How to Easily Get a Cash Advance
It’s happened to many of us. A sudden unexpected expense occurs and our paycheck isn’t coming for another couple of weeks. We just don’t have the cash to pay the bill. In such cases, a cash advance may be the answer. A cash advance is generally an ultra short-term loan, often in weeks or months, that can give the borrower some much needed cash at the moment and allows them to pay the loan back whenever they receive their next paycheck. Since these loans are viewed as risky ventures for the lenders, often times they charge a substantial interest rate on the amount that is loaned out.
There are many sources of cash advances. The most ubiquitous may be the many so-called “payday lenders”. These companies will offer cash on the spot if the borrower provides proper documentation. Generally, the borrower must prove that they are employed and are expecting a paycheck soon that can cover the cost of the loan. Otherwise, the borrower must prove that the loan can reasonably be expected to be paid back by other means. Some companies will allow the borrower to sign over the title to an asset, such as a vehicle, as collateral to the loan.
Generally in order to apply for a loan, a borrower must be prepared to submit a valid photo ID, proof of employment (such as a pay stub), bank statements, as well as any other documentation that may be required.
Many credit card companies offer cash advances to their customers. By simply swiping their card at an ATM, the customer receives cash immediately. The borrower will nearly always be charged a higher interest rate than they are charged on general purchases, and there may also be other fees charged to the borrower.
In some rare cases, banks or other financial institutions will offer cash advances, especially for established customers with accounts at the institution. Often times, these interest rates will be much lower than many other options. It is worth checking with institutions where you do business to see if they offer cash advances. Also, some retailers or merchants may offer cash advances to qualified and regular customers.
Because of the high cost of these loans, it is advised that the borrower view this process as a near last-resort solution to an extraordinary situation and not be used as a regular practice. A borrower should also be sure they realize the cost of the cash advance and only borrow the absolute minimum amount necessary. These loans are also viewed as short-term by the lender, and therefore should also be repaid as soon as possible to avoid continually paying high interest on the amount.
Martin writes for a cash advance site offering fast loans to UK residents.
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