Guide: How to Find the Best Cash Advance Loans Online
Sometimes, our paychecks just don’t seem to make it until the end of the week or month. Life can be unpredictable, and you never know when an unexpected expense may suddenly arise, placing you in a serious financial bind.
While many of us may reluctantly turn to a trusted friend or family member to help us weather the storm until the next payday, for others, a quick cash advance online with no credit check may be the only option.
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Cash advances online have gained a bad reputation over the years. Many of the most predatory fast cash advance lending agencies have even faced criminal charges for their unfair lending practices.
Nonetheless, when no other options exist, a cash advance online can feel extremely helpful in the short term.
In this brief article, AdvisoryHQ will look at when it is a good idea to seek out cash advance loans. We’ll then go on to look at the benefits of researching the different cash advance loans online before signing your name to anything.
Next, you’ll be provided with our top six tips to help you get the most out of online cash advance loans.
Fast cash advance loans can either end up hurting or helping you, depending on the terms offered by the best online cash advance companies and how you manage your cash advance online loans. Taking the time to learn how to get the most out of your cash advance loans may end up saving you from serious financial trouble.
When Is It a Good Idea to Seek out Cash Advance Loans?
If you’ve been waiting for the newest model of the iPhone for months but are still short a couple of hundred dollars by the time it rolls into stores, you should probably put off that purchase for another month or two until you have the cash saved up.
Seeking out a cash advance online with no credit check simply for a new piece of technology will end up substantially raising the cost of that purchase.
However, if you’re short on rent this month, and your landlord has threatened to evict you if you’re even a day late on a payment, then online cash advance loans could end up saving you from spending a couple of cold nights in your car or sleeping on your buddy’s dirty couch.
There is no reason to hide the obvious: online cash advance lenders are out there to make as much money as they can on the short-term loans that they offer. You’re not going to find a comfortable 10% annual percentage rate on a $500 loan that you can afford to pay off at your leisure.
For that reason, you should only approach cash advance lenders online when an important and necessary expense is looming and you don’t have the cash to cover it.
Cash advance online direct lenders can help you with rent or mortgage payments, utility bills, serious health issues that you need to pay for or other important expenses that you simply can’t avoid or put off until next month.
Cash advance loans online, then, are like a financial bridge that can help you make it through a temporary financial bind.
If your landlord or the bank that manages your mortgage charges hefty fines or penalties for late payment, then you might even be able to save money with a quickly approved cash advance online with no credit check.
For example, let’s say that you owe a $100 utility bill, but you don’t have any money in your bank account to cover it.
If a certain cash advance online were to charge you $15 dollars of interest for a two-week loan, that would come out to 391% APR – much higher than pretty much any interest rate you’d find at a bank or elsewhere.
However, if you were to default on your bill, your utility company may very well cut off your service and then charge a $50 fee to reconnect the service. That $50 fee would come out to be well over 1,200% APR, thus making a fast cash advance seem like a great deal.
Why You Should Look for Cash Advance Loans Online
When you’re in serious financial trouble, oftentimes, the first online cash advance lender that you come across will seem like a lucky break. However, it is extremely important to educate yourself about the terms and conditions offered by cash advance loans online.
There are hundreds of cash advance lenders online, and while the vast majority of them offer a fast cash advance with extremely high-interest rates, there are some important differences between companies.
While rates do change by state and according to the individual loan terms, you may very well be able to save yourself money by doing a quick online comparison for the top cash advance online direct lenders. Below, you’ll find six tips to help you find ways to save money when you are forced into considering cash advance loans online.
Six Things to Look for in the Best Online Cash Advance Loans
Cash advance loans, payday loans or short-term loans are all pretty much the same thing. According to Wikipedia, “payday loans are legal in 27 states, and 9 others allow some form of short term storefront lending with restrictions. The remaining 14 and the District of Columbia forbid the practice. The annual percentage rate (APR) is also limited in some jurisdictions to prevent usury.”
If cash advance online loans are legal in your state, be on the lookout for these six guidelines to make sure you get the best deal on the cash advance online that you apply for.
