MyLoanAdvisor.com

MyLoanAdvisor.com

Today we’ll be discussing how cash advances work. It is simply a way or business to get a loan to you very quickly. They typically have high interest rates but very fastest person as quickly as 24 hours some cases. The are slightly different criteria for acceptance into a program that there would be for a loan or credit card. We will be discussing the differences now.

Typically if you are looking to get a loan the first thing that will be checked is your credit score. Your credit score is the reflection of your credit worthiness the higher the number the better. This may be the end of the process for you if you have a lower than average credit score as this can often be grounds for immediate rejection. Alternatively, they do not typically check your credit score at all as the repayment plan does not require long-term credit worthiness.

They are based on your paychecks. The amount which you can borrow is the same as the amount you your paycheck typically. So if you are paid biweekly $1500 then you will have $1500 available to you in a cash advance. The advance will be expected to be repaid at the time of your next paycheck. So you should plan accordingly. As you can see these loans are for only a short time and do not require stringent checking. They should be used sparingly as the interest rate is are high and they can be very costly if you get them to often.

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