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Pros and Cons Of Cash Advances Online
Posted on Wednesday, June 22nd, 2019 at 10:25 am in General Payday Loan Information
Cash advances are a quick and easy way to borrow cash when you need it, but they’re not always the best solution for all financial problems. Like any loan product, cash advances have pros and cons to consider before deciding to borrow. Here are some of the benefits of cash advances as well as some of the drawbacks to help you decide if a cash advance is right for your situation.
Pro: No Credit Checks
By far the biggest advantage of cash advances is that no credit check is required for approval. This makes online cash advances preferred by people who are worried about their credit score. Instead of performing a credit check, payday lenders look at your bank account and income to determine your level of financial responsibility. As long as your bank account has a positive balance and you earn enough to cover the cost of your loan by the end of the month, you should easily have your cash advance approved.
Con: Higher Interest Rates
Cash advances and payday loans are offered by independent lenders not associated with a bank or other big financial institution. In addition to not requiring a credit check, this makes cash advances riskier for the lender. To make up for some of that risk, payday lenders tend to charge higher interest rates than banks or credit unions. If you pay off your cash advance right away, you don’t have to worry about the interest as much. However, if you set up an installment plan with your lender or get a rollover, the higher interest may become problematic. Think about what you can afford to pay off before you decide on an amount for your cash advance.
Pro: Emergency Cash
Because of their fast approval and transfer times, cash advances make a great alternative to credit cards in an emergency. If you need instant cash to pay for a car repair, dental work, smaller medical bills, or another sudden expense, cash advances can fill in the gaps in your budget so you can pay for it now instead of waiting until payday.
Take stock of your finances and decide if a cash advance is the best answer for your situation today.
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