If you are thinking about taking out a Cash Advance for the
first time then this article is for you.
Definition of A Cash
Advance:-
A Cash Advance is a very short term loan. Usually the term is 1-2
weeks. There are other names for Cash Advance Loans like - “Payday Loans“,
Paycheck loan”, “Check loans”, and “Payroll advance loans”. After you get your
paycheck, the cash advance loan has to be repaid. If you can´t repay the loan
amount plus the lender’s charges on your payday, you can rollover the loan
amount by paying extra fees to the Cash Advance lender plus you have to pay the
interest along with for the rollover period.
Necessity of Cash
Advance:-
From time to time, you may find yourself a little short of cash. An
unexpected emergency perhaps or family expenses that need to be paid like
Medical Bills, Phone Bills, Electric Bills, House Rent etc. This usualy happens
when you fail to maintain a proper budget and dont keep your expenses below your
income. Ocasionaly you may find yourself needing a Cash Advance to tie you over
until your next payday.
Cash Advance companies/lenders:-
There are
quite a few companies to choose from. We of course, would like that you choose
us.
You can apply online for a Cash Advance at
www.AngelCashAdvance.com
Conditions to be satisfied to get an instant
Cash Advance:-
The following Criteria for a Cash Advance is-
1. You
must have a job or have a regular source of income.
2. You should have a
Checking A/c in a bank.
3. You should be at least 18 years of age.
4. Your
monthly income should be at least $1000 Per Month.
Best application time
of Cash Advance:-
If you apply for the loan from Monday to Thursday, you will
get the loan on the next working day, i.e. Tuesday to Friday. If you apply for
the loan on Friday, then you will get the loan on the next Monday, and if you
apply on Saturday or Sunday, you will get the loan on Tuesday. So the best time
to apply for the loan is Monday to Thursday.
When will you get the
money?
As the process is very simple to get the loan amount, in general you
will get your loan amount within 24 hours of application. The Cash Advance
Company will check your details and verify your data and then approve your loan.
The entire process of verification of your identity and depositing the money to
your Checking A/c takes 24 hours of time. There are some companies who will
deposit the loan amount in less than 24 hours.
Costs of Cash
Advance:-
Usually a Cash Advance company charges 15 to 30 USD per $100
borrowed. So, if you borrow $100, you will have to pay 115 to 130 USD on the
very next payday. The APR of Cash Advance interest boosts up to
391%.
Maximum limit of Cash Advance:-
If you are taking a Cash Advance
for the first time, you may get up to $500 for the first time. After you repay
back your first loan amount in time, you can borrow more than $500 when you
revisit the company for another Cash Advance.
Things to think about
before taking a Cash Advance:-
1. You should keep in mind the APR factor
of the loan before taking it. You should find the company which is charging a
lower APR than its competitors.
2. You should read the company policy and
legal matters complied with before submitting an application form to them.
Repayment of Cash Advance:-
The lender company will take the money
from your checking A/c on the date of your payday. You should be ready and aware
about your payday and the amount to be repaid. If you fail to repay the loan on
the scheduled date then you may have to ask the lender to rollover your loan
amount for payment at a later time.
