cash advance

Why do payday loans get such a bad rap? Often times you will see negative stories about payday loans and how they carry ridiculous APRs of over 3,000%. These high APRs however are inherently flawed. An online payday cash advance is designed for short-term borrowing and should not be annualized to get an interest rate. Taking this same logic of the payday loan critics, you would quote a hotel room for 54,000 a year or buy salmon for $15,000 a ton. It just doesn't work that way.

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While payday loans do carry higher than average fees, they are also a very convenient option to access fast cash before your next payday. They shouldn't however be taken out recklessly. A good rule of thumb to use is that if the cost of not taking out the loan is greater than the cost of the finance charge then it makes financial sense. Late fees on credit cards, car payments, and mortgages range from $25-$75 and can easily surpass the finance charge on an online payday cash advance.

An online payday cash advance loan is sometimes the only option for people who need fast cash before their next payday. Unexpected events happen all the time in our lives that leave us in desperate need of fast cash. Whether it is a car breaking down, a sudden death in the family, or a medical emergency, often times the easiest way to get quick money is an online payday cash advance.

The credit crunch is very much still in America. Having bad credit used to mean a credit score of below 600. Now if you don't have at least a 680 or sometimes even 700 credit score it is difficult to get lending. Therefore, if you are in need of fast cash and cannot get a traditional loan, then an online payday cash advance is often your only option.

The average payday loan carries a finance charge of $15 for every $100 that is borrowed. This is just the average however and can vary from state to state. However if you are trying to get an online payday cash advance and the lender offers you a loan with a finance charge that is way higher than this it would be wise to shop around for a better offer. Most of the times if you shop around online you can find a better deal than going directly to a cash advance store.

Cash advance