Low Fee Cash AdvanceA benefit of a low fee cash advance loan is the low finance charge. Your fees would be much higher for an average cash advance. There are some cash advance lenders that charge finance fees that range as high as 782.14%. Some lenders have strict rules when it comes to giving customers a loan if they have bad credit. They may not want to offer the loan without doing a credit check. Another option may be to apply for a credit card. If you have bad credit, then you might want to get debt counseling, so you can improve your credit. Ask a debt counselor or someone at your bank to help you get a debt consolidation loan, or a personal loan, which will give you the money to pay off any debts you owe. A loan from an ordinary lender will only carry an APR rate of 26 - 30%.
Loan Amounts Permitted Through A Low Fee Cash Advance Loan
You may be able to borrow anywhere from $100 to $1,000 through a low fee cash advance loan. Some lenders might approve a loan for a higher amount. Most customers that apply for a cash advance loan only want to borrow between $200 and $500. There are several things that cash advance lenders take into consideration when deciding whether to approve a loan. You need to have steady employment for a certain amount of time. Another thing that's considered is the length of the term you want for the loan.
How Long Will It Take For Me To Receive The Money After I'm Approved
The money will be in your bank account about 1 to 5 days after you're approved for the loan. If you need the money immediately, then call the company after you complete the loan application. Explain to them the reasons that you need the money as soon as possible. You will have to pay an extra fee if you want the money deposited into your account the same day.
Are There Any Credit Checks Involved In Getting A Low Fee Cash Advance Loan?
Some cash advance lenders will not do a credit check. There are others that check your credit because it's part of their standard practice. Even if you're turned down for a cash advance loan due to bad credit, there's still a way you can get the money. You can apply for a loan with a lender that specializes in bad credit loans. There are also personal loans available for customers with bad credit.
What Is The Usual Term For Repaying A Low Fee Cash Advance Loan?
You usually have to repay a cash advance loan within two weeks. Most lenders will extend the loan term, but only if you pay an additional fee. Some lenders will only deduct the fee and still permit you to extend the loan. Every time you receive an extension, you will have to pay a new fee until the entire loan is paid.
Is There A Restriction On Who Can Take Out a Low Fee Cash Advance Loan?
If you live in the United States, you need to be 18 years old or over to get a low fee cash advance loan. Other mandatory requirements are full time employment and earnings of at least $1,000 per month. You'll also need a valid checking account.
Interest Rates Charged For a Low Fee Cash Advance Loan
Cash advance loans don't carry an interest rate like bank loans. A finance fee is charged for each transaction. The fee can be anywhere from $10 to $30 for every $100 you borrow. The amount of the fee will depend on the lender. The finance fees are lower for low fee cash advance loans. This is great if you're borrowing money for the first time. Fees will increase if you keep extending the loan. A finance charge of $30 per $100 borrowed is equal to an APR rate of 782.14%.
Restrictions On How You Use Low Fee Cash Advance Loans
When you receive money from a low fee cash advance loan, you can spend the money on anything you want. It's recommended that you use cash advance loans only for emergencies because of the high cost when you utilize this type of loan service. If you have a long-term situation, it's best to apply for a regular loan.
Having Several Low Fee Cash Advance Loans
Companies have different policies when it comes to having several cash advance loans at the same time. Some companies will allow you to have more then one loan at a time. Other companies will not allow you to do this, and you'll have to completely pay off your present loan before you can take out another one. The majority of companies will let you have only one loan.