Cash Advance Payday Loans

Cash Advance Payday Loans Can Help in a Pinch, But they are Expensive!

We all face financial emergencies every now and again. The best way to be prepared for them is to have money in a special “rainy day” fund. A wise way to do this is to deposit funds toward this fund every time you get a paycheck. If you make it an automatic payment like your mortgage and car payment, pretty soon you won’t even notice that you don’t have that amount to spend. If you haven’t already put a plan like that in place and you suddenly have an unexpected medical or other expense, cash advance payday loans are another type of option.

Cash advance payday loans are very attractive because they’re so convenient. You usually need only to sign up online or stop by one of the many storefronts in your area and before you know it; you have the money you need. They make it as easy as possible for you and don’t require much in the way of identification or collateral. In many cases, to repay the loan, you give them a check for the amount of the loan plus the interest and they process it on your next payday. Even if you already have a poor credit rating, they’ll usually gladly fix you up with the funds you need. If this service is so great, why are there so many complaints about them? It’s because the interest and fees they charge are extremely high. In most cases you must pay the loan in full within two weeks or face stiff penalties.

What often happens with these cash advance payday loans is that the borrower discovers when the lender deposits the check he or she wrote, they are still short of cash. They go back to the cash advance company to get more money. Because they classify it as still part of the original loan, the interest is suddenly higher and there is probably a penalty as well. Instead of one emergency, the person borrowing the money is now even deeper in debt.

Under the laws as set forth by the Federal Trade Commission (FTC) the people offering cash advance payday loans are required to disclose their terms. Even if you’re in a panic and feel that you must use their services, at least read all of the fine print and compare the various companies for the best rates. Also make every effort to pay this loan off when it’s due and start putting money aside for these emergency situations.

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