Instant Cash Advance - Is It Right For You?
Unlike instant payday loans, fast cash advances allows you to write a check to Instant Cash Advance, they hold the check until your next payday and then they provide you with the cash you need at that time. Usually they just deposit it into your bank account. You don’t have to worry about overdrafting from your bank account. This service is available with a one-time fee so beware of that. This service is available online too and most companies have it available 24 hours!
There are 2 types of fast cash advances; secured and unsecured. Secured is when you offer collateral. This type takes time because they have to give a certain value to your collateral first and then go on with the loan. An unsecured loan is easier and faster because no collateral is needed. However, you do need a good credit report to go with the unsecured route.
A few things you’ll need when going about an instant cash advance are: Your checkbook, driver’s license, social security card, most recent pay stub, most recent bank statement and at least 2 references.
You will need to be aware of the interest rates when dealing with instant cash advances. If you borrow $100 dollars, you are expected to pay back $115 to $130. Also, if you don’t make the payment by the first pay date, there is an additional late fee added.
Keep in mind that this method of fast cash advances is for people with a small income. Also if you are doing this to go shopping, I would rethink it. This is a great way for people with small incomes to cover their emergencies that come up. Like any other loan or purchase, make sure you do your homework and read all of the small print so you know what fees you’ll have to pay and no surprising hidden costs will pop up out of nowhere.