Why to Apply for Cash Advances?
Getting cash advances is the modern answer to lifeâ€™s little financial emergencies. Cash advances are becoming popular because they provide immediate cash relief for the borrowers in need. Cash advances or payday loans are small loans which could help borrowers cope with minor money problems. If you are thinking about applying for cash advances, here are some of the benefits of this kind of loan.
More Options when Applying for Cash Advances
You can now choose to apply for cash advances in the offices of lending companies OR to apply for cash advances through the internet. Online lending companies offer cash advances applications which are fast, easy, and convenient. No more waiting in line to file your loan application. You can simply log on, accomplish the online application form, submit, and voila! Your cash advances application is ready to be processed.
Applications Have Few Requirements
To apply for cash advances, the borrowers must be of legal age, should have a bank account, and should have a regular job. The lending company may also ask the borrowers to submit other documents to prove their identity, such as proof of income, proof of residence, and character references. Most lending companies do not even require credit checks, so high-risk individuals or people with bad credit are still qualified to apply for cash advances.
Private, Secure, and Confidential Applications for Cash Advances
Online lending companies offer not just ease and convenience when it comes to cash advances applications; they also offer private, secure, and confidential loan applications. This alternative is an added plus for high-risk individuals who would rather that their loan applications and financial status remain private. When you apply for a loan online, there is no chance that you will run into someone you know, there are no awkward interviews, and the application is anonymous.
The processing period of traditional loans is around ten days to thirty days. For a person who really needs a loan, that means ten days to one month of stressful waiting for the loan application to get approved, if it will be approved. With online cash advances applications, the processing period is shorter â€“ only twenty-four hours. In fact, the actual processing period of online applications is a mere thirty minutes to one hour. For approved applications, the online lending company sends email notifications and the borrowers can receive the money into their bank accounts within twenty-four hours.
Flexible Repayment Plans and Convenient Payment Methods
Borrowers applying for cash advances could opt for the short-term payment plans or the long-term payment schemes. Short-term payment plans specify that the loan be repaid within two weeks to one month. Long-term payment plans state that the borrower pays a small amount every pay period. However, the interest rates for long-term payment plans tend to be higher.
Borrowers also have a choice when it comes to payment methods. They can present a predated check to the lender or plan to have the loan payment deducted from the bank account during the pay period, whichever method works best for them.
Cash Advances: Great for Emergencies
Cash advances, especially when obtained online, is the best answer for people who need money to address those financial emergencies which keep springing up usually in between paydays. The short processing period and the almost-instant transmission of money allow the borrowers to deal with their financial problem immediately, saving time and saving the borrowers from exorbitant late-payment penalties.
Cash Advances: Great for Credit Ratings
For high-risk individuals, getting cash advances would only help solve their financial problems, it could also help improve their credit ratings. If these borrowers choose short-term repayment plans and follow through, they not only pay off their loans quickly; they also raise their credit ratings. After a few more cycle of successful cash advances, these borrowers may no longer be marked high-risk.
Cash Advances: Great for Establishing Business Relationship
When you get cash advances and you successfully pay it off, you prove yourself to be a borrower worth doing business with. In short, you establish a good working relationship with your lender. This means someday when you need a loan for another financial problem, you already have a reliable lender to whom you can turn. Moreover, your cash advances application will be approved faster since you are already a â€œtrustworthyâ€ borrower.