How do you get a low cost cash advance? You would be surprised to know that applying with a direct cash advance lender takes only minutes of your time once you have found the right lender to work with.
Applications are found quite easily online. Do your homework and make a selection of various companies to compare their lending policies and fee amounts. Many states have regulations which these direct lenders must follow. The more you know about what regulations your state has implemented the better protected you will be.
Some cash advance lenders are not regulated by state governments. Offshore companies or those run by Native Americans can and do loan against state policies without the fear of being brought to court. Don’t fall for sales pitches from lenders who promise higher loan amounts or avoid giving you all the fee information.
Here’s what you should know about cash advances online:
- Applications are free
- Loan amount should be regulated by your state or a low percentage of your take home income. Spotya.com will take your take-home income and divide it by eight. this helps ensure that your loan amount will be affordable. No responsible lender wants you to take out a loan for more than what can be reasonably paid off.
- Loan approval is fast once all your information has been verified. You can help quicken the approval rate by double checking the phone numbers you enter on your application. A good lender will makes sure this information is correct before approving you for the loan.
- Provide your information for Decision Logic or email/fax your bank statement as soon as possible. This is a key piece to loan approval. Since there is no credit bureau check involved, your bank statement will provide the lender the necessary information.
- Once the loan has been processed, you will receive notice right away about your status. Emails are a fast way to communicate such matters, but you will find companies who will add a personal touch by placing a call to those who are approved.
- Once the loan has been approved, it is time to pick a payoff date. Payoff is usually about two weeks long in order to give you enough time to regroup your cash. It is best practice to choose a date around the time your paycheck arrives. This promises the company that you will have money in the bank for the payoff. The payoff will include the loan amount plus the initial fees. Additional fees will accrue if the loan is not paid on time.
- If you default on your cash advance, the loan will be sold to collections and will then show up as a negative on your credit score.
Basically, a cash advance is an easy way to obtain fast money without the hassle. It is one option available to you when you need an emergency money boost to your account. They are set up to be paid off quickly. Extending these advances will create additional costs which can become burdensome to those living paycheck to paycheck. Be realistic with yourself when applying for an online cash advance. Know your financial capabilities and budget accordingly so the payoff does not get out of control.
