If you can repay the amount in time, cash advance loans are one of the best ways to deal with immediate financial crisis. A cash advance loan, for the uninitiated, is a short-term personal loan that’s secured against the salary of the applicant. This simply means that you don’t have to pledge any collateral or personal asset to get the amount. Here are some of the other facts.
Can I get a cash advance loan?
Also known fast loans or payday loans, cash advances are available to anyone with a stable job. You need to be of 18 years or more and must be a resident of the United States. Also, you must have legal employment with a stable income and an active bank account. These are the only requirements for getting a payday loan. You don’t need to run after loan officers and banks to get the amount. Just fill up the form online on one of the relevant websites, and it will connect your application to their partner lenders. In most cases, approvals are assured within a day, and you can expect the funds in your account on the next business day. Depending on your state and other factors, you can get up to $1000 with payday loans. You can check https://slickcashloan.com/cash-advance/ to know more on the process.
What are the advantages?
In tough financial situations, it is hard to get money from conventional sources, and if you are someone beaming with self-respect, you wouldn’t want to borrow from a friend either. Cash advances are easy to get, and you can choose to do anything with the money. Lenders also don’t bother about credit score of the applicant, as long as he has a stable job and income. Not to forget, you can get the funds almost immediately, and there are no additional charges or expenses, as long as you repay according to the terms.
Things to note
Critics often argue that the interest rate on payday loans is quite high, and therefore, it is recommended that you use this option wisely and only if required. You can extend the repayment date for a fee per week, but such charges can be high too. In case you need more money or are not sure repaying your loan on the due date, you should consider an installment loan instead. These loans are offered with flexible lending terms, and you can get as much as $3,000 without security requirements.