Hello, my name is Oscar. Welcome to my site about money services. When I first started my job in a new state, I had to lean on payday loans to establish residency and make it through the first pay period. I am thankful for the ability to secure these loans and pay them off in a reasonable time frame. I hope to use my experiences to help other people secure the financial help they need to make it through difficult times. I will explore all of the different money service options in each region. I hope you will visit again soon to learn more.
When it comes to getting a loan, paycheck advances are sometimes frowned upon by financial experts due to their higher interest rates than other types of loans. That said, if you need money quickly, a paycheck advance could make sense for you under certain circumstances. Here are 3 advantages or benefits of getting a paycheck advance instead of a more traditional type of loan.
Get the Loan Immediately
Sometimes time is of the essence. If you find yourself in a situation where you suddenly need to come up with more cash than you have on hand, there aren't many other options out there that would be as fast and convenient as obtaining a paycheck advance. In most cases, you can walk into the payday loan shop and walk out the same day with cash in your pocket. Contrast that with signing up for another credit card. In that case, you'd likely have to apply online or through the mail and wait for the lender to mail you the card before you could actually use it.
Cold, Hard Cash, Not Just Credit
Sometimes the only thing that will solve your problem is some actual legal tender. When you sign up for a traditional line of credit, you may be approved for a higher amount than the payday loan company would give you, but when you read the fine print, you may find that you are only approved for a line of credit or that any potential cash advance on that line is capped at a much lower amount. If you need real cash to take care of a problem, a paycheck advance shop may still be the best option.
Check Your Income, Not Your Credit History
With most fast cash shops, you'll be able to get approved as long as you can show proof that you will be bringing in a regular paycheck. Contrast this with signing up for a credit card or trying to get a car loan where the lender will likely pull your entire credit history and may end up penalizing you for mistakes you made years ago. If you've turned your life around and have a well-paying job, you should be able to get the loan that you need without having your old credit history holding you back. That's exactly what a paycheck advance company can do for you.
It's true that paycheck advance loans tend to have higher interest rates than more traditional loans but for some situations, they can still be a convenient option. With fast cash shops, you can usually get the loan the same day you apply and get cold, hard cash put right into your pocket. A paycheck advance shop is also less likely to penalize you for a poor credit history as long as you can demonstrate that you currently have a job that will let you pay them back over time. For more information, contact companies like Cash Depot Inc.Share
2 June 2016