit check requirement, they are often known as loans for bad credit.  In contrast to credit cards and bank loans, which verify personal references, perform a credit inquiry to ascertain an applicant's creditworthiness, and require a good credit rating for a good interest rate, cash loans disregard consumers' credit and employment history and do not conduct a background check.  With a cash advance, prospective high-risk borrowers with no credit or poor credit can avail themselves of instant cash without pledging any security.

Loans for bad credit are also useful following bankruptcy filings.  Instead of defaulting on a bill, consumers can apply for a fast cash advance.  By paying their bills in a timely manner following bankruptcy, individuals can boost their credit score and rebuild their credit history.  When utilized properly, 14-day cash advance loans are an economical choice for combating temporary liquidity needs.  They are significantly less costly than paying overdraft/NSF/bounced check fees on their bank account or failing to pay bills on time.  Late fees and higher interest rates on outstanding credit card balances, as well as reconnect/late fees charged by the average utility service are significantly higher than the $15 financing fee typically charged by payday lenders for a two-week cash advance.   

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