things you must consider before taking
cash advances and payday loans
What should you check out when you
compare various cash advance companies? Making smart choices about
payday loans depends on the spadework you do before
you close a deal with a lender.
What you must look into may not be obvious; especially the first time
you apply for cash advances. This guide is based on real-life
experiences and can help you with the facts about payday loan deals.
cash advances checklist
To make an intelligent
decision about cash advances, use this checklist as a handy guide. Your
situation may vary, so be sure to consult with a competent professional
for assistance about payday loans and for help with your financial
situation, if need be.
- First thing to consider -
do you really need them? The FTC calls them "costly cash". This is
quite true - APRs (Annual Percentage Rates) are usually very high at
300% - 1000%. So ask yourself if there are there other sources of funds
you can tap into for your immediate needs. Such as an advance from your
employer, from a local credit union, or a loan from family or friends.
Even borrowing on a credit card, while expensive, usually costs far
less than payday loans. See this page on payday loan
alternatives for more information.
- Shop around for the
lowest possible APR
on cash advances. Check out payday lenders both online and off. The
competition online is intense, so you may get somewhat better deals if
you do your homework. Be sure to compare apples to apples - many
companies quote a rate like $ 10 per week per $ 100 loan amount.
Convert this into an APR - you'll pay $ 521.43 in interest per year on
$ 100, which means an APR of 521.43%. And don't forget to compare any
other fees and costs involved too.
- Know exactly how much you
will pay for
your cash advance, both when you pay on due date and if you roll over
the loan. Apart from payday loan charges, you may have to add on $ 5 to
$ 30 in application fees, wire transfer fees and more. Insist on
knowing the exact amount you will owe.
- Read the contract very
anything makes you uncomfortable, ask all the questions you need to
before signing a payday advances contract. Show the document to others,
and even a lawyer if need be. Some lenders try to rush you through the
process so that you don't have a chance to read the fine print. Don't
fall for this tactic; let them know you'll take the time to examine the
contract before you commit to taking payday loans.
- Can you repay the
cashadvance on the
next payday - and still have enough cash left over to carry you through
till the payday after that? If you don't, you'll be forced to roll over
the loan. That's very expensive - APRs will shoot up, and if you
continue to roll over, you could even be headed for a debt crisis. If
you're not sure whether you can repay, explore other alternatives to
payday loans. It's worth repeating - borrow only as
much as you can repay on due date.
- In general, the longer
the duration of
the cash advance, the higher the APR. So in addition to borrowing the
minimum possible amount, take care to keep the repayment date as short
as is feasible. Make sure your agreement states the exact duration. And
then repay on due date.
- Run a check with the
Bureau (including BBB Online) or local Chamber of Commerce to find out
more about the lender's reputation. If you find complaints about their
conduct, look around for other sources for cash advances. As the buyer,
you have every right to gather facts about pay day loan companies
you're considering doing business with.
- If you're dealing with an
advances provider, make sure the page where you input your details is
secure. Look at the URL in your browser's address bar - the address
should begin with:- https://lenderswebsiteaddress.com. Note the "s"
after "http", which means it's a secure page. Most payday loan
providers do use secure servers.
- While dealing with an
advances company, ensure that they have full contact details including
a working phone number on the site. Give them a call and ask a question
or two about their payday loans to see how they respond.
- Ensure that the online
lender will give you a complete breakdown of all applicable charges and
fees before you input your personal data. Call them up to verify such
details before you proceed with the application. Print out all relevant
details from the website and read carefully.
Cash advances may not be the
best solution for your immediate needs. But if you do decide to go that
route, you may get a better deal if you think through and implement the
If your situation calls for
utilizing payday loans, we recommend the company listed below. They are
known to provide good service and have relatively lower rates as
compared to many others.
You can get cash
in your account in one hour
you're taking a cash advance, you probably want cash right now, without
delays. That's why we recommend a company called We Give Cash. They'll
wire you money in one hour. (That's during office hours; if you apply
in the evening, you could get cash early next morning). They offer an
excellent combination of fast response and relatively low costs. Do
check them out. Click Here
to get a $500 cash advance wired to you in one hour.
Make intelligent decisions
about cash advances & wealth management.
note that payday-cashadvances.net does not provide finance of any kind.
We basically provide information about payday loans that may help you
make better decisions. Be sure to review the terms
of use for this site.
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