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What Are The Advantages and Disadvantages of an Easy Cash Advance?

Written By onci on Tuesday, October 1, 2013 | 1:01 AM

What Are The Advantages and Disadvantages of an Easy Cash Advance?
Needing money is something that many people experience on a regular basis. Some people can make do until their next payday, where others can simply wait no longer. If you find yourself in a situation where payday is just too far away, you could take advantage of an easy cash advance after you weigh up your options.

An easy cash advance can be obtained from a physical payday loan store location, or you could sift through your options using the Internet. The ultimate decision is yours in regards to where you go to obtain the much needed funds, however it is important that you look at both the advantages and disadvantages of an easy cash advance before you proceed.

Advantages of an Easy Cash Advance

You can often apply for and receive the funds on the same day with this type of short term loan and this can be a big advantage for those finding themselves facing an emergency cash situation.

Those that have a less than perfect credit record can still be approved for an easy cash advance due to the fact that they often require no credit history checks. This is beneficial for those who are unable to get the cash they need any other way.

The online applications for an easy cash advance often only involve a single page of information. The information that is required is fairly straightforward and perfect for those who detest filling in lengthy forms and finding supporting documented evidence.

Lenders will let you know up front what their fees and charges are so you will be making your decision as an informed borrower. You can compare a few lenders to ensure you get the cheapest possible rate on your easy cash advance as well.

Disadvantages of an Easy Cash Advance

The loan amount will need to be repaid in full the very next time you are paid. Some lenders offer extended repayment schedules however, so this is something that you will need to look into before accepting an offer.

Some people may borrow more than they can afford because it is so easy to get the funds deposited into your bank account. Always consider the amount you need to borrow carefully, and always try and only borrow the minimum amount that will see you through until your next payday.

Interest rates can be quite high so you will need to repay the loan and the interest when it is due. If you default on the loan there will be additional fees and charges applied to the loan, so make sure you read over the default terms carefully.

What Should You Do?

Before you take the easy cash advance option have a look at a calendar to work out when your next pay is due to come in. Also examine your financial situation to determine how critical your need for an easy cash advance is. If it can wait a few days and you might just make it to payday, then perhaps you should consider this. If you simply cannot wait, then choose a loan with a low interest rate and one that comes from a reputable lender.

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