Is Check Cash Advance For You?
Before deciding to use a check cash advance, you must decide if
it is the right option for you. There are many situations in
which a cash advance would be beneficial. However, there are
times when it would not be the most appropriate or advantageous
decision for you. You must weigh all your options carefully
before choosing a check cash advance.
One of the first things to consider when choosing a check cash
advance is the total amount of money needed for your situation.
Typically, a check cash advance offers up to $1,000 and in some
situations as much as $1,500. The check cash advance is only
supposed to give you an advance on your regular income check
until your next payday. Arrangements are made at the time of
receipt of your initial loan for repayment of that loan on your
next pay period. Additionally, the method of repayment and a
repayment date are mutually agreed upon at the time of
disbursement of your initial loan.
Another thing to consider before applying for a check cash
advance is your personal credit history. Typically, with check
cash advance systems, there is no credit check. This means even
if you have no credit or bad credit you can still obtain a loan.
So, check cash advances eliminate the possibility of being
humiliated due to rejection for no credit or bad credit.
However, if you fail to meet the agreed upon terms for
repayment, then your personal credit may be adversely affected.
Prior to receiving a check cash advance, you may want to
consider whether your lack of cash is temporary or if it will be
a recurring situation. If it is a temporary problem such as a
wrecked car, a sick child, or holiday expenses, then a check
cash advance could be a great option for you. However, if you
expect the lack of money to be a regular occurrence just to meet
regular bills, then perhaps you should rethink applying for a
check cash advance and opt for a conventional loan instead. If
you decide to apply for a check cash advance then be prepared to
pay a high interest rate for the loan. If the advance cannot be
repaid in full by your next payday, then you have the option to
roll that loan over into another loan. Be mindful that if you do
so, the interest accrues continuously until the loan is repaid
in full. If this sounds like too much of a risk to take then you
may want to rethink some of your spending habits, or sell a few
personal possessions in order to reduce your expenses or
eliminate debt.
If you have decent credit, then a credit card loan may very well
be more appealing than a check cash advance.
Before resigning yourself to a check cash advance, please
consider all your options and weigh each one carefully against
your situation. Here are some things to consider when debating
whether or not to take a conventional loan or a check cash
advance loan.
CHECK CASH ADVANCE LOAN * Minimal paperwork with quick
processing time * No credit check * Typical $1,000 award
* Higher interest rates apply * Quick repayment 10 - 14
days CONVENTIONAL LOAN * Standard forms to complete with
typical 7-10 business day processing * Credit check and personal
references * Significantly varied award amounts * Interest rate
fixed/variable * Incremental monthly repayment