Cash advance loans are not the same as payday loans. Many people are mistaken about this so that instead of getting money, they spend more. The difference between the two types of loans is in interest rates and fees. Payday loans charge a high APR on their clients, which means payday loans are difficult to repay. The interest from payday loans can reach 300% to a maximum of 700% per year. Some people with poor credit records will charge even higher interest rates. You will end up paying more interest and principal on the loan than it is. A cash advance is more profitable than payday loans because most of them only charge interest with a 0% APR and you can take it in cash directly.
There are several points that you should pay attention to when looking for instant cash advances services. Here are some of the main qualities that you should look for in cash advances loan services.
1. Fast registration process.
Most people who apply for cash advance are people who need fast funds, including you as a borrower. So, you can’t possibly waste time just because of the complicated and lengthy registration process. You need a loan with a fast and simple process.
2. There is an instant deposit
Maybe, you don’t have time to go to the bank to deposit cash. So, you should look for a cash advances service that can deposit your money directly into your checking account.
3. Have a low APR
High-interest rates will affect your ability to pay back the loan you get. Save money by finding a provider/bank that offers loans with a reasonable APR. Previously you could calculate to find out how much you have to pay after your loan period ends. Some cash advances services even offer a 0% APR to attract customers.
4. Low charges
Like APR, the up-front costs can make your loan heavier. Ask the provider what fees they will charge, or better yet if you are looking for a provider that does not charge at all.
5. Do not affect your credit
One of the advantages of an instant cash loan is that it won’t affect your credit, of course, if you pay it on time. Avoid banks that carry out strict checks on their customer accounts. That’s because every time the bank/provider pulls your credit report, your score will decrease. You should avoid loans and banks/institutions that mess up your credit score.
According to state and federal law, those eligible for cash advances loans must be 18 years of age or older. Besides, you must also indicate a steady source of income. You may also ask to show a receipt from your salary, along with the data of your employment proof. Usually, this one requirement varies from place to place. Traditional cash loans can affect your credit, however, most instant cash loans don’t require a credit check or anything else that could negatively affect your credit score. Most Instant cash loan providers only use the customer’s active checking account information that shows deposits from your company to determine the eligible loan amount. Furthermore, customers can receive the money in a few minutes.