Dealing with unexpected and immediate financial crunch can be hard. You probably don’t have the time to wait for a bank loan, and at the same time, borrowing from someone doesn’t always make sense. In such tough times, you can consider a cash advance loan, also called fast loans, payday loans or quick cash loans. In this post, we will discuss the pros and cons of cash advance loans with an unbiased approach.
Pros at a glance
- Applications for payday loans are approved quickly, and you can expect to get the money within 24 hours. Depending on the state laws, you can get as much as $1,000. You can check https://slickcashloan.com/cash-advance/ to know more on the requirements and processes.
- The requirements and criteria for getting cash advances are also simple. As long as you have a legal and stable job with a decent income figure, getting the loan shouldn’t be a problem. The loan is secured against your next paycheck, so there is no need for any collateral.
- Payday loans can be used for repaying any debt or expense. In fact, lenders don’t bother about the purpose of the advance, as long as you are capable of repaying it back. Also, since no security is involved, your personal assets are safe.
Cons worth knowing
- Payday loans are expensive. You can expect to pay around $15 or more for every $100 borrowed, depending on your state laws. Experts recommend taking a cash advance, when you are absolutely in need of financial assistance.
- There can be additional charges. State laws vary, but usually, people do get the option of a rollover, in case they cannot repay the loan on the due date. However, the fee for the same can be really high, and you may have to incur late payment charges, as well.
- Payday loans are for salaried people. So, if you are freelancer or someone who works for smaller businesses, securing a loan might not be easy.
Despite the high interest rate, cash advance loans remain one of the popular and most effective ways of getting a quick advance. The process is rather simple, and you don’t have to chase loan officers anymore. Also, no matter whether the application is approved or rejected, your personal details are always safe and will not be shared with third parties. Apply now and reduce your financial burden by consolidating debts, bills and expenses.