• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

What Everyone Should Consider Before Getting an Online Cash Advance

By Enero Febrero

At some point during our lifetime we’re all bound to fall short of cash. The reasons can be numerous: For example, an insurance premium comes due, a last-minute trip to another city to attend a wedding, an ER visit, or even an emergency home repair. Luckily, there are loan options to tackle those unexpected expenses when there’s no other way of raising cash.

Cash advance loans are also known as “quick cash loans,” “payday loans,” or “paycheck advance loans.” They are short-term, unsecured cash loans with high interest rates. In most cases, loan approval is based on employment history and verification that you’re indeed able to repay the loan with the upcoming paychecks.

If you apply online, some basic information, such as your name, address, phone number, social security number, your employer’s name and number will be required. You’ll also have to provide your bank routing number and personal account number for verification purposes. Typically, your application will be approved after all of the aforementioned details are verified.

And while quick cash loans should typically only be used as a last resort due to the high rates of interest the borrower must pay, there are some benefits too. Here are six for your consideration:

They’re fast. Online applications mean you can access a quick cash loan from anywhere. When you apply using an online facility, finance partners typically have fast approval times and will directly deposit the cash into your bank account in short order.

They’re convenient. Some of the more obvious benefits of applying online include: quicker turn-around times, more convenience, and greater privacy compared to brick-and-mortar lenders.

They cover unforeseen financial hardships. Such practices can help you overcome unforeseen temporary financial hardships such as high utility bills due to sudden cold temperatures, or back-to-school shopping when times are tight.

They’re flexible. There’s virtually no restriction on how you choose to use funded money compared to other types of loans. Finance partners understand that everyone goes through tough times, but not everyone has access to money from a traditional banking system — so you don’t have to worry about them asking questions about why you need the money.

The application process is easy. You can apply from the privacy of your home and have the cash directly deposited into your bank account. So there’s no need to stack up interest fees on your credit card, or borrow from family or friends.

There are no credit checks. If you have a bad credit history or no credit history at all, it’s usually not a problem.

While it is generally very easy to get a payday loan, it is important to consider the following questions:

  • Do I really need what I’m about to purchase?
  • Am I using the cash advance judiciously?
  • Can I repay the loan in a month?
  • Is there a lower-cost alternative to deal with this financial situation?
  • Do I need a financial makeover or a lifestyle change?

Remember that short term loans are beneficial only if used correctly — so if you do decide to use a cash advance, make sure you pay it off as quickly as possible. Finally, it’s important to know that different lenders offer various terms and conditions; therefore it’s highly advisable to diligently research various online lenders before getting your loan.

Photo Credit: Infrogmation

September 7, 2018

Trackbacks

  1. Should I Prepay if I am half way through my Loan Tenure? - binaryoptionsetrade.info says:
    August 3, 2019 at 4:37 am

    […] For more information check – https://lenpenzo.com/blog/id50657-what-everyone-should-consider-before-getting-an-online-cash-advanc… […]

The Question of the Week:

Are cryptocurrencies a legitimate wealth preservation asset?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: Digital Castles in the Air
  • How to Improve Your Sports Betting Success
  • Toyota Has Started Accepting Bitcoin for Payment
  • 100 Words On: Why You Need Emergency Savings AND a Rainy Day Fund
  • Why You Should Consider a 203k Mortgage When Buying a Fixer-Upper
  • 6 Ways to Avoid Becoming a Pickpocket Victim
  • What Beginners Should Think of Before Starting Forex Trading
  • The Embarrassing Anatomy of a Phishing Scam
  • Black Coffee: Too Little Too Late
  • Dealing With a Deceased Person’s Money and Property

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. The 6 Most Valuable Grocery Store Products
  2. 2. Series I Savings Bonds Are Now Paying 9.62%; Here Are Their Pros & Cons
  3. 3. 25 Examples of Shrinkflation That No Longer Fool Consumers
  4. 4. 7 Big Reasons Why a Roth IRA Isn’t the Best Way to Save for Retirement
  5. 5. 3 Ways That Great Sleep Helps You Get Richer
  6. 6. What’s the Fastest Way to Pay Down Your Mortgage Early?
  7. 7. How to Save Money on Dental Care So You Won’t Go Broke at the Dentist
  8. 8. Historical Gold & Silver Benchmarks for Wages and Commodity Prices
  9. 9. Tip Inflation: We’ve Got Nobody to Blame But Ourselves
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2022 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2022