LOS ANGELES – July 12, 2021 – (Newswire.com)
If you find yourself in a financial bind and need quick cash to cover your expenses, you can get a cash advance the same day. Many cash advance lenders can get you cash the same day if you apply early enough in the day, and others can take 24 to 48 hours. Before releasing a online cash advance, here are some pros and cons that you can consider to make sure this type of loan is right for you.
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Benefits of same day cash advances
- Fast cash when you need it most: With cash advances, you can immediately receive the money you need to cover your expenses. This feature is a big reason why many borrowers choose this loan option.
- You don’t need a guarantee: You do not need to provide any collateral for a cash advance other than a guarantee that the loan payment will be taken from your bank account on your next payday. Lenders may require that you have a direct deposit in place or that you can write a post-dated check.
- Bad credit is OK: Unlike many loans, which require you to have good credit to be approved, you don’t need the best credit score to get a cash advance. Many lenders have lenient requirements and may take other factors into account, such as your income and work history. You can get approved for a cash advance even if your credit is poor or fair.
- You can apply online: Many lenders allow you to apply for a same day cash advance online. This means that you can easily apply from the comfort of your home and shop online for the best deal.
Disadvantages of same day cash advances
- High fees and interest rates: Getting instant access to cash before your pay can come at a cost. Cash advances come with high interest rates, plus you’ll have to pay them back on your next payday.
- Risk of being caught in a debt cycle: Borrowing against your paycheck can mean you’ll have less work on your next paycheck and may need to borrow again. This can drag you into a “debt cycle” that can be difficult to break out of.
Alternatives to cash advances
After weighing the pros and cons of same day cash advances, here are a few alternatives you can consider:
- Using a credit card: If you need money to pay a bill, find out if you can use a credit card for it. That way you may be able to space out the credit card payment over time.
- Take out a cash advance by credit card: If you need to cover an expense with cash, a cash advance on your credit card may be an option. You will always receive the money on the same day and you will not have to request it. Just keep in mind that this can be an expensive option and you will have to pay high interest rates.
- Apply for a pawnshop loan: You can apply for a pawnshop loan using a valuable item as collateral, such as a watch or jewelry. The pawnshop will give you a percentage of the value of your item and you can get it back after you pay off the loan.
Cash advances are an easy way to get cash quickly if you need to cover your expenses right away. If you are considering taking a cash advance, just make sure you can afford to pay it off on your next payday. This way, you will avoid accumulating more debt.
Notice: The information provided in this article is for informational purposes only. Consult your financial advisor about your financial situation.
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