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Pros And Cons Of Instant Cash Advance

August 30, 2012

Before applying for your instant cash advance, you must know all the pros and cons that are linked to it. As they say, all that glitters is not gold. Instant cash advance loans look very attractive, but they do have a few drawbacks. I am not saying that you shouldn’t get one. But I am trying to say that you must keep an eye on both sides of the picture. Most of the people get instant cash advance without knowing its cons. Do not let this happen to you. If you are planning to get your very first instant cash loan, you must contact Instant Cash Advance USA because it is one among the best payday loan lenders in USA. It is a great broker and will not only help you in getting you application approved within an hour but these guys will guide you right from start till end.

 

Pros of getting instant cash advance

  • You can get your instant cash advance instantly within no time. Most of the brokers as well as a few lenders promise to grant you loan within 5 minutes. Imagine, you need a few dollars on urgent basis. It’s critical. You need cash and you do not have it with you. Your credit card is all exhausted. Your bank account is empty. Your wallet has nothing to offer you. There is no one who can give you a few bucks. You need money. And worse, you need it in a couple of hours. This is where instant cash advance jumps in.

  • It is one of the most liquid loans. You get cash, and you get it when you need it. The money is transferred to your bank account. What else you need?

  • Instant cash advance let you borrow what you need. For instance, if you need $100, you will get $100 from your lender. You will not be asked to borrow $500. So whatever you need, you can have it. Whether it be $50 or $1000.

  • You can apply for instant cash advance even if you have extremely bad credit history. Since these lenders do not look at your credit history or credit score. So even those who do not get a single penny from any financial institute can get instant cash advance quite easily.

  • The requirements are very simple and straightforward. You do not have to give lots of documents while applying for it. All you need is your identity card and proof of your employment. No need to attach several different pieces of paper with your application.

  • You can apply for instant cash advance right from your home via internet. In fact, most of the brokers and lenders operate via internet. There is no need to leave your home or something.

  • The fee and interest rate of cash advance is very low as compared to other types of loans. This is due to the fact that there is very strong competition among instant cash advance and payday lenders. You can bargain. You can negotiate. You can switch. You have several different options to choose from.

 

Cons of getting instant cash advance

  • Interest rate associated with instant cash advance is very high. Things get worse when you do not repay it within the due date. Late payment will result in compounded interest on daily basis.

  • You can only get a petty amount as a loan. Should you need a large amount, instant cash advance will be useless for you then.

  • The repayment time in case of cash advances is very short. It usually ranges from 7 to 14 days. And when you do not pay repay the actual amount within the time-frame, you will have to deal with a whole lot of penalties and late payment fees.

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Great article on Cash advances. I agree that the best benefit is the ability of companies to get cash to help with cash flow without needing to qualify for a traditional line of credit with the bank which is much harder for companies to get



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