Cash Advance Service
Have you ever been in a situation to where you need to find a way to get more cash? How about not having the funds to get you by until your next paycheck? A Cash Advance is what can turn your struggling financial situation into a positive opportunity. You can take your last paycheck into a financial center and ask for an advance, but how would you like having money onto a credit card? Many credit cards are now allowing you to put your Cash Advance onto a credit card, hinting the name Cash Advance. Once your funds are put onto a credit card, you will be asked to create a PIN number, just like a normal debit or banking card. You will then be able to purchase items from your card or even pull out funds from an approved ATM. Another easy way to spend money from your advance is to write checks. Just like any other banking account, you can get checks in the amount of your advance. Then you can cash them for personal use instead of having all of your monies put on a card.
All of these options sound like a grand idea, but then there comes the fees. When you are asking to borrow money that you do not have, there is always going to be something hidden around the corner. Well that is true. Of course there are going to be fees because you are asking to borrow money that doesn’t belong to you, but that doesn’t mean that there are going to be astronomical fees to go along with it. Do your research and investigation. You do not always have to pay an arm or a leg to cover funds. Ask the questions that are most important to you. How much is this going to cost me? How long do I have to repay the funds back? What is the APR? How fast am I going to be able to receive my money and be able to use it? All of these questions should definitely be in your mind while you are contemplating a Cash Advance.
What is the process of a Cash Advance?
It is rather quite simple how a Cash Advance really works. Whether you are trying to obtain your funds on a credit card, by cash or even by check, you will still be able to get the same amount of funds. If you decide to obtain your funds by a credit card, there are financial centers that are able to give you a limit that is equal to your credit line. This can really help out some people who are not financially able to get a personal loan, but can get a Cash Advance. Even though both types of advances have an APR and a due date, it is really about how much money you are looking to get.
Unlike a Payday Loan, which you must repay upon your next paycheck, a Cash Advance works around your schedule. Once everything is approved and you are given your advance amount, then you will be able to set up a repayment schedule or due date. Depending upon the amount of your loan, you can decide to repay the funds in a short period of time or even a schedule spread out over a few months. Some financial centers however, will not let you choose your own repayment date.
Having your funds put onto a credit card seems like a very good idea. The downfall to a Cash Advance is that you will be charged a somewhat higher interest rate than what you would normally pay on a standard loan or other funding transfers. Now, there are a few companies that allow you to pull out cash from an ATM, but only if the financial company has your card set up that way. If they do, all you have to do is create a PIN number when you receive your card and take it to the specified banking center.
Not everyone has a credit card and not everyone is able to obtain a Cash Advance. If this has happened to you, where financial centers turn you down, try applying for a Cash Advance Loan. There are lenders that will deny you an advance but approve you for a loan. This type of Loan is a shorter term loan, which only allows you to borrow funds until you receive your next paycheck. There’s usually a fee of around $20 for every $100 borrowed. This Loan amount fee is relatively higher than standard fees due to it being a Loan instead of a Cash Advance.
The only qualification that you must follow is that you are required to provide your bank information. In this case, lenders ask for a post-dated check, in the amount of the borrowed funds as well as the included fee. In few cases, the lenders also want to obtain your employment status. This information will contain who you work for, if you are full time or part time and a proof of employment by a paystub. Usually, this type of Loan can be accessible to almost anyone, even if you truly do have bad credit or no credit. These types of Loans are know to be the quickest way to get cash. There are no credit checks and no hoops to jump through. Provide a post-dated check and you will have the money handed to you. Although the interest rates or fees are higher than most loans, you do not have to sit in an office filling out paperwork to explain why you are in need of money. From anywhere you please, you are able to apply for a Cash Advance Loan.
Fees Applied to your Cash Advance:
Whenever you are applying for any type of a Loan, there will always be some kind of fee that is being applied. Now let’s talk about the different categories of the fees. There are fees that applied per every transaction that you make, a fee for taking cash out of an ATM, or there is a fee for the overall amount that was borrowed. In most cases, it is explained to you that for every $100 borrowed, there is a $20 fee. The same instance goes for the lender telling you that you have a 4% or $15 applicable fee. This means that you are either going to be charged 4% for the borrowed amount or $15, whichever is the greater amount.
Before you walk away with cash in your hands, make sure you understand every detail that is given to you. The last thing that you want is to get home and spend your cash and then the next week later, get a statement for an astronomical amount in fees. You need to know and understand all the percentages that are being applied as well as understand the charges that come along with the loan. Generally, with some financial centers, they will deduct the fees from your Cash Advance directly from the beginning to avoid unnecessary hassle. That way, when you are given your credit card or Cash Advance loan monies, than you will have nothing to worry about because the fees have already been taken out for you.
The APR for your Cash Advance:
Here is another type of fee that is going to be applied your Cash Advance. It is the APR, also known as the Annual Percentage Rate. If you are receiving your funds on a credit card, there is going to be an APR just like there would be for a standard credit card. Know your information about what is being charged against your borrowed funds. Normally, the APR for these types of borrowed loans, can be considerably higher than what it would cost you to make purchases from your card. The other reason why it is generally higher is because there is no grace period on the card. Once money is put onto the card, interest will start to automatically accrue from the first moment that money is withdrawn or spent from the account.
There is a service that protects you from spending money in your account that you do not have. Now I know that sounds a little strange because who would spend money that they don’t have? Well honestly, it happens more than you can imagine. But the problem is not the money, it is the charges that are applied to your account because you went over your limit. Even with just credit cards, not talking about bank accounts, there is what is called an Overdraft Protection. In this scenario, we are talking about where your two accounts might meet together. Overdraft protection can usually be offered in a few different ways. One is by linking together your checking account to a line of credit, a savings account, or a credit card. Meaning that if you happened to spend more money that what you currently have in your account, your Overdraft Protection would draw the additional funds from a different account without charging you extra money. If you have your overdraft protection service combined with your credit card, then you will be charged an extra fee as well as an increased APR to your account for going over your spending limit. So please understand and fully comprehend exactly what you are getting yourself into.