A cash advance is a short-term Payday loan. The requirements for this Payday loan is simple: You must be an adult (18 years old or older), have a job, and have an active bank account. However, individual lenders may turn you down for failing to meet their personal qualifications.
These Payday loans are usually in the amount of £100 to up to £5,000. They are meant only to tide you over until your next payday, and as such are meant to be repaid within about two weeks.
Cash Advance Online?
There are many opportunities for cash advances. However, you should always look in person for these kinds of advancements. Online offers will result in high-interest rates, hidden fees, or will simply scam you out of your money.
If an offer of cash advancement online is legitimate, you will have to jump through hoops and submit extensive paperwork for the safety of all involved. Therefore, it is ultimately easier and safer to just find a Payday loan office in person.
Benefits of Cash Advance
A cash advance can get your money fast, sometimes within an hour. If you need quick money to tide you over until your next payday, cash advances can be just the thing for you. The interest rate is generally about 15% for two weeks. Since the borrowed amount is always low, the amount of money paid in interest is low as well. This means that cash advancements can generally get your money fast with very little hassle.
Before Applying for a Cash Advance, Know the Rules
At times when you want a cash advance, you will not be told all the terms. Instead, you will get a post-script telling you that ‘normal rules apply’. This means that you must know the rules. Make yourself aware of all fees, effects on your credit, and rates of interest. There may be some fees you wouldn’t expect, so make sure they don’t sneak up on you and cost you when you want money back.
Prepare an Emergency Fund
Avoid needing a cash advance by preparing a savings account to dip into only in case of emergencies. Make sure you set aside a portion of money for in case of emergency so that you won’t have to turn to cash advances or larger Payday loans to help you, all of which would include paying back interest and may hurt your credit.
Cash Advances for Business
You can use cash advances to help fund your business. The application for cash advance Payday loans are easier than many others, so you’d be able to get money for your business quickly. Additionally, you nor your company would need to undergo a credit check, so this could be ideal for companies just getting on its feet. Finally, unlike other Payday loans this one has no prerequisites for how you use it. You can use it in any way your company needs it.
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