Welcome to GetFinancialInfo.Com! You are here: Home | Loans | Cash Advance and Payday Loans |

Today is:

# Compare Cash Advance Loans and Payday Loans

Why would you want to get an extremely expensive loan? For some, there simply may be no other alternative. If bad credit is a hindrance, a personal loan from the local bank or finance company would be out of the question. Cash advance lenders do not check your credit report. Perhaps you need the money quickly, within twenty-four to forty-eight hours. These lenders specialize in just such promptness. And you can use the money for any purpose that you need.

Let’s say that you have a very important bill to pay, and you don’t quite have all of the funds necessary to cover it. If a late payment would be reported to the credit bureau (such as a mortgage payment, for example) or trigger a higher interest rate for future payments (as with many credit cards), then it might be cost-effective to utilize a cash advance loan. Notice that we said cost-effective; not inexpensive. When annualized, the cost of the loan would typically yield an APR of 500% or greater. However, if paid off quickly as they are meant to be, the high annual percentage rate realistically does not come into play. A twenty- to forty-dollar fee per hundred dollars borrowed could be a viable alternative to a higher credit score or higher interest payments, both of which could cost you much more money for many years to come.

The downside of cash advances, as previously stated, is that they are very expensive. They are high-risk for the lender, since they are funded with no credit check and very basic information about the borrower. The lender, therefore, charges much higher interest rates to cover any bad loans that are made, and to ensure a profit. This is also why the loans are generally limited to modest amounts (usually no more than $1,500) and the term lengths are kept very short, regularly two- to three weeks.

When comparing cash advance loans, look for lower fee amounts (lenders usually charge a flat fee of, say, $30-$40 per hundred dollars borrowed, per term length). A longer term will also work to give you a lower APR. And as with any other loan, do your homework. Compare the lenders listed above, and gather information on the loan package that's offered. Cash advance loans can serve a beneficial purpose if used wisely. Be careful and use sound judgment.

# Relative Articles

- A few Savvy Car-Buying (or Leasing) Strategie
- Explaining Negative Circumstances to the Lend
- Cash Advance With No Teletrack-apply Online f
- Get a Secured Personal Loan, Fast!
- Reasons for Business Financing
- Payday Advance: Instant Cash in Urgency
- Fast Cash Advance Payday Loan-cash Within 24
- How to Find the Best Car Loan
- No Fax Payday Advance ¨C Easy Cash
- Borrowing from Your Life Insurance

# Bookmarks

del.icio.us

Digg

Facebook

Newsvine

Reddit

Stumbleupon

Technorati

# SERVICES

- Mortgage
- Loans
- Banking & Credit
- Investing
- Financial Planning
- Insurance
- Taxes
- Accounting
- Bankruptcy
- Business
- Buy to Let
- Legal
- Money
- Retirement
- Sales & Marketing

- Retirement Pension To Small?
- Five-Steps to Successfully Monitoring 401k In
- Retirement Can Be More Rewarding If You Plan
- Tax Credits for Retirement Savings
- It is fun to crack a joke regarding old age a
- Pensions - Goverment Action Required
- Seven Illusions, Delusions
- The Keys to a Happy Retirement

- Why Take a Critical Illness Insurance Policy
- Medical Insurance: The Need of Modern Times
- Mortgage payment protection insurance
- Life Insurance:A Must In Today's Times
- American Express International Healthcare Pla
- Critical Illness: The Answer is Medical Insur
- Critical illness insurance quotes
- The Ways Making Real Money Online

Copyright 2008 GetFinancialInfo.Com