Advance Cash Loan Advice
Advance cash loan is special made for those need a short term small amount cash to ease the urgent needs. It is fast and convenience cause of it's totally paperless, you application can be approved within hours. There are 3 main requirements to qualify for the loan, 1st your age must above 18, 2nd your monthly income shall not less than $1000 and lastly you must be employed.
Although this loan be obtained easily and the process is fast, but these loans have certain inherent characteristics that you need to be aware of.
1) Basically, lenders for payday loans will charge a high interest rate for the loan offer. Rates are vary from lender to lender, some charges are extremely high. This is because of the risks of lending these loans, it's not holding any collateral and borrower likely to defer or default the payments. For instance, a borrower get this loan from a payday lender, the amount taken was $1000 and he has to pay-off the loan wthin 7 days with total amount of $1400 (included fees charged). But he could not pay the loan after 7 days, thus an extension apply. At the end he pay-off the loan amounting to $1800.
2) The loan amount is kept small and is proportional to the paycheck you bring home.
3) Renew or extend the loan will increase the interest of the loan, the range of the increment is definitely pretty scary.
Using the loan inappropriately will cause endless cycle of borrowing and paying until the borrower can't afford to pay even the interest. So, use the money wisely, it's serve for emergency usage only. Anyway, there are some tips to pay-off this loan, just visit Advance Loans Advice to figure out the solutions.
For more information about cash loan, please check out Cash Loan Guide instead of Advance Cash Loan
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