The number of cash advance applications increase daily and people are turning to these short term loans for a number of reasons. The problem is with so many options out there what should you be looking for in a cash advance company. The consumer has the option of finding an online cash advance lender or going to a storefront location. Many people are leaning towards online lenders for the ease and confidentiality they provide. Most online cash advance websites allow you to process your entire loan electronically versus a storefront operation that requires you to bring documents to their office. The less embarrassing situation of not having to be face to face with a cash advance agent also brings many people to online lenders. The lender that you ultimately choose should offer the benefits listed below.
1.No Credit Bureau Check – With the availability of cash advance lenders you should always be able to find one that offers no credit bureau check to be approved for a cash advance. The majority of these lenders consider your job as your credit since you are essentially getting an “advance” of your paycheck.
2.No Hidden Fees – The cash advance company you choose should be honest and upfront about all fees associated with your loan.
3.Low Rates – Cash advance companies charge on average from $15 – $50 per $100 borrowed. Do your homework and find a lender promising the competitive rate this may take a little longer, but they are out there.
4.Direct Deposit – This is an important feature for your cash advance company to have. These companies require you show proof of directly deposited employment checks to your bank. It also ensures quick money transfer to your account the next business day. And when the loan comes due, they will direct debit it from your account. This eliminates the hassle of writing a post-dated check and ensures your loan is paid on time.
5.Minimal Paperwork – An average cash advance lender should only require some type of proof of employment such as a pay stub and a current bank statement. This allows them to verify you have a stable reliable income and no other outstanding cash advance loans. Some online lenders offer you to send this information via email eliminating the need for a fax machine.
The most vital characteristic of a cash advance company should always be their customer service. The cash advance agent you choose needs to have the attitude of “do what is best for the customer.” Once you find a company that you would like to use, work with them to make sure you understand the entire process and that your loan is affordable. On your quest to find the perfect cash advance company, beware of lenders that try to push you into a loan that is not right for you.
