Written by Original Writer | Posted in Cash Advance Services |

Cash advance services are found everywhere today. They are available on the internet as well as brick and mortar type services. When you are in a financial crisis and need cash quickly, consider using the cash advance services that are available to you.

Cash advances are also known as payday loans. Payday loans are becoming quite popular today due the ease at which one can obtain them. Far easier than a personal loan from a bank, payday loans involve a small amount of paperwork, a checking or savings account, and a regular source of income. Very few payday loan companies require a check of your credit to qualify.

When applying for a cash advance, it’s important to remember that the finance charges are much higher than a regular personal loan, falling between 100 and 300% of the amount borrowed. Borrowing online tends to be more expensive that the brick and mortar companies. For example, a loan of $300 will cost on average an additional $90 upon repayment or refinancing of the loan.

Cash Advance Requirements

You must have a bank account in most cases, although some Internet based companies allow the use of prepaid credit cards such as Green Dot cards. All of the brick and mortar companies require a checking account. This is because the guarantee of payment is a check that you write out to the company in return for the loan that you are getting. If for whatever reason you do not return to repay the loan in cash, your check is then deposited by the company, covering the loan and the finance charge.

When considering a payday loan, it’s important to remember that this borrowed money must be repaid, usually in a time span of two weeks. It can also be refinanced each time it comes due, but when doing this you must pay the finance charge and basically reborrow the money. Many of the internet companies automatically renew your loan for each period up to four times, then charge the total amount due on the fifth due date.

Brick and mortar companies require that you bring in all of the cash, the borrowed amount plus the finance charge, close out the old loan, rewrite a check and borrow again by doing all of the paperwork over again. While it is time consuming, it sometimes is necessary to gain that extra two week period.

Be careful to keep track of your finances while borrowing through payday loans. Many people have gotten into serious financial debt by borrowing from several places at the same time and in the end are worse off than they were originally when they sought out a quick payday loan.

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