In the world of expensive short term loans, free cash advances can be a huge surprise for many borrowers. Nevertheless, it is indeed true that discerning borrowers can get free cash advances if they know how to find them in the vast sea of lenders, particularly in the digital world. This is not a case where some philanthropists have decided to pay off the cost of your loan and help several thousand Americans fight their financial woes. On the other hand free cash advances are simply among other business promotion initiatives from the lending community, and more specifically, the new entrants.
In the digital world, customers must come to where the business is and customers will come only when they find the business. Achieving the best page rank and position is reserved for established businesses with years of experience and consistent search engine optimization initiatives. Websites of the new lenders will often be found on the 50th page of the search result or even beyond that point with fewer visitors ever looking at the website. Even with a substantial investment in SEO, these websites can hardly hope to get to the first page of search results any time in their life time.
Free cash advances on the other hand works like a powerful magnet. The most powerful word in the digital universe is ‘free’ and the moment this magnet is attached to an online business, customers will come looking for the business irrespective of the page rank. Businesses offering free advances of cash or similar freebies can cool off anywhere in the digital space and yet hope to do reasonable business compared to their peers.
To qualify for advances of cash for free, you need to be a first time borrower with that specific lender and amount of cash advance that you can borrow is limited to sums between $200 and $500 depending on the lender you choose to work with. All the other terms and conditions attached to the free cash advances remain identical to that of a regular payday loan. Repayment of the cash advance is due within 14 days or your next pay check whichever comes up earlier and obviously no rollover is permitted. Defaulting on free cash advances will potentially attract regular lending rates charged to other customers by the lender.
Business cash advance loan or a merchant cash advance is aimed at the business community with regular – rather every day credit card sales. Therefore, the primary eligibility criteria for business cash advance loan is that the business should generate credit card sales every single day their business is open to public transaction. While there are many advantages for a business considering this financing option the associated negatives and risk elements cannot be ignored.
For small businesses particularly, there is always pressure on working capital and more so during the initial years. More investment into the business often brings more revenues and therefore additional profits. Most business owners have limited access to owned capital and this necessitates assistance from the lending community in the form of business cash advance loan and similar products.
Traditional lending institutions often fight shy of extending a business cash advance loan and even when they do there is voluminous paper work and long wait before the business can physically utilize the cash. Often times, the delay in processing the loan papers is detrimental to the interests of the business. Merchant cash advance providers on the other hand are quick with the processing and business can expect cash in their account in about a week at best. The repayment of a business cash advance loan is conveniently scheduled as a percentage of credit card sales on weekly/monthly basis. Therefore, if the sales dip due to seasonal factors the business is not under undue pressure to meet the repayment commitments.
Long term cash advance loans are traditionally offered only as secured loans. The borrowers are often required to offer collateral security in the form of home equity, or other liquid assets which can be claimed by the lender if a default occurs. As opposed to the short term loans like pay day loans, borrowers would also be expected to be enjoying credit score above the threshold level of 680.
A major advantage with secured long term advances of cash is that the borrowers can expect a significantly lower interest rate compared to unsecured short term loans. In most situations the banks with which borrowers have an ongoing relationship are the best source to apply for and obtain these loans. The relationship that is already existing will be immensely helpful because the banker has a proximate understanding of your personal circumstances and can easily approve the long term cash advance loans in relation to your needs and your ability to repay the loan on agreed terms. Other commercial lenders or the online lenders are less likely to have a broader picture of your individual circumstances and this can impact their response level to your request for long term cash advance loans.
Let us now turn to another situation where borrowers with less than stellar credit scores are looking for long term cash advance loans. Given the fact that respectable credit scores play a vital role in the borrower’s ability to get approved, the thought of long term cash advance loans for sub prime borrowers is in itself a tall order. Cash advance loans for sub prime borrowers are generally of short tenure not exceeding 14 days. But, in some situations, a borrower cannot pay off the cash advance within this period and seeks a roll over at an additional cost. While multiple roll overs could have been an option, most states across the United States of America have usury laws in place restricting the number of roll overs that can be granted against an original cash advance. Assuming that a particular lender is willing to short circuit the law also, the cumulative cost of the long term cash advance loans for the credit starved community can exceed the principal amount by several times.
Real cash advances are short term loans provided by genuine lenders who are also often licensed by the state to carry on the business of lending money to needy borrowers. The cost of cash advances vary in a wide range between $10 and $30 for every hundred dollars borrowed and real cash advances are more likely to stay closer to the start of the price band.
