If you're like most people, you do what you can to pay all your bills on time to avoid late fees and to have a good credit rating. However, from time to time, minor emergencies might arise when you don't have the money to cover the costs. This is where a cash advance loan could service, such as Payday Advance, comes in handy to help you take care of the expenses associated with the emergency. If this is your first time considering a cash advance loan, this guide explains what you need to know.
You Can Use the Loan For Anything You Want
People have differing opinions on what an actual financial emergency is. Some consider an emergency to be a broken pipe in their home's plumbing system. Others consider a last minute need to purchase a plane ticket to help a family member an emergency. Both of these situations, and many others, could leave you wondering where you're going to get the cash you need.
Don't worry about explaining your situation to the lender of the cash advance loan. Because it is a cash advance on your next paycheck, they don't care about why you need the money.
Holidays Can Interfere With Your Loan Deposit
If you apply online for a cash advance loan, keep in mind that these companies directly deposit the loan amount into your bank's checking or saving's account. With that in mind, most banks are closed on the weekends, and holidays. So, you may find yourself in a situation where you have to wait until the next business day to obtain the funds you need. According to the Federal Reserve, banks are closed on major holidays. If the holiday falls on a Saturday, the bank is usually closed on the Friday before the holiday. If the holiday is on a Sunday, the observed day is typically the Monday after.
Each Company Has Their Own Fees
There is not an actual set amount that a cash advance loan can cost you, because each lender sets their fees. However, the typical cost of these loans is between $15 to $30 for every $100 that you borrow. The cost may seem a bit high, but if you're in a situation where you need money immediately, the cost could be worth it.
Now that you know a few details about cash advance loans, you can choose the best company to obtain your loan from. Ask the company you're considering about their specific fees and payment plans, should you not be able to pay back the loan on time, so that you can take care of what needs to be done.
