Instant Cash Advance

For thousands of professionals and families alike, access to cash has become uncomfortably short in recent years. With employment levels flat-lining and thousands of major companies rushing to make their workforces as small, agile, and efficient as possible, many of those that were most deserving in the world of employment have been pushed out, and now lack a long-term recurring income source.

It’s a side effect, or many would say a direct effect, of one of the worst recessions in recent history – a massive downturn in productivity that’s hurt everyone from the top end to the bottom. And while a number of professionals and former employees have found their niche in working independently, an alarming number haven’t, instead clinging to the hope that their jobs will one day become available.

In the meantime, however, cash is tight – and access to cash even tighter. With unemployment at an alarmingly high level, access to assistance and cash support is getting tighter and more difficult for even the most deserving people to access. As such, many people are now using instant cash advance services to keep their cash flow consistent and stable, all the while searching for employment.

There’s a wealth of information out there on cash advances, some of it useful and consumer-focused and some of it largely built on skepticism and assumptions. The age-old assumption than debt isn’t a good thing has made its way into short-term lending, with many financial publications touting a list of bad things about debt while ignoring the fact that it’s been a saving grace for many people.

Here, we want to give you a balanced look – a look at how instance cash advance services can help you get back on your feet financially, and also at how they can grow into something rather nasty – a source of long-term debt and other issues. If you want to ensure that you’re financially sound, keep reading to learn more about how to properly use instant cash advances, and how not to use them.

Today, the majority of instant cash advances are carried out online, typically using an application form on a lender’s website. These often take the name of ‘payday loans’ or other instant cash loan programs. For the most part, despite the different names, they’re largely the same service. A form, generally asking for financial information, is filled out, and you wait to see if you’ve qualified.

This is the standard format that most instant cash advances take, but it isn’t necessarily always the same in process. Some cash advance services will get back to you quickly, letting you know about the options available to you and that you’ve qualified. Others may reject your application due to an issue with it, or purely due to their own preference and risk mitigation; they are a private business.

Regardless of where you are and aren’t accepted, it’s essential that you check over your loan to see if it comes with any hidden terms or nasty potential fees. Every loan is different, even if it’s issued by the same lender as last time. As such, you should always look over your contract in order to check for extra fees or other expenses. These can often ruin an otherwise useful and affordable loan.

It’s important to do this not just between cash advances, but between different lenders. There’s not a great deal of fee uniformity in the cash advance world – some lenders may offer a low fee structure, while another may have quite high fees. Look at the fees applied to your advance balance, and think about how they could affect you if you’re unable to pay the loan or cash advance back on time.

Also look at how these fees work with any interest rates that are applied to the cash advance. Some advance companies use low fees to make a loan look attractive, falsely trapping the borrower in the belief that they can pay it back slightly late. Behind these fees is a high rate of interest, ensuring the loan or cash advance company makes a health profit, regardless of when or how your loan is repaid.

While the cash advance industry is growing more regulated on a monthly basis, there are still some slick operators that intend to deceive and defraud customers. These include the age-old loan shark – a nasty financial industry businessperson that’s now very much an online presence. If you receive an email about short-term loans or fast cash advances, it’s typically sent out by one of these businesses.

Generally, these are best ignored. Remember that getting an instant cash advance is your decision, and any loans taken out should be those that you find, rather than the result of a lender’s email that you may have received. You should be the one initiating contact with lenders – if you’re being sold to aggressively or relentlessly, it’s generally not a very good deal that you’re being sold on.

While an issue in the wrong hands, and a financial liability with the wrong strategy, instant cash advances are a useful and versatile form of short-term borrowing. For people with poor credit, an experienced professional in need of a cash top-up, or even a family, using cash advances sensibly can help you regain financial freedom, improve your personal situation, and live a much better life.

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