(by 5 people)
A closer look at the fast cash payday advance
Somebody once said: "At the end of my money there's always so much month left!"
Does this sound familiar? Welcome to the Club!
Seriously, it happens to most of us at least sometimes. The approaching vacation season brings additional pressure to the wallet squeeze. While we normally adapt and just deal with it there are times when we could desperately use a payday advance. Asking your employer might not always be the smartest option, so who do we turn to?
Who You Gonna Ask For Money?
Fast cash, for when you need it NOW!
No, not your best bud, at least not if you value the friendship at all. Relatives? Maybe, but not everyone has a rich uncle.Generally my experience is: Friends, relatives and money don't mix well. Leave it for an absolute life and death emergency to ask anyone in your personal sphere for financial assistance.
Your bank? Well, assuming that your credit is less than perfect, good luck trying to get an instant personal loan from a regular brick and mortar bank.
Enter: (Fanfare) The Payday Loan, aka Cash Advance, Payday Advance et al.
These are some of the typical names for short term personal loans that are meant to bridge the gap (or gaping hole) in your wallet until the next payday.
This type of loan is not without controversy though, and so this lens strives to take a balanced approach in focussing on the facts at hand.
Top Fast Cash Online Lenders USA
No need to wear a wig, hat or big dark shades...
Thanks to the internet you don't have to drive to a neighborhood store for some fast cash. These are my top picks for quick and easy online cash advances:One of the characteristics of these payday advance services is that it usually takes as little as 1 hour to less than 24 hours to have the funds deposited into your checking (or savings) account.
Another bonus for those temporarily strapped for cash is that these lenders here don't care too much about your credit score or history. The application process is quick and easy and requires hardly any paper work, in most cases not even a fax.
#1: We Give Cash.com
Up to $1,500 in one hour, no fax, no credit checks
These lenders wire up to $1,500 within 1 hour to your bank account, without a credit check and don't require a fax. In addition, their lender's fees are among the lowest in the industry.
Click Here to get a $1,500 cash advance wired to you in one hour!
Click Here to get a $1,500 cash advance wired to you in one hour!
#2: Cash Central
Legit, State-Licensed and Accredited Cash Advance Lenders
If it's customer service and full disclosure you seek then Cash Central is the place to go.Once you create an account you don't need to go through the application process again for subsequent loans.
On their customer-friendly website you will get a whole lot of information and tips. They take their commitment to customer satisfaction very serious. Everything is laid out fair and square, no hidden surprises afterwards. Up to $1,500 can be wired to your bank account in less than 1 day.
One of the most reputable cash advance lenders in the industry!
Loan with confidence. Payday loans from Cash Central.
#3: Paycheck Today .com"
Get up to $1,000 approved in 30 seconds
These folks lend short term loans against a future paycheck up to $ 1000, as long as you make at least $1,500 monthly. Social security income is ok, but not self-employment! Bad credit is not a problem.
Their specialty is the flexible repayment option. You can pay the loan back in full at your next payday, but you can also opt to make only finance charge payments for 3 consecutive pay dates. After that you need to pay down at least $50 every due date, until it's paid off.
You can also make combination payments, finance charges plus payment towards the loan amount.
This repayment over an extended period of time makes sense if you already know that you need more time to pay back the loan but your credit situation won't allow for a personal bank loan.
Faxless PayDay Loans to $1000 with no credit checks!
Their specialty is the flexible repayment option. You can pay the loan back in full at your next payday, but you can also opt to make only finance charge payments for 3 consecutive pay dates. After that you need to pay down at least $50 every due date, until it's paid off.
You can also make combination payments, finance charges plus payment towards the loan amount.
This repayment over an extended period of time makes sense if you already know that you need more time to pay back the loan but your credit situation won't allow for a personal bank loan.
Faxless PayDay Loans to $1000 with no credit checks!
Online Payday Lenders UK
Loans of between £80-£750 until next pay day
Short term cash advance loans are increasingly popular in the United Kingdom. The convenience of online hassle-free quick cash loans beats conventional bank loans especially during temporary cash emergencies.As the market leader in the Payday Loan sector, PaydayUK is the only company to offer an instant online decision to customers, without you having to fax in any documents.