- Use Fast Cash Advance Services as a Last Resort Option
As we mentioned above, even the best cash advance loans should only be used as a last resort to cover expenses that you simply can’t put off for another month or until your financial situation stabilizes. If you do need a fast cash advance, and your bank either won’t consider you for a short-term personal loan or you don’t have the time to go through the negotiations, consider asking a friend or a family member for short-term loan.
If no one is willing to directly lend you the money you need, an auto title loan might be another option if you own a vehicle. These loans borrow against the equity you own on your car and usually have much more favorable terms than even the best online cash advance. Title Max is one company that offers quick auto title loans with lower APR than most cash advance loans online.
- Have a Plan to Quickly Pay off Your Best Online Cash Advance
If no other options are on the table, then you need to have a plan and a budget to make sure that you can pay off your cash advance online as quickly as possible. Advance America is one company that offers online cash advance loans. It says that “a typical fee for a Payday Loan is $15 per $100 borrowed, which is an annual percentage rate of 391.07 for a two-week loan term.”
If you can pay off the $100 principle and $15 interest rate over the two-week term, then your cash advance online shouldn’t set you back too much and might have even saved you money in late fees for the urgent expense you needed to pay. However, if you aren’t able to pay off your loan within the 15-day loan period, you may very well face stiff penalties or increasing interest rates that make it close to impossible to ever catch up on and pay off.
When you do take out a fast cash advance online, make sure that you stick to a disciplined budget that will allow you to get out of debt quickly.
- Interest Rates for a Cash Advance Online That Won’t Punish You
The interest rates on even the best cash advance loans are going to be higher than pretty much any alternative other than going to a loan shark who operates illegally. However, there is a huge difference between paying 300% APR and 800% APR for a cash advance online.
While the difference may not seem much when it comes to the actual amount charged during a typical 15-day loan period, the interest can pile up real fast if you are unable to pay off your cash advance online on time.
Top Ten Reviews reveals that “APRs represent the interest paid on a full-year loan, but the term of most payday loans is only a matter of weeks. Lenders use this logic to justify excessive APRs, because if you pay back your loan within the typical loan period, those exorbitant rates won’t accrue enough to seem excessive.
However, an alarming number of borrowers find they cannot pay off their loan within such a short term and therefore resort to rollovers, extensions or renewals, which is when interest rates and additional fees start to build to unmanageable levels.”
Find Online Cash Advance Lenders That Offer Good Customer Service
Finding cash advance loans online offered by companies that do have good customer service is a must. You may very well have questions regarding the terms of your fast cash advance or need to talk to a customer service agent about available options if you are unable to pay off your loan on time.
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100 Day Loans is one of the most reputable companies offering cash advance loans online. Its website asks borrowers to “please read the loan document carefully, review the financial implications of late and non-payment, and ask your Lender to explain anything you don’t fully understand.
If you are having trouble making your loan payment, give your Lender a call. They may be able to work with you to refinance or extend your loan.”
Finding online cash advance lenders that are willing to patiently work with you during the term of your cash advance online can end up saving you from serious late payment fees and other penalties.
- Rollover Terms and Conditions for Cash Advance Online Loans
If you do find that you’re unable to pay off your fast cash advance in the agreed-upon term, then you’ll want to find cash advance lenders online who have favorable rollover terms.
Some companies that offer cash advance loans online will allow you to transfer your loan balance into a new loan with the same interest rate.
Though you may have to put in some extra hours to pay of the new fast cash advance, it is definitely preferable to being charged heavy fees or having to deal with extremely high interest rates.
- The Reputation of Cash Advance Lenders Online
Be wary of online cash advance lenders that advertise “instant approval” even if you have horrible credit. Some of the most predatory companies offering cash advance loans online have been brought to trial for unfair lending practices.
Be sure to read reviews on the cash advance lenders online before choosing a company to do business with.
You can check out this website for a list of some of the best and most reputable companies offering cash advance online loans.
How a Cash Advance Online Can Help You Weather Temporary Financial Setbacks
When used responsibly, cash advance loans online can help you get through an unexpected financial crisis. Obviously, you don’t want to be taking out a fast cash advance every month, and you can avoid this through learning to create a manageable monthly budget.
For those unanticipated financial challenges, however, a cash advance online can help you weather the financial storm.
AdvisoryHQ (AHQ) Disclaimer: Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info. Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.