Cash Advance Payday Loans
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UPDATED: Feb 8, 2012
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A cash advance is when somebody needs the funds from their paycheck before the check is issued. Often, cash advance loans are used by those who have bills that come in at odd times of the month, or by those who only receive a single monthly paycheck. Another large reason for needing cash advance financing is when unexpected expenses arise, and an extra boost of money is needed immediately.
[loansform]Cash advance payday loans allow borrowers to have access to money for nothing more than the promise to pay back that money with interest come their next paycheck. This type of financing allows borrowers to get past financial obstacles or obtain that extra something before their next paycheck.
Keep in mind, though, receiving cash in advance is not a free or risk free endeavor. Rather, the fees are relatively steep when compared to other types of loans. Usually beginning at around a dollar a day—more commonly seen as $15 per $100 borrowed—this type of payday advance is best saved for emergency situations.
It’s also worth mentioning that some borrowers have found themselves trapped by such loans. Due to the high interest rate, if a borrower rolls this loan over—taking out another cash advance to pay off the previous one—it can be quite easy to fall into a downward spiral of debt.
But when used responsibly, this type of instant loan can be a wonderful financial tool that can help an individual get passed unexpected or undesired debts, such as bills that would otherwise come with a large late fee if not paid on time.