Payday loans and cash advances all meaning the same, are easy to get and therefore, the moment your wallet goes dry and the next pay day is sill a week or more away, many people turn to this quick and easy means of obtaining some cash – maybe to pay off some bills or meet an emergent expenditure. Most people exhibit undue haste in applying to the first lender who provides a quote and complete the process of getting the cash credited to their checking account without comprehending the financial cost of the exercise. In the digital space, the cash advance/payday loans niche is among the most populated niches and finding lenders providing real cash advances does take a little while.
Intense research is inevitable when you are shopping to find some quick cash. With thousands of lenders in the digital space and more in the physical world, borrowers cannot examine every lender who provides this product. But, with some focused research it is still possible to find some genuine lenders offering real advances of cash and other loan products. Every state across the nation has put in place, usury laws governing lenders offering short term loans like cash advances and payday loans. In the first place, lenders you choose should be licensed by the state and they should comply with the legal provisions with regard to cash advances in the particular state. Notice that in some states short term loans like cash advances are completely banned.
With several thousand lenders offering cash advances in the online and offline market place, it is indeed challenging to find legitimate cash advances. However, with some knowledge of navigating along the huge sea of lenders, borrowers have the ability to identify legitimate cash advances without the associated pain.
Most forms of cash advances are short term loans ranging between $100 and $1,500 provided for a period not exceeding 14 days or the next pay check whichever is earlier. In recent times, the number of borrowers for this type of loan has significantly increased and the lending community too has responded in equal measure with large number of new lenders joining the space particularly in the digital universe. Since the online community of lenders present easy access and quick processing, borrowers find it much easier to work with online lenders. However, finding legitimate cash advances through the internet calls for some focused research and loads of patience.
Some websites offer to bring quotes from multiple lenders and provide them on a single page for your convenience. These websites are either loan brokers or simply facilitators. Most of the lenders quoting through these websites are reliable and have a reputation to keep. Borrowers however have the liberty to explore each lender further to ensure that the particular lender that they choose to work with is indeed offering legitimate cash advances.
If you are chained down by a payday loan, it is highly likely that you want to throw off those chains as soon as possible. In addition, you likely don’t want to apply for another loan unless it’s absolutely necessary. Or, perhaps payday loans are new to you and you want to learn more about them. No matter your circumstances, this article will offer useful information about cash advance loans.
Do not apply for a loan without documentation. There are many different pieces of information you’re going to need in order to take out a payday loan. These include up to three recent pay stubs, proper identification, and evidence of a checking account. What you need will vary by business. It is a good idea to phone first, and ask what you will need to bring.
Keep you eye out for payday lenders that do things such as automatically rolling over finance charges to your next payday. When things like this take place, the loan becomes increasingly expensive, making it harder to pay the loan off. Prior to being released from the loan, consumers have ended up paying five times more than the initial amount.
Do not just get your bridge loan from the first payday loan service that you come across. You might already know that particular location, but you may be able to get a cheaper rate elsewhere. You can save a lot of money by looking up a few things when you have free time.
Prior to agreeing to a payday loan agreement, make sure your questions have been answered. Even if you feel a question is insignificant, it is essential for you to understand all aspects of the loan process. Make sure you ask all the questions you feel you should ask to prevent any unexpected surprises.
Do you need a loan? Do you have bad credit? There are different options you should look into. Payday advances are good way to go if you need to get some money fast and you do not have another place to go. Read this article to get ideas on what to expect from your loan.
You can look online for a payday loan. Deal with a company whose legitimacy is assured. If a friend can recommend a lender who treated them fairly, go with them; otherwise, check out third-party reviews to ensure that the lender is on the level. All you do is fill out their application and wait to get approved.
Use payday advances carefully. Read the payday loan company’s contract very carefully, before signing and ask about all fees and interest rates, how they work and in what circumstances they apply. Search for a company that has a solid reputation and that has been around for a minimum of five years. This simple step is an easy way to avoid many of the most common loan scams.
It is best to submit an online application to a reputable payday loan company. Some may allow you to utilize the Internet though. Once the application is processed, you will likely be able to complete the transaction over the phone. You can also call their customer service, if you have questions.
Never sign a payday loan for a friend! It is not wise to put your finances in jeopardy, no matter how much you want to help someone.
