Life is difficult, and finances are undoubtedly the hardest part. Most people face living paycheck to paycheck at some point in their life, if not most of their lives. When things go wrong, such as emergency room visits, need to replace appliances, or need to repair a vehicle, where is the money supposed to come from? Why not apply for cheap cash advance loans online?
In today’s culture of “now,” everything is done online, including applying for cash advances. This also means a customer could apply and receive approval in just one hour. Cheap cash advance loans could solve a financial crisis quickly, and with nowhere near the amount of fees associated with over draft charges at the bank.
How to Apply
The process is different through every company, and depending on the state there could be either less or more restrictions and required proof. The basic process is the same though. You would first do a search online for cheap cash advance loans, and then fill out the company’s application. Typically, if you are required to offer any type of documentation, it will consist of:
* Photo ID
* Proof of Income
* Bank Statement
Most companies will allow customers to submit the information online or have the information faxed. Once all necessary documentation is received (if needed), the customer can expect to find out within the hour as to whether or not they have been approved. Once the customer has been approved, depending on the time, state laws, and bank policy, they could have the money already in their account.
Cost
It’s no secret; many people complain that payday advances are too expensive. If a customer chooses a poor quality company, this is probably true. However, cash advances are actually very inexpensive.
Most banks charge at least twenty-four dollars per over draft, regardless of the amount that was over drawn. Banks also manipulate the order of a customer’s transactions, so that the largest transactions go through before the five small ones. Simply put, if a customer has twenty dollars in his or her account and spends nineteen dollars over the course of five transactions in one afternoon there would be one dollar left. Now, imagine that same situation, except six hours later, the customer buys a seventy-nine dollar battery for their dead car. That means the customer’s account should be overdrawn seventy-eight dollars, and occur only one fee. Unfortunately, the bank will put the transactions in according to size, the biggest first. The customer is still overdrawn seventy-eight dollars, but the account has been overdrawn SIX times, at twenty-four dollars a pop. The account now owes two hundred and twenty-two dollars in overdraft fees.
Had the customer received a cash advance of one hundred dollars, he or she would have paid a nominal twenty dollars or less. Regardless of what some critics may say, cash advances are very inexpensive compared to the alternative.
