Instant cash advance today has proven to be the most beneficial finance option for the low or mid level income group. People facing a mid month financial crisis can now deal with it more effectively.
A mid-month financial crisis can be best described as a sudden requirement for money for a medical expense, car or house repair etc. To come up with money at a short notice is the most difficult thing to deal with in such situations. The procedure & requirements for a regular bank loan are lengthy & complicated. Further, a bad credit record can only hinder the approval of the loan.
This is where personal loans or cash advances come in handy. These advance options prove to be the most effective tool to counter sudden financial situations. A bad credit or weak financial status will not affect the approval process. It provides instant money for a sudden cash requirement.
Rules And Regulations
Though instant cash advance today is the most sought after option for availing instant loans, it comes with its own set of stringent policies. To avail a cash advance, certain documents are required to be submitted by the borrower. These documents primarily describe the borrower’s bank account position, employment status etc.
The requirement for documents varies from one finance agency to another. The fee on these advances is pretty high. On an average, the interest rate ranges from 20% – 30%. The duration of these loans is usually up to 2 weeks. However, in a majority of cases, the due date to pay off the borrowed amount is the salary day of the borrower.
In almost every case, the instant cash advance today borrowers are also required to provide a post dated check. This check contains the amount borrowed plus the interest charged on it. It automatically becomes a priority for the borrower to ensure that his salary is credited into his account on time. This is because the lender will, by default, en-cash the check on the borrower’s payday. If the borrower’s account has insufficient funds, it will result in additional charges piling up.
Types of Cash Advance
Instant cash advance today has acquired many different faces. One can avail a Cash Advance from the internet, called as the ‘online cash advance’. Then there are paperless cash advance loans where the borrower is not required to send any paperwork to the lender, Bad Credit personal loans are especially for people with bad credit, Low fee personal loans and many more.