10 Things You Must Know About Cash Advances
Posted on Friday, October 16th, 2009 at 5:47 pm in Miscellaneous Cash Loan Info
If you’re looking for an online cash advance from a reputable lender that can give you a loan that suits you, there are a number of things you need to keep in mind. If you’ve never taken out a payday cash advance from a web-based lender before, you might be feeling especially overwhelmed by the sheer number of options out there. Here are 10 essential tips to keep you on the right path:
1. Look for a lender with a website that gives you all the facts straight up. Don’t be suckered in by big promises, and if you can’t see how much a loan would cost you, move on to the next site.
2. Try to find a cash advance company with a good reputation. Check how long they’ve been around and whether they have a real street address and a phone number you can call for inquiries.
3. Search on user forums where consumers post questions and information about their experiences with specific payday lenders. Also look at several different review sites for a range of opinions about a lender, bearing in mind that write-ups might be biased.
4. Check the websites of the Better Business Bureau and Federal Trade Commission to see if any complaints have been lodged against companies you’re considering, as well as lawsuits.
5. Customer support is very important. Make sure the cash advance company has a free 1-800 number you can call, and that it’s staffed 24/7. The lender’s website, together with review sites and forums should tell you what you need to know.
6. Make sure you understand exactly how fees are calculated. If it says, “$15 per $100” it might not sound expensive, but that’s usually per 14-day period (but not always). So, a $1,000 loan would cost you $300 if you held on to it for four weeks.
7. Be careful how you interpret sales pitches, which after all are designed to make the loans on offer sound as attractive as possible. If it says you don’t have to pay any application fees, it doesn’t mean the loan is free, rather that there’s no fee for filling out the application form.
8. Decide how much you need and don’t be tempted to borrow more just because you can. Many cash advance lenders will call you to confirm your information after you submit an online application. Sometimes they’ll try to persuade you to take out a bigger loan at the same time.
9. Know your rights before you obtain a paycheck cash advance. The federal and state governments, as well as the lending industry itself, have laws and other rules in place to protect consumers from bad business practices. Look up the regulations in your state on the web to save yourself a lot of grief later on.
10. Exercise caution when giving out personal data online. In your application, you’ll be asked for sensitive information such as your social security number, driver’s license number and bank account details. That’s why it’s important to deal only with reputable cash advance lenders.
- Cash Advance Tips: Finding a Good Payday Lender
- Understanding Instant Online Cash Advances
- How Not to be Deceived by Abusive Payday Lenders?
- Comparing Online Payday Loans with Walk-in Cash Advances
- Secure Online Cash Advances
3 Easy Steps to Get Your Quick Cash
Complete the short form.
Receive your approval and confirm loan.
Cash deposited into your account.