The Pros and Cons of Getting a Fast Cash Advance Loan

Getting a fast cash advance loan is a popular method to come up with money in an emergency situation. There are many cash advance companies out there that would be happy to extend you a cash advance. While it can come in handy in a pinch, it might not always be your best option. As with anything, you are left with drawbacks and benefits. Here are a few things to consider with cash advances.

Pros

  • Obtain money- When you are in financial trouble, cash advance loans can help you. You go in, fill out some paperwork, and they hand you the money you need. It does not get much more simple than that.
  • Fast process- Traditional loans take longer than you have to process. When you are in a bind, you need the money immediately. Cash advances are usually very quick and can take up to one hour, depending on the business.
  • Not credit dependent- When you are getting a cash advance, your credit score will not be closely scrutinized. With traditional loans, lenders will analyze everything repeatedly and ask many questions. With a cash advance loan, you can just get the money without all of the hassle.

Cons

  • Fees- The fees that cash advance companies charge are very high compared to any other type of loan on the market. You will end up paying a huge percentage of the money that you borrow back to them for a very short term loan. In most cases, you are only borrowing the money for a week or two. However, they still will charge you handsomely for it. 
  • Questionable companies- When you deal with cash advance companies; you are dealing with a questionable industry. Many cash advance companies are known for their shady dealings and unscrupulous practices. Do not be surprised if you run into something that causes problems along the way. Every time you do a loan, the loan terms may change. The company may charge you more or change the terms of the agreement that you were used to. Just be prepared for tricks by cash advance companies. 
  • Early check cashing- Part of the process of many cash advances is that they take a post-dated check from you. You write the check for the entire amount borrowed, plus the fees that they charge you. They give you the cash that you need and then they are supposed to hold the check for you until the date on the check. However, sometimes, it does not work according to the plan. Some companies will actually send your check through early, which can cause you overdraft fees or bounced checks. Regardless of whether it was a mistake on their part or not, it does not matter. It still hurts you in the long run. You will be responsible to pay the bank fees and the lender as well.

Need Cash Now? Get a Cash Advance