Online Cash Advances do help when you are in need for some fast money. Many good people who go through money struggles end up paying for them for seven years. That is the timeline for bad marks to fall off of your credit history. During this time, it can be a struggle to get an increased credit limit on a credit card without risking a rise in your interest. Adding to your debt to income ratio ( which is one-third of your credit score) will also cause future lending problems. Most people overlook that when the debt to income ratio is calculated, it is not just the balances owed that are used, but also the money on the credit limit that has not been spent. Consider your options with credit card cash advances or online cash advances.
Avoid Online Cash Advances From Your Credit Card
Getting a cash advance from a credit card will give you money quickly but at a much higher interest. This amount gets paid after all your purchased items are paid for. The company will continue to charge you this high interest every month on that cash advance amount until you have the card paid off. The cash advance from your credit card will cost you more in the long run, so try to avoid it. And you know how that goes with a credit card, there always seem to be a running balance. You have paid on the credit card for many months, and the balance doesn’t seem to go down. That cup of coffee you bought two months ago, you are still paying for.
How Online Cash Advances Differs
Getting an online cash advance from a payday lender is a simple transaction. You set up your payoff schedule based on your pay cycle. How much you pay in fees relates to how long you keep your loan out. These types of loans are short-term money solutions, so your budget is least affected by them, but you get the money you need fast to take care of those impending bills. The less you owe over a long period, the more freedom you have to use your hard-earned money to take care of your financial needs. Short term money solutions fit into a working budget in just that manner.
No Credit Cash Advances
It’s nice to know that you don’t need excellent credit to get approved for one of these short-term loans. In fact, payday loan companies do not do credit bureau checks. If you have no credit, low credit, and bad credit, you can still get approved for an online cash advance. The payday loans are created for credit-challenged people; they give those people a break.
Most lenders understand that applicants need fast money and can’t get a traditional loan. Sometimes even people with great credit scores like these types of loan. They don’t go on your credit. You get them fast, and then you pay them off in a couple weeks. No questions asked and that short-term need for fast cash is gone.
Denials From a Cash Advance Lender
If the payday loan companies do not do credit checks, how can someone get rejected? Great question! Payday lenders do have their approval criteria. Mostly they look at your banking information and cash advance history. If you have had payday loans and you didn’t pay on them, you will get denied. Similarly, if you have had any bank items that were not paid on your checking account, you probably won’t get approved. Your lack of credit or your checking account does not define you, BUT you need to be financially responsible.
Case Closed on an Online Cash Advance
Find a responsible cash advance lender website that you can submit your application. Make sure you can contact them if you have any questions. Be mindful that you should not have to dish out any money beforehand. You do not have to go and get a prepaid card. That’s a red flag that the payday loan company is questionable. Stay clear! Remember, if you are not comfortable, you are not obligated. Also know that there are a lot of reputable and responsible companies that want their customers to do better with the cash advance. Get the help you need with an online cash advance, pay it off with your next paycheck, case is closed.