There are a lot of lenders that show that you do not need a good credit rating to get their loan. However, you may learn that you’re not able to get a loan because you have a bad credit score. Having no credit is sometimes a reason for denial for a traditional loan, but more often, having bad credit is the culprit. Use this information before you decide to get a payday loan.
If that you have found yourself in a quite difficult short-term financial situation and aren’t too sure of the best course of action, then you might want to look at the availability of the 24 hour fast cash advance loans. Loans of this nature are rapidly increasing in popularity for anyone that needs an instant remedy to meet certain financial obligations. Essentially the cash advance loans are similar to getting instant access to a monthly wage before it actually arrives. Many people need their payday to arrive sooner, and with a these instant type of loans, you are able to get your hands on a cash advance when you might need it most.
If you are looking to apply for a fast loan, you often have a choice of using either one of the many online companies or the more traditional money lending stores. The easiest and often the most convenient choice would be to use one of the reputable online loan companies. You are able to submit a loan application at any time from the comfort of home. If you don’t have secure access to the internet, then you can always visit a money lending store in person if preferable.
Irrespective of the approach used for applying for a loan, the application process is generally much the same. In either case, you will be required to complete in full a short application form, which is then submitted or handed to the loan personnel. Generally a fast cash loan will be approved or declined within a matter of minutes. Although, as the acceptance criteria are quite minimal, with no need for credit checks to be conducted, most applicants tend to be successful in applying for this type of loan.
On acceptance of the advance loan, funds can be electronically transferred into your designated bank account within one or two hours. Provided of course the loan was approved on a normal workday. If you did apply for a loan at the weekend you might have to wait for the following Monday to receive the funds in your account. If however, you applied for a loan inside a bricks and mortar money lending store, you might receive the funds in the form of cash.
Are you ashamed of your debt and want to keep your payday loan usage a secret? You are not alone. In previous generations, the shame kept financial problems rarely talked about in fear of being judged morally by their peers. With very little options available, loan sharking was rampant.
Nowadays, online payday loans are becoming increasingly popular. Not only are they access to fast money, but the convenience of being able to apply for the loan from home, office, tablet or now even smartphones his increased the popularity. People still carry shame with financial problems, but no longer have to involve family or friends for the unexpected or emergency loans. Let’s face it, money troubles are embarrassing. The size of debt has grown over the years creating new problems for getting relief.
Debt has become increasingly difficult for lower income workers who struggle with cost of living expenses alone. The ones who need the most help are often the first ones rejected. Without proper education or guidance for financial opportunities, resources can be very limited. Discuss money problems with friends, family members or even credit counselors so you won’t be missing out on positive financial opportunities or advice.
It’s a nice way to keep every other creditor out of your business. Your loan will be between you and the lender (unless of course you have a joint bank account, then the other person can gain knowledge of the transaction). If by chance you default on your loan, it will then be recorded with the credit bureaus by the collections agency – so much for keeping your finances private.
Your best bet will be to check out what exactly is needed for money, know where it will be spent and how you will pay it back. The next piece is how you can avoid needing third party money in the future. If you are determined to keep your money issues under wraps, then you will want to build yourself a savings account. Even if you can only afford to put away a small amount each month, something is better than nothing.
Bank accounts are pretty important to payday loan lenders online and in store fronts. Studies show that there are 10 million households which do not have an open bank account. Some of these households have never had one while others lost theirs and struggle to open a new one.
Free checking accounts are not so free anymore. This is making banking costly to some consumers. Those who live paycheck to paycheck may not be able to fund the minimum amount needed to open the account or have enough to fund the account each month to prevent monthly fees. About a third of households without bank accounts cannot afford to open one. Others are being declined bank accounts due to bad banking history, poor credit ranking, or not enough required identification. Those people who had accounts but closed them was often due to too many overdraft fees eating at their income.
For those of us who have always had a bank account, it is hard to imagine what a person or household would do without. People are relying on pawn shops, prepaid cards, check-cashing stores or work with cash only. The payday loan lenders need a bank account in order to process a loan. Storefront lenders will hold a check as collateral for payment on your loan. An online payday loan lender will verify your bank account and use ACH debits in order to deposit your loan. Bank accounts are just not what they used to be. Even transferring banks is expensive. Keeping money in one account while having enough to open a second is tough to do. It’s like moving to a new apartment. You have to pay the rent for the month at one, but come up with security deposit and first month’s rent for the second before you get your old security deposit back. That is a chunk of change which many households cannot afford.