Instant Cash Advance
An instant cash advance is a small unsecured personal loan that is offered to those who are in need of quick cash in the event an emergency arises. They are short term loans with a high finance charge and a short payback time period.
Instant cash advance loans are available through an application process and the approval is quick and in some cases, instant. The loans are intended to cover a small cash flow problem before the applicant’s next paycheck arrives. Instant cash advance loans can be a god send for those who do not have any other loan options.
Instant cash advance loans are available to applicants over the age of 18, have a job with a steady income and a bank account that has electronic transfer capabilities. Most instant cash advance lenders do not perform a credit check as part of the approval process but some lenders will perform a Teletrack check. Teletrack is a data base of information used by lenders to determine if the applicant has an outstanding loan balance. Most instant cash advance lenders will not approve an applicant for a loan that has an outstanding loan balance. That is about the only reason a lender will not approve an application.
Instant cash advance loans are subject to high finance charges. The interest rates applied to such loans vary from lender to lender, but they typically fall between 15 and 35%. The payback period for the loans is between 7 to 30 days. The payback period is timed to coincide with the applicant’s employment pay period.
Instant cash advance loans are available as soon as the application is submitted for that applicant’s that have a proven track record of loan repayment that is on time all the time. Instant cash advance loans are approved fairly quickly anyway, but to submit an application, be approved and receive fund’s with a few minutes is pretty much instant.
It is incumbent the applicant checks out the lender carefully before signing on the dotted line and accepting a loan. Instant cash advance loans are regulated in some states and banned in others. Make sure the lender of choice is working within the regulations of a state that is regulated and not banned. Check out the regulations for the state you reside, as the regulations vary from state to state.
Instant cash advance loans are a good way to get rid of a short term debt, as long as the loan is paid back without accruing late fees and penalties. The philosophy of the instant cash advance loans are to fix a problem and not to create another problem for the applicant. Instant cash advance loans used irresponsibly will cause the applicant more financial harm than it will solve.
Such loans have come under scrutiny as the loans are seen as taking advantage of those that are financially vulnerable. The regulations are meant to protect the consumer and keep them from suffering further financial harm from a loan that has high finance charges and a short payback period.