They are also the fastest Payday Loan company operating in the UK with an online process from start to finish. Loans are approved instantly and you will receive your cash advance on the day you apply, paid directly into your bank account as cleared funds. This is a UK first!
No hassle cash advance up to £750
Payday Loan - The Perfect Cash Advance Loan?
When you should consider this type of loan
Let's face it, not everybody has a pile of cash tucked away for a rainy day. There are many situations when one might consider a Payday Loan. Financial emergencies are not limited to a handful losers, they could happen to anyone of us for a myriad of valid reasons.Yet payday loans are controversial, mainly due to the very high annualized interest rate (APR) compared to conventional personal loans.
However, cash advance loans are not intended for long term. They are meant to bridge the time until your next paycheck arrives, usually a timeframe of less than 1 month. Also, the amount loaned is generally anywhere from a few hundred to $1,500. The interest rate may be high over the duration of one year, but is effectively quite manageable for a small, short-term loan.
Payday Loan Interest Rates
Yes, they're expensive, but...
Considering the penalties and fines charged by your friendly neighborhood bank for overdrawn accounts and bouncing checks, the fee for a payday loan may seem like a real bargain. Add that to the negative impact these instances have on your credit score there is another good reason why a payday advance might be the way to go.Fines and late fees in comparison, when expressed as APRs for two-week terms:
- $100 payday advance with $15 fee= 391% APR;
- $100 bounced check with $48 NSF/merchant fees = 1,251% APR;
- $100 credit card balance with $26 late fee = 678% APR;
- $100 utility bill with $50 late/reconnect fees = 1,304% APR.
(Source: Wikipedia.org)
If you need some cash fast, have less than perfect credit, and have a job with regular income, a short term cash advance loan, payday loan, payday advance, or whatever it's called, is a very popular option.
Payday Advance Loans - Summary
A Word of Caution
Due to the nature of fast-cash payday loans, specifically the high annualized interest rates, there are some instances when this type of loan is not the most sensible choice.
It almost goes without saying that you should be able to pay it off in a reasonably short period of time. Most lenders will be happy to extend the loan, but at the very least, make sure you can afford to pay at least the interest to avoid that your loan amount increases over time.
Don't borrow more than you absolutely must. This is not the way to finance your luxury vacation or to buy that flat screen TV you always wanted. Resist the temptation to indulge yourself or a significant other with stuff you don't really need.
Use it to avoid late fees or other penalties, or to pay for lifesaving medical expenses, borrow the least amount necessary for the shortest period of time possible, and you'll be fine.
Some states regulate or prohibit this type of loans because of the relatively high interest rates. Strangely enough, they don't exercise the same protective restraint when it comes to the ridiculously high fees charged by banks and credit card companies for returned checks or overdrafts.
That being said, I believe if you're a responsible adult you can weigh the risks of a fast cash advance against the possible benefits yourself.
It almost goes without saying that you should be able to pay it off in a reasonably short period of time. Most lenders will be happy to extend the loan, but at the very least, make sure you can afford to pay at least the interest to avoid that your loan amount increases over time.
Don't borrow more than you absolutely must. This is not the way to finance your luxury vacation or to buy that flat screen TV you always wanted. Resist the temptation to indulge yourself or a significant other with stuff you don't really need.
Use it to avoid late fees or other penalties, or to pay for lifesaving medical expenses, borrow the least amount necessary for the shortest period of time possible, and you'll be fine.
Some states regulate or prohibit this type of loans because of the relatively high interest rates. Strangely enough, they don't exercise the same protective restraint when it comes to the ridiculously high fees charged by banks and credit card companies for returned checks or overdrafts.
That being said, I believe if you're a responsible adult you can weigh the risks of a fast cash advance against the possible benefits yourself.
Reader Feedback
Have you been there, done that?
Share your experiences, good or bad, advice, thoughts, ideas... If you didn't like this page, please let me know how to improve it.
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JKimball
Great job, excellent lens! Posted May 21, 2008 |
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liluluna
Hello Squidster Posted August 09, 2007 |
