Benefits of Cash Advances
There are several benefits to obtaining an online cash advance. Easy cash advance options exist for amounts ranging from as a low as $20 to as much as $5000 or more. The main benefit of these cash advance now services is to provide customers with a quick short term cash loan. Customers can generally apply for a cash advance loan and know within minutes if they are approved or not. Once approved, money is direct deposited into their account on the same day or day after the approval. The loan is then repaid to the lender through future paycheck deductions.
Cash advance loans have further benefits in that the approval rate is very high. Anyone that can provide documentation of income through a paycheck or other means of income will usually get approved for a cash advance. Since the approval process is streamlined, and the approval rate is high, it means less frustration for customers and no need to worry about a long and tedious loan approval process.
There are some downsides to cash advance loans worth mentioning, however the benefits of cash advances for customers needing cash in a hurry for short term purposes outweighs the negative aspects. Cash advance loans usually carry much higher interest rates compared to traditional loans. Since the terms of cash advances is short, this is not an issue for most people. If cash advances were used for long term loans, the higher interest rates would not be ideal. Another downside is that the cash advance loans are usually very short term, in the range of 1 – 2 weeks. Customers looking to obtain cash funds for a longer period of time may benefit more from obtaining traditional loans through banks or other financial institutions. Lastly, these short term cash advance loans sometimes come with large up front fees. It is worthwhile to shop around, as fees vary widely between the various cash advance lenders both online and at retail centers.
Cash advance loans provide an ideal method of obtaining cash quickly and easily to overcome short term money needs. It is best to shop around however, to get the lowest interest rates, and compare up front fees to reduce overall loan costs.