Life is, by nature, unpredictable no matter how much time we spend preparing for the future. Sometimes crap just happens, whether you like it or not: accidents occur and emergencies come up without even a hint of warning. When things like this occur, there are times when we simply do not have the ready cash to deal with the situation. That’s why it’s a good thing that we can easily avail of cash advance loans online for up to a thousand dollars.
What Are Online Cash Advance Loans?
These are loans you can avail by visiting a cash advance website and providing proof that you have a bank account, and that you are employed and earning the required amount of money. These requirements vary with each lender, but as long as you’ve been employed for more than a few months in the same job and your income can cover the $1000 you want to borrow, then you’ll be approved quickly. The money usually shows up in your bank account by the next day or so, and then when your pay arrives, the loan and the loan fee are taken directly from your bank account.
Advantages of Short Term Cash Advance Loans
Short term cash advance loans offer several notable advantages over other methods of securing a loan. These advantages include:
1. You can apply for a loan at any time. Banks have working hours, and even friends may be asleep or at work when you need the money.
2. The application is quite easy and quickly, unlike when you apply to a bank for a loan. Online cash advance lenders often approve of applications that other institutions may deny. Even borrowing from friends may involve some groveling, which does tend to be humiliating.
3. This type of loan is private—which means that your friends and family members don’t have to know about it. Borrowing from friends broadcasts the current state of your finances.
4. These loans are often used because the alternatives may be worse. Medicines may be urgently needed, utility bill may have to be paid to avoid disconnection, or car payments must be made to avoid repossession. If you have the money but it’s just that it’s coming much later, then it makes more sense to avail of this loan and pay the fee.
What Are The Downsides?
Lenders require a fee for their services, and typically these fees cost about 15% or so of the amount you borrowed. In terms of annual percentage rates, it can hit triple digits. But as long as you pay within two weeks or a month, then you would have paid a reasonable amount for the loan and all its advantages.
There have been some warnings about the use of these loans, and if you are an irresponsible borrower things can get difficult for you. But then again, the same thing can happen with other type of loans: you can lose your home if you don’t make your mortgage payments, you can have your car repossessed if you don’t make your car payments, and you can end up with an empty house if you pawn all your belongings. You can even lose all your friends if you borrow from them too often, especially if you don’t pay them back.
But if your income can cover the loan, apply for one right away. As long as you use these loans for emergencies and you pay them back promptly, it’s not such a bad thing at all.