Here’s a new approach to cash advances, “salary savers”. It is one more catchy approach to marketing short-term loans as money solutions. It is catchy. In fact, for many people who use cash advances or payday loans, it rings true. There are those cases where the opposite is in fact the truth, the quick cash did not help money matters but on the contrary ruined them.
In order for cash advances to work well, there needs to be a fast payoff.
As far as bringing relief to an emergency financial situation, cash advances work great. Where else can you get a small loan with so little effort? A bank’s application will take you more time to fill out than a short-term lender’s application and approval process takes. Online credit card applications are pretty fast, but you may not have your answer for a week or more. If there is instant approval, then the wait for the card to be delivered begins. When you apply for and get approved for online cash advances loans you could have it all finished with money in the bank within 24 hours. Of course it all depends on when you apply: the time of day and day of the week are both important factors.
An application while comes after hours will not be serviced the quickly. In fact, most lenders will have reported the deposits before closing. If the next day is not a business day or is a holiday observed by banks and credit unions, then there will be an additional waiting period. Because an online company deals with both ACH debits and credits, the transactions will need to be set up on actual banking business days. It may seem like a long wait in order to get fast money but other options still take longer. There are some companies who market their loans as quickly loans, but since most do not, it would make me feel a little skeptical about their practices. Is getting a loan from a company which sounds fishy practical or worth the risk? I guess it all depends on your emergency and how sure you are that you will have the money in a few weeks to pay the loan plus fees all back in one fell swoop.
An actual savings account saves salaries and the need for cash advances.
If you truly want to save your salary, then a good old fashioned savings account is the best way to approach the subject. This keeps your money in your hands – in your account – for your free use. Think about all the extra money you can save from fees and potential interest payments if the loan evolves past the original due date. It may take some penny pinching in the beginning to start building a large enough amount to cover unforeseen money matters, but you can do anything you put your mind too. When you can remind yourself it is only temporary and all the positives it will bring your finances, you can do it! When you see your salary saving your future finances, you will feel a relief that no short-term loan could ever provide. The cash advances online are options to prevent a money problem from growing, but a savings account wills top the problem in its own tracks.
